Monthly Archives: August 2018

Major Exchange CEO: Despite Correction, Demand For Bitcoin Has Not Declined

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Yoni Assia, the CEO of major multi-asset trading platform eToro, has said that the correction of Bitcoin is positive for the long-term health and growth of the crypto market.

Throughout August, Bitcoin recorded its third major correction in 2018, as its price fell from $8,500 to $5,850. But, shortly after dipping below the important $6,000 support level, the dominant cryptocurrency recovered relatively quickly to mid-$6,000.

1-day Bitcoin price chart, provided by

Demand For Bitcoin Has Not Declined

In an exclusive interview with NewsBTC, Assia, who oversees one of the biggest online trading platforms in the global finance sector with more than 8 million users, said that market correction was necessary in order for the crypto market and industry to mature, establishing a foundation for future rallies.

He emphasized that the demand for Bitcoin and cryptocurrencies as an emerging asset class has not declined even after the 78 percent correction in the valuation of the crypto market. Assia said:

“In our view, the recent market correction is good for the long-term development of the market. Cryptoassets are still a relatively nascent market; emerging technologies like this often see swings in their value in the early days. Market adjustments like those we have experienced recently help to stabilize prices, and make the industry more robust. Despite these adjustments, however, we have not seen a significant dip in demand for digital assets.”

Crucially, Assia added that based on market data eToro obtained, the demand for Bitcoin will not slow down in the near future, as the crypto market continues to grow at exponential pace.

“As the market matures, more investors are expanding their portfolios to include cryptos, while new investors are opening portfolios to trade crypto assets. We do not expect this demand to slow down any time soon, as more people recognize the potential of crypto assets,” Assia stated.

Massive Improvements in Market Structure

The steep drop in the price of Bitcoin and other major digital assets such as Ethereum, Bitcoin Cash, and Ripple this month was unexpected by the vast majority of investors, particularly because of the emergence of significantly positive developments in the global cryptocurrency sector.

In August, the New York Stock Exchange, Microsoft, and Starbucks formed an initiative called BAAKT to improve the usability and adoption of cryptocurrencies, the Japanese and South Korean governments disclosed their intent to strictly regulate cryptocurrency exchanges as regulated financial institutions, and the government of China has spent over $3 billion to finance blockchain startups.

Yet, despite the inflows of positive news and events, the cryptocurrency market has shown a strong downtrend with lack of momentum.

Some investors have speculated that the over-the-counter (OTC) market, which is said to be two to three times larger than the public cryptocurrency exchange market, caused the market to drop.

Regardless, Assia explained that once regions with opaque policies regarding cryptocurrencies such as India clarify their stance on digital currencies as an asset class, the sector will see more positive and optimistic developments, inevitably pushing the price of major digital assets upwards.

“The potential of blockchain technology is becoming increasingly clear to governments and financial institutions worldwide, as we have seen in recent attempts to incorporate this technology into their existing structures. We also know that institutional investors are waiting for regulatory clarity to move from the side-lines to the centre of the playing field. As we see developments move forward in these areas, we expect the price of Bitcoin and other cryptoassets to climb higher, though we may see some volatility as investors respond to short-term market news,” Assia told NewsBTC.

The post Major Exchange CEO: Despite Correction, Demand For Bitcoin Has Not Declined appeared first on NewsBTC.

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Can The Slow Cryptocurrency Recovery be Sustained?

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FOMO Moments

Markets slowly recovering this weekend; XRP, EOS, Neo and Tron climbing back, VeChain falling slightly.

The slow creep upwards has continued into the weekend as cryptocurrencies add more gains following their lowest levels of the year. Total market capitalization has crept up slightly and is currently holding above $215 billion, 14% up on Tuesday’s big dip.

Bitcoin has not moved much over the past 24 hours, it is still trading at $6,500. BTC did reach and break $6,600 a few hours ago but resistance was too strong and it fell back again. Ethereum is still inching up with small gains every day now, today it is 2.2% higher to $308, though the ascent has slowed and prices have retreated a little.

Altcoins are pretty much all in the green this morning. Leading the gains in the top ten at the moment is XRP with another 7.5% climb to $0.335. Ripple’s token was the best performing altcoin in the top ten yesterday also as partnership expansions and new developments boost momentum. EOS is also having a good morning this Saturday with a 7.5% rise to $5.26, likewise with Bitcoin Cash which is up 6.3% to $5.73. The rest are showing smaller gains of around 2-4%.

Looking further down the chart at the top twenty Neo is out front with an 8% climb on the day to $19 and Tron is not far behind adding 7% to trade at $0.022. The only loser in the top twenty at the moment is VeChain, down 9% however this is only natural as the coin has spiked over 40% in the past day or so.

In the top one hundred newcomer TaTaTu is showing an epic pump of 84% but as with most low cap altcoins a dump is likely to follow. Nebulas, Cortex and Aion are also all performing well at the moment with over 20% gains on the day. At the other end of the scale Dentacoin and Waltonchain are joining VeChain as the biggest losers on the day.

Total crypto market capitalization has crept up almost 2% on the day as altcoins recover from their doldrums. It is currently at $217 billion which is still almost 27% lower than this time last month. Trade volume has remained unchanged at $15 billion on the day. These small rallies have been seen countless times before this year so things could turn south again very quickly if this one is not sustained for a longer period.

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the current trading session and analyses the best performing one, looking for trends and possible fundamentals.

The post Can The Slow Cryptocurrency Recovery be Sustained? appeared first on NewsBTC.

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CryptoOracle Co-Founder: Bitcoin Is Functionally Better Than Gold

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“Some Gold Users Will Likely Switch To Bitcoin”

Gold is one of the most valuable metals on Earth, with humans finding value in such an element for thousands of years. Over the course of gold’s history, it became a great way for individuals and groups to store value across a variety of settings, countries, and eras. However, with the advent of the internet and the subsequent introduction of Bitcoin, some proponents of digital technologies believe that gold’s time as the primary global store of value might be up.

Bitcoin has long been likened to gold, with many analysts and industry on-lookers alike drawing connections between the inherent nature of the two assets. Some have even called this emerging asset “digital gold,” due to the similarities it shares with the “original” gold.

Yet, Lou Kerner, a co-founder and partner at CryptoOracle, has come out to vehemently state that Bitcoin actually may one-up gold in certain areas and qualities, while still complementing gold for its importance to human history. Speaking on CNBC’s crypto-focused “The Coin Rush” segment, Kerner stated:

Gold has emerged as the global store of value and it has held that position for literally a couple thousand years — that’s an awesome run. So we now we have something (Bitcoin) that we think may be functionally much much better (than gold). So we expect that over time — not in a day, not in a week, not even in 5 years, — for some of the people using gold as a store of value to switch to Bitcoin.

This statement highlights two interesting points about Bitcoin’s role as a form of “digital gold.” Firstly, that Bitcoin may be inherently better than gold. While the CryptoOracle executive did not mention any specific values/features, it can be assumed that he sees Bitcoin’s ease-of-use, immutability, digital nature, and more as a reason(s) why some would prefer to use it over gold.

Secondly, the fact that the foremost crypto may begin to eat at the market share that gold has carved out for itself over thousands of years. As reported by Ethereum World News, Gabor Gurbacs, the director of digital asset strategy at VanEck/MVIS, claims that Bitcoin could be worth upwards of $20,000 a piece if the asset can succeed as digital gold. Gurbacs explained his prediction, stating:

Investors do refer to Bitcoin as a form of digital gold and gold today has around $7 trillion outstanding. If you take, say, 5 to 10 percent — I’ll let everyone do the math — Bitcoin has upside. Bitcoin is used as digital gold today. It’s a de-risk asset. Basically if someone wants to outlay systematic risk, then one would go to access gold or digital gold.

Back to the aforementioned CryptoOracle co-founder, who closed off his segment on CNBC, comparing Bitcoin to the “so-called” junk bond, as both assets were not accepted upon their arrival. In the case of the junk bond(s), it took 40 years to become a normal tradable asset/contract on the market. As Kerner alludes to, for Bitcoin, it might be much of the same, as it may take years to convince those who are hesitant to change that cryptocurrencies (and blockchain) are the next big thing.


Image Courtesy of Michael Steinberg @ Pexels

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Crypto Market Sees 3% Pullback After A Short-Term Recovery

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As Tuesday rolled around, many traders thought that the worst was yet to come for the market, with critics expecting Bitcoin to chip away at the $5,800 support as the week continued. For those who are unaware, the $5,800 level has been continually cited as a strong line of support, with analysts highlighting previous bounces around this price, along with an amassment of technical indicators.

But to the surprise of some, on Tuesday, the crypto market began a slow recovery of its recently-established year-to-date lows.

From $190 Billion To $220 Billion — The Market Recovery

The valuation of all cryptocurrencies recovered from a low of $190 billion to $220 billion within a three-day timespan, with this move restoring faith in an otherwise bearish market. A majority of cryptocurrencies saw strong gains throughout the past three to four days, with Bitcoin taking a cautious move from $5,950 to $6,600 that was backed by consistent volume.

But with this move, altcoins have seen an unexpected resurgence, with Bitcoin dominance taking a three percent dive even as the market continued upwards. As reported by Ethereum World News, cryptocurrencies like Nano (NANO), VeChain (VET), and Populous (PPT) all saw staggering gains of 30% or more, which was quickly attributed to the decreasing Bitcoin dominance figures. Traders saw their portfolios turn green overnight, and a slight sense of FOMO (Fear of Missing Out) return to the minds of optimistic traders.

However, some industry leaders aren’t convinced that the bear market is over yet. Susquehanna’s head of digital assets, Bart Smith, recently claimed that this recovery, albeit relatively strong, could just be a “bear market rally.” This sentiment was doubled-down by Dan Nathan, a CNBC trader and Fast Money panelist, who also agreed with what Smith had to say.

While Arthur Hayes, the CEO of BitMEX, still expects Bitcoin to reach and establish a low of $5,000 before eventually continuing to new all-time highs. Moreover, some analysts expect that this is a “dead cat bounce,” where the price(s) of a publicly-traded asset sees a quick recovery after a downtrend, only to fall further at a later date.

“Too Much Of A Good Thing Is A Bad Thing”

Attesting to this bearish sentiment, on Saturday, traders were reminded of the age-old saying — “too much of a good thing is a bad thing” — as the market experienced a slight pullback after the aforementioned recovery.

At the time of writing, Bitcoin is currently down by 2%, with altcoins posting similar losses. It remains to be seen whether the market will continue to head lower in the near future, but according to the traders on CNBC Fast Money, the technicals on Bitcoin’s chart has begun to show signs of weakness. CNBC analyst David Seaburg stated:

“Look at just the charts, without any other knowledge, it looks like its going lower. The technical set-up right now for Bitcoin does not look promising in my eyes.”

Michał Mancewicz

The post Crypto Market Sees 3% Pullback After A Short-Term Recovery appeared first on Ethereum World News.

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Ethereum (ETH) Lowest Fees Claimed on Decentralized Platform, Also Vitalik Buterin on the State of Ethereum

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Ethereum ETH Trading Exchange Low

The team behind Blockonix, a decentralized exchange, has set a very major target in front of them. Crypto-verse market domination with a very attractive argument: having the lowest fees. The company promises that the platform will have top quality in being user-friendly and very low fees if their native token is used.

Ethereum Trading Exchange

The firm has made it public that if the user during the trades is not using the native exchange token then the fee will be one percent. If instead you choose to use it, will be 0.03 percent. This way the team wants to bring an environment very cost-effective in comparison to other popular platforms.

This platform is focused on trading Ethereum and Ethereum-based digital tokens and it has a worldwide reach. According to the team, the company is promoting a new wave of payment and futuristic apps that will help the clients. The exchange is fully decentralized and it does not store any of the assets of its clients.

One way of doing things, makes Blockconix stand out of other decentralized platforms. The individuals behind the exchange do not earn from the platform. The fees that are gathered by the use set to buy BDT tokens and burn. Taking it to another level, if you want to list a token in the decentralized exchange, you have to pay a 5 ETH stepping-in fee. Even these are burnt with the BDT tokens. So money is not hoisting the energy for the good team behind Blockonix but by the crypto-verse.

Ethereum Co-Founder

Vitalik Buterin – the much respected and for many role model to lead a crypto-verse project like that of Ethereum added his opinion on various topics related to the platform, decentralization and blockchain latest improvements. The thought-sharing took place during and event in San Francisco, hosted by Blockchain at Berkeley.

When asked what the mind behind Ethereum is working right now, he replied with having his hands full with the PoS and Sharding protocols.

“Recently, I am spending a lot of time working on the proof-of-stake and sharding protocols. This is what the Ethereum research community is focusing on more than anything else at this point. We think that proof-of-stake and scaling are both really important and there has been a lot of progress on improving the algorithms and the development of multiple limitations over the last couple of months, Buterin told me. I’ve also been looking at the economic analysis of transaction fees and how transaction fee algorithms can be improved to basically cut fees down and make the protocol alignment centers better and more efficient. Those are the main things I’ve been working on myself.”

When it comes to Casper Protocol, he spoke very highly and full of hype around it adding that it is truly making progress.

“I think that there has been a lot of frameworks for state channels coming out recently. The Casper protocol is getting much closer to being finalized at this point. It’s just pending review on academic analysis,”

The post Ethereum (ETH) Lowest Fees Claimed on Decentralized Platform, Also Vitalik Buterin on the State of Ethereum appeared first on Ethereum World News.

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Top 10 Cryptocurrencies See Green After a Tumultuous Week

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Bitcoin Ethereum Price August 2018

Bitcoin (BTC)–After one of the hardest hitting weeks to the crypto markets in an otherwise bearish year, the top ten currencies by market capitalization appear to be in recovery.

On Monday, the total market capilization of cryptocurrency dipped below $200 billion for the first time since last year, signaling a relative low from January 2018’s near-trillion dollar valuation. Altcoins in particular experienced a severe decline, with currencies across the board posting double-digit losses throughout the week.

Ethereum, an otherwise stalwart coin that has both developers and investors excited over, dropped to a valuation not seen since last year, making for a full retraction in value following the bull run to start the year. Various analysts disagreed over the exact reason for the plunging price of Ether, but two predominant theories emerged. The first was proposed by Biswas Das, director of crypto hedge fund BloomWater Capital, who blamed the ICO market for causing a decline in Ethereum. According to Das, the falling crypto markets in addition to jumpy venture capitalists were leading to a mass sell-off in the Ether collected for ICOs–in part to cover costs, but also to lock in profits ahead of a total market collapse,

“These startups are raising a lot of funds but they don’t have treasury management or enough cash management experience, so they’re selling too early and causing a lot of pressure in the market. It was fine last year but right now the the market is so fragile that it causes a lot of pressure.”

Arthur Hayes, CEO and co-founder of crypto exchange BitMex, echoed the sentiment that ICOs were hurting the price of Ethereum, making a bold claim that he believed price depression would lead to Ether dropping below $100.

While Ethereum benefited through most of 2017 and early 2018 from the massive boom in ICO development, of which almost every project is built upon the ERC-20 platform, the plunging price of crypto has led the initial coin offering venture capitalists to force sell Ether. However, in a statement to CCN, eToro’s Mati Greenspan blamed the sinking price of cryptocurrency and Ethereum on a strengthening dollar. According to Greenspan, efforts to stave off inflation in the United States is leading to a stronger dollar, which means investors have less incentive to shelter their funds from inflation in cryptocurrency, particularly with the massive price volatility currently wreaking havoc on the market,

“As the United States moves to tighten its economy and avoid strong inflation, they’re taking action that is strengthening the Dollar. Because the US Dollar is the global reserve currency, many smaller economies rely heavily on a stable exchange rate with the greenback. So too, as the Dollar is being seen as a stable store of value at the moment, there really isn’t much incentive for people to store their money in digital assets.”

Most of the market is still hinging upon a decision by the United States Securities and Exchange Commision (SEC) over whether to approve a Bitcoin Exchange-Traded Fund. The belief is still that institutional investors and most Wall Street players are waiting for greater government regulation in the cryptomarkets before entering, which has produced a large amount of interest over ETFs.

As of writing, total market capitalization was holding at $210 billion.

The post Top 10 Cryptocurrencies See Green After a Tumultuous Week appeared first on Ethereum World News.

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Tron (TRX) To Complete the Mainnet Upgrade on August 30th with The Final Virtual Machine Version

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After Justin Sun and the Tron (TRX) Foundation launched the Testnet of the Tron Virtual Machine (TVM) on the 30th of June, Justin wrote an open letter to the Tron Community explaining that the final part of the Mainnet will be completed on the 30th of August when the Foundation launches the official version of the TVM. In the letter Justin stated that:

Today, we launched the beta version of TVM. In the following month, TVM will be tested by all the TRON community members. On August 30th SGT, TRON will complete its MainNet upgrade and launch the official version of TVM.

The current TVM is a beta version that allows the global community to test the TVM and find bugs in preparation for the final launch of the official TVM. This way, the final version is more secure and optimized for the creation of DApps that are slated as being the final piece of the puzzle in making the Tron Project great. Once DApps start running on the Mainnet, the sky is the limit for the Tron Platform and TRX coin.

Justin’s Most Recent Interview With The Crypto Lark

Youtube’s The Crypto Lark managed to get a one-on-one interview with Justin Sun where he asked about the final release of the TVM to which Justin answered:

Actually…we are ready for the launch already. But we are doing a lot of the tests…like the pressure test…volume test…to make sure it works very well when we launch. Our Mainnet was already launched on the 25th of June, but right now we are building the Virtual Machine on the Mainnet. The Virtual Machine is [where developers] can develop very interesting Decentralized Applications, DApps, on the network.

Further dissecting Justin’s words, we find that with the complete infrastructure of the Tron network complete, the stage is set for amazing DApps to be created on the platform. With Tron being 80 times faster than Ethereum’s network, developers are sure to start creating DApps on the Tron platform immediately. There is also the possibility of the Tron Network being capable of implementing smart contracts for ICOs making the future even greater for the project and coin.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

The post Tron (TRX) To Complete the Mainnet Upgrade on August 30th with The Final Virtual Machine Version appeared first on Ethereum World News.

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Coinbase Applies for Direct Bitcoin Payments System Patent

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Digital asset exchange Coinbase continues to make strides in streamlining user access to cryptocurrency payments and trading, following an application for a direct bitcoin payments system patent, filed Aug. 14.

Making Bitcoin Payments More Convenient and Secure

San Francisco-based startup Coinbase is seeking to solve the security issues surrounding direct bitcoin wallet payments, according to a patent.

In the patent, filed Aug. 14, it states:

“Existing systems do not provide a solution for maintaining security over private keys while still allowing the users to checkout on a merchant page and making payments using their wallets.”

Coinbase plans to employ a “key ceremony” system to integrate key shares with operational master keys for encrypted, sovereign merchant transactions. The operational master key contains users’ passphrases and acts as a transaction signature for when payments are made.

To ensure security, Coinbase’s patent also outlines a security measure called “freeze logic,” which automatically halts a transaction if the administrator decides to back out of a purchase.

“At any point in time after the master key is loaded, the system can be frozen. The system can be unfrozen after it has been frozen using keys from the key ceremony. The checkout process can be carried out when the system is frozen and when the system is unfrozen. The payment process can only be carried out when the system is unfrozen.”

The patent also outlines enterprise applications via an API key that would give different websites the ability to launch a customized version of the portal.

Coinbase Expands Blockchain Ecosystem

Earlier this month, Coinbase acquired digital identity startup Distributed Systems.

Founded in 2015, Distributed Systems is a decentralized identity solutions company that has developed an identity standard for decentralized applications (dApps), called the Clear Protocol.

Under the terms of the agreement, Distributed System’s five-person team will merge with Coinbase and begin working on the company’s new Coinbase Wallet and “Login with Coinbase” product, which will allow dApp developers to easily integrate identity platforms for users to register and connect their crypto wallets.

Related: Coinbase Rebrands Toshi as Coinbase Wallet

CEO Nikhil Srinivasan and co-founder Alex Kern will head the new decentralized identity team at Coinbase.

Meanwhile, on Aug. 15, Coinbase rebranded its Toshi cryptocurrency wallet as Coinbase Wallet, adding several new features.

Among the added functionality, Coinbase Wallet will have the ability to send payments, access decentralized exchanges to purchase and sell tokens and store crypto collectibles.

To increase security, Coinbase wallet will also utilize Secure Enclave and biometric authentication systems.

The post Coinbase Applies for Direct Bitcoin Payments System Patent appeared first on CryptoSlate.

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Sanford C. Bernstein: ‘Crypto Trading Revenue May Double’

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Amid a cryptocurrency market downturn, institutional investor interest continues to take rise. Reported Aug. 17, investment firm Sanford C. Bernstein has predicted that crypto exchange revenue will double by the end of 2018.

Wall Street Catching Up to Crypto

New York-based investment firm Sanford C. Bernstein & Co. analysts have forecasted that cryptocurrency exchange revenue will double to nearly $4 billion this year, reports Bloomberg.

In a report, titled “Crypto Trading – the Next Big Thing is Here?”, Bernstein analysts wrote:

“As the crypto-asset class seasons and institutional demand builds, there are a plethora of opportunities for traditional firms”

Led by Christian Bolu, Bernstein analysts estimated that cryptocurrency trading generated $1.8 billion in transaction fees for the largest exchanges in 2017. This figure represents only 8 percent of the revenue recorded by traditional exchanges but continues to grow.

Meanwhile, institutional investor interest is on the rise, as Wall Street eyes a multi-billion dollar market share opportunity that is already being dominated by first-movers.

Bernstein analysts consider San Francisco-based startup Coinbase a current market leader, responsible for almost 50 percent of all cryptocurrency trading transaction revenue. According to Bernstein, Coinbase will maintain an “unassailable competitive position” unless other major investment firms join the sector.

Institutional Solutions on the Rise

In early May, Goldman Sachs confirmed plans to launch a Bitcoin futures trading desk to meet rising client demand. One month later, the firm revealed plans to expand its cryptocurrency division beyond Bitcoin futures.

Morgan Stanley also began clearing Bitcoin futures contracts at the start of 2018.

Related: Coinbase Acquires Digital Identity Startup Distributed Systems

Coinbase launched its own custodial service for institutional investors, called Coinbase Custody, in early July.

Shortly after, Coinbase secured a $20 billion hedge fund through its prime broker to give institutional investors access to a greater variety of financial services, such as margin financing.

On June 26, Cboe futures exchange submitted a Bitcoin ETF application to the U.S. Securities and Exchange Commission (SEC). The application will be under review until late September.

In the onset of regulated digital asset derivatives and security token markets, it’s evident that a growing number of major investment firms are preparing institutional solutions for the developing digital economy.

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Axoni Closes $32 Million Funding Round Led by Goldman Sachs

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Axoni, a New York-based enterprise provider of blockchain technology, has completed a $32 million Series B funding round. Major players took part in the funding round including  Goldman Sachs, NYCA Partners, Digital Currency Group, J.P. Morgan, Wells Fargo, Citi and Andreessen Horowitz.

The funding round was announced on Axoni’s official blog, Aug. 14.

Founded in 2013, Axoni specializes in delivering distributed ledger technology to a variety of leading financial institutions. Additionally, the company uses their AxCore technology in a plethora of markets including high-volume foreign exchanges and derivatives.

Through the years, the company has forged plenty of strategic partnerships, which Axoni’s CEO Greg Schvey attributes to the company’s success:

“Our strategic partners have been critical to our success so far; we are delighted to strengthen and expand those relationships with this financing as we continue to deploy Axoni’s technology.”

Moving forward, Axoni will utilize the funding to expand its suite of infrastructure products to enhance its data synchronization technology, according to the official release.

Following the closure of the successful investment round, top executives had plenty to say with regard to blockchain technology. According to Axoni’s blog post, the head of market structure and electronic trading services at Wells Fargo, C. Thomas Richardson, said:

“The adoption of distributed ledger protocols in capital markets resembles the early days of adopting TCP/IP for distributed enterprise applications. We continue to be impressed with Axoni’s ability to facilitate such adoption by identifying use cases that could benefit from blockchain technology.”

Ashwin Gupta, managing director at Goldman Sachs, added:

“Axoni has established itself as a market leader in enterprise blockchain, delivering solutions that can be used at scale across financial markets. We are pleased to work with them as they execute their strategy.”

In the midst of a cryptocurrency bear market, it is reassuring to hear words of reinforcement from high-ranking executives at financial institutions like Goldman Sachs and Wells Fargo. After all, interest, investment and adoption from these corporations are huge stepping stones for decentralized digital assets.

While the cryptocurrency market is significantly lower than it was in January, it’s still astronomically higher than it was a few years ago, and a slow but steady increase in price is better in the long run for the market than rapid price inflation.

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