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Blockchain

Blockchain Algorithms Allow Users to Pay with Bitcoin, Ethereum and Litecoin Starting Today

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During its Investor Day last week, the company reported that it had 800,000 active accounts…”

— Richard Tyler

LONDON, UNITED KINGDOM, August 5, 2021 /EINPresswire.com/ — We already knew that Blockchain Algorithms has always supported cryptocurrencies as a form of payment, and now, the online trading platform announced UK customers can do just that with the new feature, which is rolling out today.

After rolling out the ability for UK users to invest using cryptocurrency directly from their accounts last November, Blockchain Algorithms new plan allows users to instantly convert their Bitcoin, Ethereum, Litecoin, or Bitcoin Cash to invest in their award winning online trading platform.

https://www.einpresswire.com/article/547779483/compare-the-market-dish-out-awards-for-best-investment-2021

Blockchain Algorithms then place trades worldwide. The feature will automatically appear in the Blockchain Algorithms portfolio for each investor and you’ll be able to see your crypto balances for each kind of investment on the platform.

Blockchain Algorithms are the first online sports trading platform to offer support for cryptocurrency.

In 2018, its competitor Primis Sports Equity launched support for Bitcoin on the App. But the launch of cryptocurrency as a form of payment makes Blockchain Algorithms both a major sports trading company and a cryptocurrency exchange, which could streamline the use of cryptocurrency as a more common payment method. During its Investor Day last week, the company reported that it had 800,000 active accounts.

Mainstream adoption of cryptocurrencies has traditionally been hindered by their limited utility as an instrument of exchange due to volatility, cost and speed to transact. However, the promise of advanced technological platforms offers the possibility of mainstreaming digital currencies. According to a survey by the Bank for International Settlements, one in 10 central banks – representing approximately one-fifth of the world’s population – expect to issue their own digital currencies within the next three years.

Jamie Blythe
Blockchain Algorithms
email us here



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Litecoin

Cryptocurrency prices today: Bitcoin, Ether fall as virtual coin market sees profit booking

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Cryptocurrency prices weakened on Tuesday as the virtual coin market saw increased profit-booking by investors. However, analysts suggest that the consolidation is minor and virtual coin markets will not witness a major impact due to it.

Bitcoin, the world’s most popular cryptocurrency was trading at $38,582.30, down over 2.5 per cent at 2:05 pm. Bitcoin’s market capitalisation fell sharply to $724.36 billion.

Meanwhile, Ether fell over 3.5 per cent to trade at $2,487. The second-most popular virtual coin’s market capitalisation fell to $290.85 billion. Most other popular cryptocurrencies fell including XRP, Cardano, Dogecoin, Polkadot and Litecoin.

Cryptocurrency highlights | Check yesterday’s prices

CRYPTO OUTFLOWS FOR 4 WEEKS IN A ROW

The cryptocurrency market has witnessed a sharp recovery over the past two weeks but encountered outflows for the fourth consecutive week. A bulk of the outflows came from Bitcoin products, suggests data from digital asset manager CoinShares.

Cryptocurrency outflows hit $19.5 million the week ended July 30, with Bitcoin reaching $19.7 million in outflows. However, some virtual coins such as XRP and Polkadot saw minor inflows during the week.

Commenting on the weakness, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm based crypto trading platform, said, “The cryptocurrency markets consolidated over the past 24 hours. Most of the major cryptos saw some profit booking.”

“After 12 successive green candles, ETH declined by around 4.2%. It is still a minor profit booking and not a selloff as the traded volumes have remained constant over the past 24 hours,” he added.

“Such consolidations help the market to eliminate the bad actors. We can expect the markets to remain under some pressure over the week.”

Here are the latest prices and trends of popular cryptocurrencies:

Cryptocurrency

Price (US Dollar)

24-hour change

Market cap (Billion)

Volume (24 Hours)

Bitcoin

38,597.15

-2.50%

$724.64

$28.70 billion

Ether

2,490.44

-3.47%

$291.25

$27.18 billion

Dogecoin

0.197849

-3.64%

$25.83

$1.03 billion

Litecoin

137.71

-4.07%

$9.39

$1.54 billion

XRP

0.714574

-4.11%

$71.45

$3.13 billion

Cardano

1.29

-2.09%

$41.76

$1.12 billion

DISCLAIMER: The cryptocurrency prices have been updated as of 02:25 pm and will change as the day progresses. The list is intended to give a rough idea about popular cryptocurrency trends and be updated daily.

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Dogecoin

Why Bitcoin, Dogecoin, and Ethereum Investors Are Panicking Today

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What happened

Cryptocurrencies are under attack again Friday — both inside the United States and without.

In twin reports out this morning, we learned the International Monetary Fund is not a fan of cryptocurrency — and that the United States Congress is getting serious about taxing people’s profits from investments in cryptocurrencies.

As of 9:45 a.m. EDT, the prices of several of the biggest names in cryptocurrency are tumbling:

Round Bitcoin symbol overlaid on a falling stock chart

Image source: Getty Images.

So what

On the IMF front, this multinational financial organization argues in a blog post this week that cryptocurrency is not suitable for use as a “national currency” (a step El Salvador took last month) because “in most cases risks and costs outweigh potential benefits.”

Calling cryptocurrencies such as Bitcoin “extremely volatile,” not good for people who need to “store value,” and “unrelated to the real economy,” IMF argues that crypto will not prove popular in “countries with stable inflation and exchange rates, and credible institutions.” Moreover, in less secure countries, cryptocurrency as a national currency has the potential to turn “domestic prices … highly unstable.”

And of course, IMF also points out that cryptocurrency is often used to “launder ill-gotten money, fund terrorism, and evade taxes.”    

And Congress seems to have taken the hint. As CoinDesk reported last night, the new bipartisan infrastructure bill that just passed a preliminary Senate vote yesterday “proposes to raise $28 billion from crypto investors” — siphoning off cryptocurrency profits to build bridges and highways in the U.S. As CoinDesk summarizes, “any broker that transfers any digital assets would need to file a return” reporting the transaction to the IRS so that the transferor’s profits can be taxed.  

Now what

Now what does all of this mean for cryptocurrency investors? I actually see both bad news and good in these reports. On the one hand, yes, the clear trend for crypto going forward appears to be for governments, and international organizations working with governments, to try to layer new reporting requirements, taxes, and other regulations on cryptocurrencies, which could diminish their attractiveness to investors and users alike.

On the other hand, I also suspect that Congress may get its hand caught in the cookie jar on this one. Once Washington becomes convinced that it can profit from taxing other people’s cryptocurrency profits, it may become addicted to the new revenue stream, and afraid to see it cut off. Legislators may therefore become more inclined to regulate than ban cryptocurrencies outright.

Call it wishful thinking, or call it a silver lining — either way, I suspect the net outcome of these regulatory efforts may be to secure a future for cryptocurrency after all.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.



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Blog

Why Coinbase, MicroStrategy, and Other Bitcoin Stocks Rocketed Higher Today

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What occurred

Shares of some Bitcoin (CRYPTO:BTC) shares had been up by double-digit percentages Monday morning. The unique cryptocurrency was up greater than 13% as of midday EDT at this time from the place it traded on Friday, and varied Bitcoin shares and ETFs adjusted greater as effectively.  

Right here’s how some U.S. listed shares had been faring Monday morning:

Someone inspecting their cryptocurrency mining rig.

Inspecting a cryptocurrency mining rig. Picture supply: Getty Photographs.

So what

A confluence of things got here collectively to push Bitcoin and firms reliant on the crypto’s destiny greater. Final week, Tesla (NASDAQ:TSLA) CEO Elon Musk stated the electrical automobile maker would possibly begin accepting Bitcoin as a form of payment again. Twitter (NYSE:TWTR) CEO Jack Dorsey stated the social community can also be trying to combine the crypto into its operations. Dorsey’s different firm, Sq. (NYSE:SQ), is already a outstanding pioneer of the Bitcoin movement.  

Maybe the most important information, although, was a touch from e-commerce big Amazon (NASDAQ:AMZN) that it is likely to be about to enter the crypto area as effectively. Amazon hasn’t formally said this, but it surely did publish a job itemizing for a “Digital Foreign money and Blockchain Product Lead.” The itemizing spurred hypothesis that cryptocurrencies would possibly quickly be accepted as a type of fee on the main e-commerce enterprise.  

Now what

The cryptocurrency market may be extremely unstable, and only a few bullish indicators may be sufficient to spur a brand new run greater. Bitcoin continues to be some 40% under its all-time excessive of practically $65,000, notched again in April, however the transfer greater over the weekend made up important floor.  

Crypto brokers like Coinbase get a lift from crypto costs rising, however that’s not the one issue at work. Since they earn charges from buying and selling of belongings like Bitcoin, the increasing adoption of cryptocurrencies and blockchain technology profit them if the quantity of trades will increase as effectively. MicroStrategy and Riot Blockchain are notable Bitcoin acquirers with billions of {dollars}’ price on their steadiness sheets, so an increase in Bitcoin’s worth will increase the worth of the businesses as effectively. If Bitcoin continues to rally, count on these shares to trip its coattails greater, too.

This text represents the opinion of the author, who might disagree with the “official” advice place of a Motley Idiot premium advisory service. We’re motley! Questioning an investing thesis — even one among our personal — helps us all assume critically about investing and make choices that assist us turn out to be smarter, happier, and richer.



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