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Stably and DigitalBits Blockchain Partners to Enhance Stablecoin Adoption

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The mission of the Stably Blockchain network involves bridging the gap between real-world assets and emerging digital products. 

Seattle-based FinTech startup Stably is partnering with the XDB Foundation, the non-profit organization focused on assisting DigitalBits and related technologies, to bring stablecoin access to the DigitalBits blockchain. In a press release shared with Coinspeaker, the partnership between the XDB Foundation and Stably will see the latter firm, together with its Prime Trust partner add its USDS Stablecoin to the former’s blockchain ecosystem.

In addition to the USDS addition, the Stablecoin as a Service offering from Stably will benefit clients already utilizing applications on the DigitalBits blockchain. With the service, brands, and enterprises to quickly and easily launch secure, compliant stable assets on-chain with the foremost in blockchain technology.

Reacting to the partnership, Michael Gord, Managing Director, XDB Foundation said:

“I am thrilled to see Stably onboard and make a significant contribution to the DigitalBits ecosystem with the integration of their stablecoin platform. It’s very exciting to work with a company that shares our vision for branded stablecoins, and sees the benefits that these assets can bring to brands and users alike. Together, Stably and the XDB Foundation are focused on driving development, use-cases, and ultimately widespread adoption for branded stablecoins.”

With the USDS token built atop the Ethereum network as an ERC-20 token standard while also tapping the BEP-2 standard for Binance Chain, the XDB Foundation noted that the partnership will help users with other fiat pegged branded currencies across the DigitalBits network can transact the USDS token across a wide range of platforms.

Through the creation of a branded token pegged to a real-world asset, expectations mounts for the Stably offering to help organizations in reducing cost implications attached to financial transactions. Other benefits DigitalBits Blockchain clients will benefit from the Stably partnership include the generation of interest on reserve assets, as well as enhancing marketing and customer loyalty.

Stably Blockchain to Bridge the Gap between Virtual and Real-World Assets

The mission of the Stably Blockchain network is simple and ambitious and involves bridging the gap between real-world assets and emerging digital products. 

“We are excited to be joining the DigitalBits ecosystem,” said Kory Hoang, Co-founder, and CEO, Stably. “Stably’s mission is to bridge wealth from the real world to digital worlds, be it blockchains, virtual realities, or video games. We look forward to tokenizing various asset classes including fiat currencies, commodities, and even collectibles on the DigitalBits network to enable faster, cheaper, and borderless transactions globally.”

The integration with the XDB Foundation’s DigitalBits blockchain will serve as a vital means to advance its course. If Stably is successful in its mission to make financial transactions faster on the DigitalBits Blockchain cheaper and more transparent through a borderless digital money platform powered by open-banking and blockchain technologies, it’s potential to land more clients and show them the unique capabilities of stablecoins will be further enhanced.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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Whales Movement of BTC to Exchanges May Be Reason for It

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Bitcoin was nearly hitting a new all-time high earlier this week after it rose $19,469 for the first time since December 2017. However, today, it lost around 11% of its value.

Analysts’ expectations come true as BTC fails to overcome the $20,000 all-time highs. After Bitcoin price rose to a high of $19,580, it experienced a sudden drop to $17,250.

According to Cointelegraph Markets and TradingView data on Wednesday, BTC/USD experienced major volatility overnight, causing it to lose nearly $2,000 in just a matter of few hours. During the day’s trading, BTC hit highs of $19,500, but bearish indecision in the after-hours led to a sharp sell-off making it to fall to around $17,000. It later bounced to $17,250 to cap its daily losses. At the time of writing, BTC is trading at $17,057, which means that it has lost 11.23% in 24 hours.

Trader Tone Vays and CNBC host Brian Kelly are some of the analysts who had earlier warned that it was a pullback that led to the recent gains. According to their Thursday forecast, BTC might even dip to as low as $14,000. Popular Crypto Fear and Greed Index, amongst other several metrics, also joined the criticism suggesting that the popular crypto coin, which has enjoyed record-high levels throughout November, would soon experience a correction.

Bitcoin Price Drop Happened Due to Exchange Selling Pressure

Large-volume investors’ deposits of BTC to exchanges is thought to be the reason for the sudden price drop. Whales were trying to take profit near Bitcoin’s $20,000 all-time highs. They are known to buy or sell digital assets in high volumes.

On-chain analytics resource CryptoQuant, creator Ki-Young Ju, explained the scenario to various Twitter followers.

As per some analysts, a 7.3% uptick in mining difficulty expected in three days’ time and a continuously growing hash rate would make the market to be more bullish. At the time of writing, BTC was hovering around the $16,800-17,300 region.

Factors Preventing BTC from Crossing $20K Hurdle

BTC was nearly hitting a new all-time high earlier this week after it rose $19,469 for the first time since December 2017. However, even after attaining such a peak, a couple of significant factors prevented it from surpassing its record high.

First, a possible bull trap scenario was looming. ‘Bitcoin Jack’ – known for coming up with the phrase ‘Bitcoin bottom in March’ – coined the term ‘potential bull trap scenario’ to describe a point wherein long holders or late buyers become trapped owing to a digital asset price drop. Bitcoin Jack’s projected a price trend where a potential pullback would occur in the event that Bitcoin rejects the $19,200 to $19,300 area.

Second, Bitcoin would enter price discovery mode when it crosses $20,000, thereby searching for a new ceiling since there is a lack of evidence or historical data beyond that point. Many analysts and industry have predicted that BTC would, thereafter, settle anywhere between the $25,000 to $100,000 price range if that were to occur. Therefore, sellers are aggressively defending their interests by making BTC not to go past $20,000.

Thirdly, extremely high funding rates compel sellers to trade below $20,000. Bitcoin perpetual swap contract funding rates have been ranging from 0.05% to 0.1% across various major cryptocurrency exchanges. Meaning, a large part of short-sellers positions as fees is catered for by long contract holders or buyers. With the highly positive funding rates, short-sellers are compelled to hold the market below the $20,000 region aggressively.

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OKEx Resumes Withdrawal Services After 5 Weeks of Suspension

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Five weeks ago, OKEx suspended all account withdrawals after one of the key holders was detained by the police to assist in the investigation.

After holding customers’ funds for over a month, Malta-based cryptocurrency exchange OKEx has resumed normal services at 8.00 (UTC) on November 26. However, despite all the promised user loyalty reward campaigns, nothing stopped its customers from mass migrating to reliable exchanges.

OKEx Case and Suspension of Withdrawal Service

Five weeks ago, OKEx suspended all account withdrawals after one of the key holders was detained by the police to assist in the investigation. The prior unknown key holder has been identified as the founder of OKCoin and CEO of OK Group Mingxing “Star” Xu.

Prior to Thursday’s resumption of trading services, the exchange tested its withdrawal services on Wednesday, 0.02 BTC was moved out from an OKEx wallet.

The huge relief to OKEx customers has prompted them to undertake precautionary measures to keep their funds safe. Apparently, a huge portion of Bitcoins stored in the OKEx wallet have been observed to have been moved to other exchanges including Binance. According to on-chain analyst, Mason Jang, 54 OKEx accounts have withdrawn their funds and 2,822 BTC have been recorded on the outflows. Whereby 446 BTC have been moved to Binance.

Further analysis by CryptoQuant reveals that outflow recorded is the year-high in the block time frame. OKEx had a bitcoin reserve of 101,686 but has dropped to 98,821 BTC.

In addition to bitcoin withdrawal, Whale Alert spotted a transfer of 198,467 OKB worth approximately 1,033,580 from OKEx to FXT.

As news of withdrawal resumption spread amongst the crypto community, more withdrawals are expected to continue.

Notable Market Effect

The resumption of services at OKEx has coincided with increased crypto volatility that has seen Bitcoin drop a significant portion in a single day. Notably, the global crypto market cap has dropped by approximately 11.8% in the past 24 hours to around $515 billion.

Almost all digital assets have dropped with a double-digit figure in the last 24 hours, indicating increased activity in the whole ecosystem.

According to the metrics provided by CoinGecko, Bitcoin has dropped by approximately 10% in the past 24 hours. ETH, XRP, BCH and LTC have all dropped by 12.7%, 21.4%, 18.4% and 15.1% respectively.

However, at the time of writing the shedding had been somehow contained with most of them up by approximately 3%.

Bitcoin is trading around $17,339.10, Ethereum at $522.2, XRP at $0.543099, Bitcoin Cash at $279.38 and Litecoin at $75.27.

Although a huge relief to OKEx customers, it is a major lesson to all cryptocurrency investors that if you do not control and protect the private keys, then your assets are at risk of being stolen anytime.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



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BTC Will Not Correct Forever

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On Thursday, November 26th, the BTC is correcting after its rally reached a peak this week. It is generally trading at 16,733 USD with a high of 19,490 USD.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

  • Tech analysis of BTC/USD.
  • MicroStrategy earned 350 million USD on the BTC.
  • WSJ made a publication with the BTC on the front page.

On W1, the BTC is correcting from 100.0% Fibo. The aim of the pullback is currently 13,207 USD. The MACD histogram remains positive, providing another signal for the price growth. The signal lines of the indicator are forming a Black Cross, increasing the chances for the ascending dynamics. The Stochastic is heading for the overbought area, suggesting a major correction in the nearest future. Judging by all the factors, the crypto asset is likely to correct and go on with the growth then.

Photo: RoboForex / TradingView

On D1, the tech picture is almost identical to that on W1: the pair keeps correcting. The aim of the decline is the support line of the ascending channel. The MACD histogram is above zero, which promises further growth. The signal lines of the indicator keep growing upon forming a Black Cross, supporting the growth. The indications that the two charts look similar: a correction before the development of the uptrend looks preferable. The aim of the growth after the correction is 19,415 USD.

Photo: RoboForex / TradingView

On H4, the perspectives of further growth after a correction are also bright. The Stochastic remains in the overbought area, supporting a correction before further growth. The aim of the pullback might be on the support line of 16,200 USD. The aim of the growth after the correction is the same as on the longer timeframes – 19,415 USD.

Photo: RoboForex / TradingView

In August-September, MicroStrategy invested 425 million USD in the BTC, and by this week, the investment has increased by 305 million USD. The company guessed it well with the investment: its own net profit of the last 3.5 years amounted to just 78 million USD.

Not only MicroStrategy made a profit on the crypto rally. At the beginning of October, Square bought 4,709 BTC, and by now, the investment has grown from 50 million to 90 million USD.

Clearly, the whole issue could have turned out the other way round, but this time risky investors are fortunate.

The BTC is the hero of the week (the last eight weeks, to be precise), but it is now that its growth attracted maximum attention. On November 23rd, the Wall Street Journal published an article about the leading cryptocurrency on the front page. In the article, it is noted that this year the BTC has found billions of fans and has got noted by institutional investors, which makes its rally so stable.

Neither can we disregard the turmoil going on in the world of fiat money, which pushed investors to find alternatives. This also supports the crypto market.

For this article, we’ve used BTCUSD charts by TradingView.

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Disclaimer: Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

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Kseniia Klichova
Author: Dmitriy Gurkovskiy

Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.



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