Welcome to our Daily News article, here is the most important cryptocurrency news of October 11th.
Canadian Bank with $51B in Assets Announces That It Will Support Crypto Companies
ATB announced the start of crypto business support in their new post: Cracking Compliance: Traditional banking for unconventional business clients,
Moreover, ATB promises to transform crypto banking. They also note on their website that “We are the ATB Financial transformation team – over 500 change agents that make up the disruptive edge of ATB. “Our mission is to reimagine banking, make it work for people. We start by listening. Then we innovate process, enable people and add new technology.”
All things considered, ATB says that they ready to test new waters. This is why they decided to start exploring both risks and opportunities of crypto banking services. It will be interesting to see what this could mean for the cryptocurrency future.
Mastercard Could Enable Bitcoin Transactions
Mastercard is one most essential payment providers industries in the world. Currently, they enable consumers to buy good and services through their payment card. This payment card can adapt to any currency.
In a recent turn of events, Mastercard won a patent to protect a method that would manage “fractional reserves of blockchain currency.” This event means that Mastercard may be about to enable bitcoin transactions. In the long run, this could ignite cryptocurrency expansion in the entire world.
This document, published by the U.S. Patent and Trademark Office has an interesting statement. In summary, it says that “increased usage” of crypto in the blockchain is due to users who “value anonymity and security.”
According to Mastercard, while blockchain security has advantages, there can be a limit. Besides, one of the current issues with blockchain transactions is the time taken to process each transaction. Blockchains are becoming overwhelmed causing transaction fees and times to grow. An increase in popularity plays a role in this. As a result, both sides involved in a transaction must wait a long time for crypto payments to process. This issue means merchants must “rely on a payer’s good faith” that a transaction is valid.
Mastercard Could be Close to Enabling Bitcoin Transactions
All things considered, it is believed that Mastercard is proposing to hold a reserve of Bitcoin. This means they could make instant transactions, and enable payments with both security and anonymity. But as a matter of fact, not such products like this currently, exist. It is unknown yet if this would improve the Bitcoin network.
Bitcoin Price Falls Along Other Cryptocurrencies, About $10 Billion Lost in Market Cap
BTC has experienced a fast drop in its value after a few solid months of trading, as five percent reduced of its price all at once. This also affected other leading cryptocurrencies, Ethereum and Ripple. Not to mention, this generated controversies and many people are debating about it.
Bitcoin had entered a period of remarkable stability as the asset hit 17-month volatility low in September. Unfortunately, the digital asset received a considerable crash in price. It took a big price hit causing $13billion that dropped in minutes, according to CoinDesk.
The decentralized digital commodity’s price fell to $6,125, but it did recover to $6,200. At the time of writing, one bitcoin is worth $6.200.
Short and sudden swings in bitcoin’s price are often attributed to trading “bots”, which start trades and cause a domino effect on the price. Moreover, “whales” (holders of vast amounts of cryptocurrency) cause as well as price fluctuations. In essence, the primary reason they do is due to their trade amounts being so vast they impact the whole market rate.
Why did this happen?
The recent news could have generated an impact in cryptocurrency. The IMF warned that Bitcoin and the blockchain boom facilitating the “rapid growth” of crypto assets can have consequences. Such as creating new vulnerabilities in the international financial system”.
In a key report published on Wednesday, the Fund made a statemenent:
“Cybersecurity breaches and attacks on critical financial infrastructure. This represents an extra source of risk due to the reason that they could undermine cross-border payment systems. This could disrupt the flow of goods and services”. They also noted: “Continued rapid growth of crypto assets could create new vulnerabilities. Especially in the international financial system.”
Bitcoin’s receding price (down from highs of more than £15,000 last year) can show the cryptocurrency’s unpredictability, which could make it an uncertain form of investment. Experts say that there is a way for Bitcoin to become stable. More regulation and implementation to the world of Bitcoin could lead to stability. But, it will be a long time before that.
Bitcoin still has a chance to rise as cryptocurrency expands through the world.
Genesis Vision Announces New Partnership with OKEx
OKEx, the 2nd most massive crypto exchange trading volume in the world, has made a big announcement. It is now partnering with Genesis Vision, a platform that aims at providing a private trust management market.
The report stated that the Genesis Vision managers would be able to trade on the OKEx platform. Moreover, an investor can become a manager on the Genesis Vision by creating an account. Each manager will be responsible to set their investment program. Succeeding which, the manager starts trading with the help of a broker.
The OKEx exchange is abundant in available digital assets, with them being close to about 500. 500 digital assets that Genesis Vision managers will be able to experiment with. But, besides the common token trading, OKEx also provides futures trading. When trading futures, Genesis Vision managers will also be able to post margin and then use leverage. OKEx currently offers options for 10x and 20x leverage, which would allow you to increase your purchasing power by a big amount.
If you want more info about the new features, you can check them here.