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Cryptocurrency

DraftKings Stakes Digital Assets for Polygon While Its Shares Stumble

DraftKings will stake the digital assets from its reserves to support Polygon after signing a partnership deal with the blockchain last October. A partnership with Zero Hash will carry out this new decision from the sportsbook operator. This move substantiates the platform’s intention to move deeper into the crypto space. However, that is not all to this new game started by DraftKings, as this endorsement could open up the Polygon to the millions of users of this sporting betting site.

Polygon is a blockchain project built on the Ethereum blockchain as Matic solutions 2017. The project intended to bring support to the Ethereum blockchain in terms of scalability and performance. After being in operation for more than three years, the project was renamed Polygon and is currently one of the fastest-growing projects on Ethereum. Polygon is also home to nearly 7000 dApp developers, and the number is still growing. Polygon’s native coin MATIC reached its all-time high of $2.92 soon after the rebranding. However, it is currently trading nearly half the value of its all-time high at $1.43. 

Now, these new developments could help push the price of MATIC to the front. These initiatives from DraftKings are considered as steps towards sustaining a long-term partnership with Polygon. The blockchain will power the DraftKings marketplace, the dedicated NFT infrastructure from the sportsbook operator. This synergy is expected to maximize the capital and liquidity of the betting platform and strengthen governance and security on Polygon. Although MATIC lost nearly 8% in the last week, the last 24 hours have been good to the coin with a 2.76% edge. DraftKings’ decision to support Polygon through its digital assets could help continue MATIC’s positive price action in the weeks to come. Check out the linked article to find more details about MATIC’s price movements in the future.

Despite the lucrative business deals and ideas, DraftKings’ shares keep sliding down in the stock market. The high-end competition from firms like MGM has subdued the value of DraftKings by 10%. Moreover, the revenue of the sportsbook operator is expected to fall significantly in 2022 as many states still are debating over permitting sports betting.

On the other end, Polygon expects to grow as a form of payment in mainstream businesses and industries in the current year. Such expansion of the project will also help DraftKings, which has opted for MATIC over coins like Bitcoin or Ethereum. Since the tie-up between the two firms has been tightened, we can hopefully expect them to work towards wider adoption of this digital coin. Polygon has already integrated dApps like Aave, Curve, Balancer, Sushiswap, and more.

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Finance News

Banxso: Trade with Lower Profit Margins for Higher Potential Returns

Overview of Banxso

These days investment has become easier as now we can trade various products based on our preferences. And the credit goes to all the online trading platforms available today. The online trading platforms are integrated with all the tools which are needed to do transactions of stock and various other financial products. Not only this but also various platforms provide customer support which helps the investors to get real-time market insights.

Earlier brokers used to get a call from their clients to confirm the price and further continue the operations. All these activities can be done with simple steps without even contacting the brokers. One such platform is Banxso.

Banxso is quite different from any other trading platforms available online, which have unique AI-based features. Banxso is based on the short for Contract for Different or CFDs. The platform completely understands the goals of the investors. Few investors like to hold their stock for a short period, while some go for long-term investment.

Why Banxso Is the Best Choice for Novice Traders?

The aim of Banxso is to meet the goal of all its investors. This means, the investors who have registered on this platform can now trade on various products at a time. This is one of the best services offered by Banxso for investors who are seeking to diversify their trading portfolio. Not only this but also the platform allows the investors to balance the investment risks through the education provided by Banxso. Apart from this, Banxso motivates all its investors to make smart investments. This comprises both experienced as well as novice investors.

Trading Experience

Banxso provides immense benefits to its investors irrespective of their trading experience. Both novice and experienced investors are provided equal access to view the real-time market insights, regular updates, and tools. Not only this but also the AI-based platform helps the investors to analyze the trading instruments easily. It reduces the efforts of the investors to communicate with the broker.

Lower Fees

Banxso never charges any sort of hidden fees from its clients, which helps in enhancing the overall trading experience. This way, the investors can be assured that they will only be paying the price quoted for them.

Trading Products

There are multiple trading products offered by Banxso that include commodities, cryptocurrency, indices, and stocks. A registered trader of Banxso is free to select their preferred trading product. Investors can, later on, analyze various products.

Mobile Trading Option

Banxso has a mobile trading platform as well, which supports both Android as well as iOS versions. The investors can do trading in just a few easy steps. It is not necessary to have a laptop to do trading in Banxso. The mobile platform helps the investors go through their past transactions, and they can track their trading account using the mobile platform.

Safety

Trading with Banxso is completely safe as it is regulated by the South African Financial Sector Conduct Authority (FSCA). The goal of FSCA is to protect the financial goals of its customers by making sure that they do their trading operations fairly.

Conclusion

The professionalism and excellence of Banxso cannot be praised in a few lines. The traders have to experience its operations first. There is no chance of getting disappointed with the services offered by the platforms. From the products to the customer support, it has everything to provide its customers.

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Finance News

Ethereum Likely to Lose Its Dominance to Competitors

Morgan Stanley recently published a report titled Cryptocurrency 201 – What Is Ethereum?. Its wealth management global investment office has put forward some arguments which prove that Ethereum is at the risk of losing its dominance in the market.

The report presents a rundown of Ethereum’s features, market, and competition. It highlights the ecosystem’s advantages and disadvantages while arguing how Bitcoin is in a better condition.

Ethereum At Risk Of Losing Its Dominance

Many traders feel Ethereum has a bigger market potential than Bitcoin because of its transaction-based burning process, which has deflationary characteristics. However, a report published by Morgan Stanley suggests otherwise.

It argues that the dominance of Ethereum is at risk, and the platform may lose its spot if competition emerges. The price of Ethereum has fallen by 7.14% in the past seven days. The price declined by 6.41% in the last 24 hours. Find more details here about the future of ETH and whether it will reach Bitcoin’s status.

The demand for Ethereum is currently tied to its transitions. This poses several scaling constraints that hurt the demand of Ethereum. Competition emerging in the market will give users more options, leading to an inevitable switch.

The volatility of Ethereum is also a concern that Morgan Stanley has highlighted in its report. It has been observed that Ethereum is more volatile as compared to Bitcoin. Market factors tend to have more severe effects on Ethereum than on Bitcoin.

Other issues highlighted in the report are related to scalability, competitive threats, and complexity challenges.

Ethereum is expected to lose its ground in the smart contracts industry as well, with the rise of the upcoming competitors that include Cardano, Polkadot, Solano, and Tezos.

The competitors may prove to be quicker and more economical compared to Ethereum.

Morgan Stanley’s report also highlights that Ethereum poses a larger risk of investment as compared to Bitcoin.

While only a few transactions are needed to use Bitcoin, the demand of Ethereum is completely tied to its transactions. Bitcoin’s concept is similar to that of a decentralized savings account.

Also, Ethereum’s Smart Contract market is at higher risk than Bitcoin’s store-of-value market.

Other fears highlighted regarding the network included the changing regulatory status of Ethereum-based apps like Decentralized Finance (DeFi) and NFTs, which may be subject to tighter laws in the future, resulting in lower demand for Ethereum transactions.

In terms of supply holdings, only the top 100 addresses hold 39% of Ether as compared to the 10% for Bitcoin. This further puts Ethereum’s market dominance at stake.

Morgan Stanley further highlighted that with the ultimate shift to a proof-of-stake consensus method, Ethereum’s performance could greatly improve:

According to the paper, Ethereum has a considerably larger addressable market than Bitcoin and so could potentially be of a higher value than Bitcoin, which is merely the market for a store of valuable items such as savings accounts and gold.

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Finance News

Dollar Slides Up but Traded at the Lowest Point

In Asia on Wednesday morning, the dollar was riding high in the market, but it was still at its lowest level in over three weeks. With the latest U.S. employment data, which might give clues to the U.S. Federal Reserve’s asset reduction plan, expected on Friday, investors continued to keep their movements minimal.

The greenback has been on a downward trend since hitting a nine-and-a-half-month high of 93.734 on Aug. 20, as several Fed officials hinted asset reduction would not start anytime soon.

While Fed Chairman Jerome Powell stated at the Jackson Hole symposium last week that asset cutting might begin in 2021, he did not offer a specific timeline. Loretta Mester, the president of the Cleveland Federal Reserve, stated on Monday that she was not sure that recent inflation statistics met the central bank’s price stability aim.

The Conference Board (CB) consumer confidence index fell to 113.8 in June, which was the lowest in six-month, while the S&P/Case-Shiller 20 n.s.a. home price index composite rose a record 19.1 percent in June.

The AUD/USD exchange rate fell 0.01 percent to 0.7314. During the second quarter of 2021, Australia’s GDP increased 9.6% and 0.7 percent quarter on quarter. The NZD/USD exchange rate fell 0.06 percent to 0.7040.

Investors will have a close look towards the latest U.S. employment report, which includes non-farm payrolls, expected out on Friday since one of the Fed’s requirements for starting asset reduction is labor market improvement.

In a letter, National Australia Bank (OTC: NABZY), who heads the foreign exchange, Ray Attrill stated, “The dollar upswing is gone for the time being at least,” when Powell effectively distanced the argument over taper timing from any choices about higher rates.

Their Aug. 20 lows suggest “Positive price activity” connected to the dollars of Australia and New Zealand, stating “there is a creation of a base for currencies,” the note suggested.

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Finance News

Singapore Stimulus Package, SGD Experiences a Six-Month High

Singapore’s currency is leveraging the nation’s large pool of fiscal reserves. After the government revealed another stimulus package, the pandemic-driven losses were waived off as the Singapore dollar witnessed the highest level in six months. This package was financed by unused expenditures allowed in the earlier budgets.

Earlier, there was pressure on Singapore’s Monetary authority to lower the currency band for inflation management. This pressure is being eradicated with the total pandemic aid over USD73 billion, and there could be more gains to come in the near future. This fiscal buffer of Singapore differs distinctly compared to the current situation of many other developed countries, relying on increased debt and rate cuts to funding stimulus, by the central banks.

The Monetary Authority of Singapore (MAS, the central bank of Singapore) has taken an unrivaled action of lowering the midpoint of the currency band in March while reducing its slope to zero. The response of this action remained appropriate, said Edward Robinson, Deputy Managing Director of MAS.

The local dollar is strengthening beyond 1.36 in comparison with the greenback, Vishnu Varathan said. He added that the ability to utilize the surplus of previous years’ packages is a competitive advantage for the nation. Plus, his forecast regarding Singapore’s currency may be conservative as in the markets, there is a bearish impulse for USD. Varathan is the head of economics and strategy at Mizuho Bank Ltd., Singapore.

There is a projection of consumer prices falling 0.4% in July from the prices a year ago compared to a drop of 0.2% in June. On Wednesday, the industrial production numbers are expected to bring an estimated output to rebound 4.0% in July from a month earlier, still a low of 6.4% from a year earlier.

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Finance News

Crypto Tycoon Card Game Comes With New Surprises

Crypto Tycoon card game is the world’s first crypto-based card game that is released on the Litecoin platform and has already made thousands of diehard fans since its launch in March. Now Litecoin foundation brings in more surprises for the players by releasing two exclusives “When Moon” playing cars with every preorder (limited to up to the first 200 orders) of the Crypto Tycoon Card Game.

The crypto tycoon game is owned by the crypt startup firm based in Huston named Cypherpunk. The game is loaded with amazing strategies and tactics and its volatility keeps every player glued in the game from the very beginning till the last card ends. Though the game is complex, it is still meant for everyone. Once the players can unravel the strategies of the game, the game never seems boring. It exposes the players in a world full of crypto humor and trivia. The design of the card game allows the players to learn as they continue to play. There are on-card instructions to help the players understand the game. Two to five people can play the game together. There are three separate cryptocurrency portfolios in the game that the players need to complete at a go. The player who can complete all the 3 portfolios at first will be claimed as the ‘’Crypto Tycoon’’. The game lasts up to an hour or can even end in half an hour, that would depend on the luck of the draw.

The added excitement of the “When Moon” playing cards introduced by the Litecoin Foundation, makes the Crypto Tycoon game even more wannabe among the players. Each card immerses the players into aesthetic photos of the moon and takes them to the other world. Barry Aldeen, the CEO of Cypherpunk, quoted saying,

Crypto Tycoon was designed to primarily be a real fun, fast-paced, exciting and addictive game that anyone can play, whether you are into crypto or just into playing games. It was designed to make everyone feel like they are right on the cusp of winning, but that it can be ripped away at any moment by another player, or that you can rip it away from another player at any moment and claim your victory.