Forex Market Encouraged by Positive Trading Movements
Published EUR/USD Hits Two Week High GBP/USD Also Moving Amid Positive Market Market Awaits Important US Testimonies
Major markets and forex trading worldwide were encouraged by a strong market comeback to start the week.In the US, the Dow Jones surged more than 900 points on Monday.This marked a significant gain and shift in sentiment.The move has given life to both the Euro and British Pound markets with the Dollar as traders begin to sense some positive light breaking through the Coronavirus crisis.
Asian markets followed the American lead on Tuesday with some substantial gains noted.
EUR/USD Forex Market Breaks Out of Slump
The Euro has been held down by negative data and risk-off sentiment for the last couple of weeks, trading below $1.08 at some points.
Following yesterday’s rally though, the pairs has traded toward a 2-week high of $1.095.
This is seen as positive news for the Euro after a turbulent couple of weeks.It comes off the back of more positive data coming from Germany with their ZEW indicator of market sentiment surpassing expectations in the correct direction.
A virtual meeting of the EU finance ministers later today will also have the interest of traders in the forex market.A positive tone from this, and more measures to help the struggling economies of the bloc such as the European recovery fund which has already been proposed, could give the market further strength moving through the week.
Sterling another Beneficiary of Improving Mood
Along with the positive market push, the GBP/USD has also seen some benefit, today sitting around the 1.22 mark amid the more positive market sentiment than in previous weeks.This may have come yesterday as a much needed boost for the Pound.Employment data to be released later today could weigh heavily on the currency with forex brokers anticipating an anxious day from British traders.
Much of the positive swing from yesterday’s markets worldwide came off the back of positive signs from Moderna and the early stage human trial of the coronavirus vaccine.These trials managed to produce Covid-19 antibodies in all of the 45 participants of the trial.
This sent a positive wave through the markets, and gave the companies own shares a 20% boost on Monday.All Eyes on Powell and Mnuchin Testimonies
Whether or not the wave of positive market sentiment is to continue today could rest largely on the testimonies of Federal Reserve Chairman Jerome Powell, and Treasury Secretary Steven Mnuchin.They are both set to brief congress today on the state of the economy in response to the coronavirus.
Fed Chair Powell is expected to reinforce remarks made yesterday that the Central Bank has plenty of power left to support the economy.He has also indicated that the Fed remains wholly committed to using any means appropriate to support the economic challenges ahead.These kind of bullish remarks may be just what the forex market and others need to hear to continue the positive momentum.Forex Brokers – Regulated by NFA, CFTC, FCA, FSA, IIROC & CIMA – Member of the National Futures Association (NFA# 0339826) Anthony Gallagher
Anthony is a financial journalist and business advisor with several years’ experience writing for some of the most well-known sites in the Forex world.A keen trader turned industry writer, he is currently based in Shanghai with a finger on the pulse of Asia’s biggest markets.
You may like Polymath Speaks on Polymesh on Aldebaran Blockchain Release
Published David Hamilton
This week, the hugely popular tokenization platform, Polymath unveiled some details about the Polymesh on Aldebaran security token blockchain project.Interest in the new blockchain continues to rise ever since its first mention by co-founder Trevor Koverko at CoinDesk’s Consensus in 2019.Now, Polymath is ready to show the world what its developers see as the future of the STO market.
Security Token Exclusive – Polymesh on Aldebaran
Polymath’s decision to launch a blockchain exclusively for security tokens makes sense.The firm is seen by many as the top tokenization platform in the market.To date, the firm tokenized over $2.2 billion in high-end real estate.As such, the launch of the Polymesh on Aldebaran test net marks an important milestone for the entire STO industry.
According to reports , the official launch date is June 23, 2020.
Developers hope to have the blockchain fully functional and open to the public by Q1, 2021.For now, the company seeks testers to help drive the beta testing process forward.
Once complete, Polymesh on Aldebaran will provide an important link between traditional investment firms and the blockchain sector.Compliance
Polymesh on Aldebaran includes numerous institutional features designed to appease regulators and large investment firms alike.
Specifically, the blockchain tackles the issues of absolute transaction finality through the use of a nominated proof-of-stake (NPoS) consensus mechanism.The protocol functions as an additional security layer allowing specific actions to be performed by identifiable participants on the network.Polymesh on Aldebaran via Twitter
In company documents, developers explained some of the other helpful upgrades Polymesh on Aldebaran brings to the market.
For one, the blockchain removes the legal complexities surrounding blockchain forks.
Additionally, the blockchain includes automated regulatory compliance mechanisms directly embedded in its core coding.
In this way, Polymesh on Aldebaran ensures all parties meet the stringent securities legislation currently in place.For example, regulatory compliance coding ensures all traders completed due-diligence checks.Additionally, the compliance mechanisms can deny traders access based on their location, identity, or other preset parameters.Permissioned Blockchain – Aldebaran
Importantly, Polymesh on Aldebaran ‘s design allows sensitive data to remain private.Developers explained that the new system will keep all trading and user-specific data more secure than other alternatives on the market.Discussing the developments, Thomas Borrel , chief product officer at Polymath called the project a “ major milestone .” He also spoke on some of the capabilities the platform introduces to the market.
Lastly, he touched on Polymath’s overall intention to satisfy regulators and institutions.Polymath
Polymath entered the market in 2017 with the goal to simplify the creation, issuance, and management of digital securities on the blockchain.Since its inception, Polymath has been an innovative force in the tokenization sector.The platform currently offers a wide variety of blockchain-based products.These products include white label solutions.Famously, Polymath tokenized $2.2 billion in real estate in February of this year.Now, the firm has its eyes set on the STO sector.
A Bull in the Glass House
The Polymesh on Aldebaran blockchain project will drive security token adoption to new heights if succesful.
Polymath has the market experience and network to develop something integral within the sector.For now, the cryptocommunity awaits the final launch of this innovative blockchain.Spread the love ICON Foundation and LCX Partner on STO Framework
Published David Hamilton
The security token sector just got a little more competitive thanks to the work of the ICON Foundation.This week, the group announced a strategic partnership with the Liechtenstein crypto assets exchange – LCX .Now, the two companies seek to share valuable insight on security token infrastructure, compliance solutions, and regulation technology.The news demonstrates further growth in the STO sector, as well as, rising tokenization interests in the EU.
According to company executives, the firms inked a memorandum of understanding (MOU) this week.
Now, the groups will focus on research within the market.The team seeks to gather enough data to help it develop a variety of new standards for tokenized assets .If succesful, their work could prove to play a pivotal role in the EU’s STO market development moving forward.Collaboration
Company executives explained that the firms will exchange knowledge and crucial information on what it would take to create impactful and pro-innovative security token regulations in the microstate.
Developers plan to explore a variety of mechanisms to accomplish these tasks.Specifically, the group wants to create a synergy between regulations and other participating blockchains in the ICON network ecosystem
Discussing the partnership, Monty C.M.Metzger , CEO, and Founder, LCX spoke on the importance of expanding the company’s’ ecosystem to new parts of the market.He described how this strategy would provide more value to users and further the company’s goal to develop a safe and secure blockchain alternative to the status quo.In this way, LCX hopes to deliver more innovative solutions to the market.These next-generation solutions include a list of advantageous tasks such as updating security token standards and enabling cross-blockchain payment capabilities Min Kim, Founder, and Chairman of ICON Foundation
In the same report, Min Kim , Founder, and Chairman of the ICON Foundation discussed what possible effects their team’s efforts will have on the market.
He explained the overall goal of the project which is to further the adoption of digital assets in the traditional financial sector.Lastly, he spoke on meeting Monty and the LCX team in Liechtenstein back in December 2018.He described the feeling of excitement surrounding the project and he said he was thrilled to explore new opportunities in the market.ICON Foundation
The ICON Foundation is the community arm of the ICON Network.The ICON Network is a general-purpose blockchain protocol based on the ICX cryptocurrency .This 4th generation blockchain utilizes an economic-governance protocol called DPoC (Delegated Proof-of-Contribution).
The new protocol enables ICON to handle hundreds of transactions per second.
ICON’s goal to establish a decentralized network of interconnected blockchains isn’t an easy one.The firm has already overcome numerous technical boundaries along its path to facilitate intermediary-free interaction among different independent blockchains.Now, ICON seeks to become the world’s largest interchain blockchain network.Shoots for the Stars
Given its unique approach to the market, and huge community support, its easy to see ICON becoming the dominate multi-chain protocol in the space.The group posses the knowledge and network to bring their unique strategy to the masses.As such, you can expect to hear more from this ingenuitive team in the near future.
Spread the love BHD Receives SEC STO Filing Request and Submits for Coinbase Listing
Published David Hamilton
This week, BitcoinHD (BHD) confirmed the group submitted a listing application to Coinbase .Importantly, the submittal comes on the heels of the company filing with the SEC a ‘Form D – Notice of Exempt Offering of Securities’ on March 30th to host a Security Token Offering ( STO ) .BitcoinHD – BHD
It’s surprising to learn that BHD mined its genesis block in 2018.Notably, the token entered the market following the end of the hard fork debates and the entry of a host of new Bitcoin spinoffs to the market.Specifically, BHD developers wanted to push for more decentralization through the use of technological upgrades to blockchain technology.Importantly, BHD differs from its ancestor, Bitcoin in some key ways.
BHD has a 2MB blocksize which is double the block size of Bitcoin.
This puts BHD’s blocksize in line with other famous hardforks like Bitcoin Cash.Also, BHD developers increased the block generation rate to every three minutes versus every 10 minutes.The upgraded capacity provides the network with transaction speeds 10x that of the original Bitcoin.Specifically, BHD can handle 70 transactions per second (tps) using the new protocol.
In comparison, Bitcoin handles 7 tps.Conditional Proof-of-Capacity (CPOC)
One of the most unique aspects of the BHD project is the integration of a new consensus mechanism known as Conditional Proof-of-Capacity (CPOC).
CPOC differs from the traditional PoW strategy employed by Bitcoin in some major ways.For one, the new mining mechanism relies on cryptographic passwords located on validator hard disks to reduce power consumption.BHD Features via Homepage
Recent reports reveal Bitcoin’s huge apatite for energy.Bitcoin uses an estimated 61.76 terawatt-hours (TWh) of electricity per year.This energy usage equals more than many countries.In fact, its approximately 0.28% of total global electricity consumption.
Critically, the CPOC consensus mechanism is far more eco-friendly than any PoW algorithms in the market.BHD – Built for Decentralization
Another main concern for developers was decentralization.Bitcoin’s mining sector continues to experience more hard fork debates every year as the hashing rate increases.This centralization is the result of a combination of factors.
These factors include rising mining equipment costs, larger mining pools, and better ASIC mining equipment.Together, these items create a perfect storm and make it nearly impossible for a normal Bitcoin user to host a node with any success.
Importantly, developers built BHD from the ground up with decentralization as its core principal.
The CPOC consensus mechanism is resistant to ASIC mining efforts.Developers boast that the blockchain enjoys increased speed, security, and breadth of consensus thanks to the protocol upgrades.Coinbase
Now, BHD developers seek to get their unique coin into the hands of the masses.According to the listing application, BHD seeks to become a part of the Coinbase network.Importantly, Coinbase is both the largest Bitcoin broker and the largest exchange in operation in North America.The platform currently has 30 million registered users and over $1 billion in crypto under management.
A New Strategy
Given that BHD uses less power, creates less noise, no heat, and is anti-ASIC, it’s not hard to imagine this coin making some headway in the market.As the first SEC-approved security token to receive a listing on Coinbase, BHD could enjoy a large boost usage.For now, like so many other hard forks sharing the Bitcoin name, only time will tell if the cryptocommunity warms up to the idea of another Bitcoin in town.Spread the love .
