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USD/CAD Trades Around 1.405 as it Rejects 1.41 Price Area

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USD/CAD faced a clear rejection above 1.41 and is on a downtrend after attempting a rebound above 1.38 to 1.41, while currently trades around 1.40 in the global market. The intraday is exhibiting a dull trail of the pair around 1.40 in today’s trading session, i.e., on May 6, 2020. However, the pair is trading around the critical support area on the 5-hourly chart while it retains 50-day MA support losing 200-day MA support as it plummeted below 1.41.

USD/CAD Analysis

USD/CAD Analysis

The pair closed around 1.4075 and 1.4080 in yesterday’s trading session, and at the time of writing, it stabilized itself at 1.405 support, holding 1.40 as the psychological support. Moreover, the price of USD/CAD is showing a certain kind of trend as it draws 2 notable downtrends in the previous month and appears to be drawing one now. However, if the pair follows the trend, it is likely to retest support at 1.39 before the weekend. Despite a few relaxations given, the US Dollar has not yet recovered, with its total capacity managed to retain the status of standard currency.

Currently, the pair is yet to fall under utter selling pressure as the oil prices—interconnected commodity is striking the buyer’s interest as it rebounds intermittently. The MACD appears like it is losing the gains as the signal line appears crossing the MACD line.

EUR/USD Draws a Bearish Crossover Below 1.090

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EUR/USD draws a bearish candlestick below 1.09 at 1.082 and marks the lowest of the day, until the time of writing. With a bearish candlestick drawing around the lowest of the day, Euro became the prey of selling pressure and is rejecting a bullish move above 1.10, since the previous week. Moreover, the recent intraday fall failed to retain the moving average’s support due to a bearish crossover.

EUR/USD Analysis

EUR/USD Analysis

On the hourly chart, Euro is facing a complete rejection above 1.10 since the onset of the month, even after managing a steep rise above 1.0950 on the last trading day of the previous month. The pair lost imminent support from 50-day MA as the price plummeted below 1.094 on the hourly chart, and with intraday loss of momentum, the 200-day MA support went afloat around 1.0866. The technicals are confirming the bearish consolidation as the signal line crosses above the MACD line after the steep bullish candle aversion and continuous downtrend for the past 5 days.

The major support to watch out for lies at 1.080 and 1.075 against the greenback, while the immediate daily resistance stands at 1.100.

GBP/USD Experiences a Dull Day as It Extends Its Previous Week’s Fall

GBP/USD dips around the 5-day low price at 1.242 with a bearish daily enclosure over the past four days. As per the current momentum, the current trading session is going to bring no good either. The current descending channel has left Pound with no support from 50-day and 200-day MA on the half-hourly chart. The trend of the pair is already below 38.20% Fib Retracement level after the price descended below 1.246.

Technical Analysis: GBP/USD

GBP Price Chart

On the half-hourly chart, the fine uptrend in the early half of the previous week was breached due to a steep rise around the 2-week resistance at 1.264. the pair is facing a strong hit at 1.264 due to lack of steady traction, while currently remains dull in the trading session. As Pound fails to rise against the greenback due to the economic standstill with the Coronavirus outbreak, the pair is likely to have an extended fall due to a lack of steady support. This will rightly confirm the bearish consolidation around 0.00% Fib Retracement level at 1.235 price area.

The technicals are drawing a bearish picture as the US Dollar is unable to revive due to the economic setback; however, a few relaxations are likely to be helpful. The RSI of the GBP/USD is hitting at 37.46, and a further dip will lead to increased selling pressure.

TRON Users Exclusively Eligible for Monthly JUST Giveaway for Next Two and Half Years

TRON users will be the only ones to be eligible for the monthly airdrop promised for the next two and a half years by JUST Foundation. Justin Sun, CEO of Tron Foundation, posted a thread on Twitter informing about the details of the airdrop, which will begin from May 20. The first airdrop will correspond to 2.2% of the total supply.

As per a Medium post shared by TRON, JUST Foundation will airdrop 237,600,000 JST tokens over the next 12 months from the initial giveaway. It was further stated in the post,

JUST (JST) will be airdropped to all the addresses running on TRON’s blockchain that have a TRX balance greater than or equal to 100 TRX. Due to the large amount to be distributed, receiving the tokens may take up to 72H and you may want to connect with the customer support service of the exchanges & wallets supporting our airdrop program where your TRX are stored if you have any questions.

In a tweet from the thread, Justin said that JUST will airdrop 257,400,000 JST from June 2021 to May 2022, and 277,200,000 JST between June 2022 and October 2022. JUST Foundation is also the governing body of the USDJ Stablecoin, which is backed by the US Dollar.

BitPie Announces Partnership With Cred; Offers Financial Services

Bitpie, a leading multi-blockchain wallet platform has entered into a promising partnership with Cred. The partnership aims to provide financial services to its users.

The BitPie users will be able to accord their crypto assets and avail payments in the form of simple interest or have a choice to choose a daily compounded interest. The users can avail the advantage of Cred’s ultra-low minimum account requirement and further, the interest received will be paid in the form of stablecoin or cryptocurrency as per customer’s choice.

The COO of Bitpie, Wang Chao, stated, 

Bitpie has a large number of high-net-worth users, and Cred provides highly competitive products for all major crypto assets to meet their needs. We have full confidence in the prospect of this partnership.

Cred is a crypto-based lending and borrowing platform established in California. Cred has been serving customers across 190 countries. The Cred’s platform will be merged with the BitPie Wallet which will eventually offer BitPie wallet users to earn interest on crypto assets including Bitcoin and Ethereum.

On talking about the partnership the CEO and Co-Founder of Cred, Dan Schatt, stated,

We are thrilled to partner with BitPie, a highly popular cryptocurrency wallet whose wallet deposits for BTC and USDT rank among the largest in Asia.

The BitPie wallet customers who are holding assets $50,000 USD or more can plan a call with any of the one Cred’s Mandarin or English Speaking private client associate who will assist them in developing custom programs.

BCH is Now Available on Crypto.com Soft Staking

Crypto.com recently made a declaration that they have added Bitcoin Cash (BCH) to Crypto.com Soft Staking, which will enable Crypto.com Exchange users to enjoy 0.75% p.a. on BCH deposited on the Exchange.

By adding BCH, Crypto.com Soft Staking now supports 14 cryptocurrencies that include, EOS, XLM, ATOM, MCO, CRO, LINK, XTZ, and BCH. 

Crypto.com Soft Staking offers rewards on flexible terms and there is no commitment period necessary. The interest is paid regularly in the respective cryptocurrency. Along with this, the funds that are placed as pending orders and CRO will be used to make a subscription for the events on the Syndicate are included.

The maximum balance to which the interest is applied is calculated on the basis of CRO staking levels of the users:

  CRO staking

To earn rewards the users need to login to the Crypto.com Exchange and click on the “Stake and Earn” tab. The users then have to go to the Soft Staking menu, where they will be able to activate interest on payments. 

Crypto.com was established in 2016 with the primary aim to provide the users with the facility to control their money, data and identity. They have 1 million users as of now, the platform provides a strong alternative to traditional financial services. Turning it into crypto wallets for one customer at a time. The Crypto.com is built with a primary aim to enhance customer security and privacy. Crypto.com is the only company in the world to have CCSS Level 3, ISO27001:2013 and PCI: DSS 3.2.1, Level 1 compliance.

Moonstake Partners with Ontology to Push Staking Growth

Moonstake Pte Ltd. is collaborating with Ontology, which is a high-performance public blockchain and distributed collaboration platform headquartered in Singapore. 

Moonstake primarily aims to develop a staking pool protocol to fulfill the increasing demands in the regional and global blockchain markets. Moonstake develops a staking pool protocol and delivers business services via partners and companies. Staking is preferred to promote blockchain technology and work for decentralization. 

The Chief Strategic Officer of Moonstake, Chia Hock Lai, stated, 

Moonstake will start staking Ontology’s “ONT” coin inside its staking pool. Through this partnership, we will collaborate with Ontology in the technology infrastructure and public relations.

He further said that Binarystar, who has already partnered with Moonstake, will also be providing marketing support for this partnership and both the companies by organizing events and providing local community development. 

Moonstake aims to work with Ontology to prepare activities to work with the Asian investor community to encourage the community to direct staking activity and accelerate industry adoption of Proof of Stake.

The Co-Founder of Ontology stated, 

As Japan is one of the important countries for Ontology, we’ve set our local office here with the support of Binarystar — Japan’s biggest Blockchain Business Hub in Tokyo. It also formed a strategic partnership with GUMI to build the decentralized blockchain network from a combination of industry-specific modules, in addition to identity authentication, data exchange, and sharing. We believe with the collaboration of Moonstake, we will attract more local stakers to delegate their “ONT” to Moonstake platform and create a more prosperous ecosystem together.

On the lines of the partnership deal, the CEO of Binarystar Junya Yamamoto stated that the company is excited about this partnership where the skills and resources of the company are combined together to inculcate cooperation that would apparently now have been possible in the staking space. Binarystar offers advantages such as technical infrastructure expertise, geographic markets, marketing know-how and a pool of potential clients.

Binance Lending Includes TRX and LTC as New Supported Assets

Binance Lending has announced the news about the entry of two new members to the list of supported assets on Flexible Deposits, i.e., Tron Foundation’s native token TRX and one of the most sorted virtual currencies, Litecoin (LTC). The news was announced in the Binance user community through an official post on Binance’s registered social media handle. It read:

The news was also confirmed by Justin Sun, the CEO of the Tron network. His post was a reflection of the team’s happiness on being added to the prestigious Binance community.

As per the official announcement, the latest edition of the two virtual currencies, TRX and LTC, as the supported assets on the flexible deposits arm, will enrich the Binance customers holding idle digital assets as a value-added service. The details about the new supported assets are given below in the table. Have a look:

Supported Asset Individual Max Limit
TRX 500,000,000 TRX
LTC 200,000 LTC

In its blog post, Binance Lending has conveyed that the platform shall adjust the interest rates and will precise the maximum individual limits on the flexible deposits in accordance with the market and risk factors concerning thereupon. The amounts attached to Binance Lending solutions shall not be opened to receive their corresponding staking rewards.

Lending serves as a financial product offered by Binance to its users through which they can lend and earn interest profits. The exchange users are allowed to lend their spare/idle crypto assets to Binance Margin and earn lucrative interests. Flexible Deposits work as a crypto savings account. The users need to subscribe to their assets to earn interest with a facility to redeem funds at any time of their choice. They get a chance to enjoy daily interest benefits and real-time funds credit.

BitTorrent Products’ Usage Scales a New High in Q1

In big achievement for BitTorrent, the usage of its products has scaled a new high. Additionally, the products of BitTorrent have also accomplished several landmarks as far as mass adoption is considered for Quarter 1 in 2020. Among the various achievements, BitTorrent products’ 30 percent usage rise is counted among the most noticeable jumps of the Tron Foundation family.

According to reports, BitTorrent or BTT usage recorded a surge of 6 million just in the last month, which is 30 percent higher from the earlier month. According to estimates, BitTorrent’s DAU is expected to be at 30 million in April. Window customers emerged as one of the most popular among all the BitTorrent implementations since the on-boarded 2.1 million users last month.

It is worth mentioning that DLive managed to distribute streaming platform that has showcased most stunning rise. Daily and total number of users doubled alike in the specified period, and these figures are likely to go higher in Quarter 2.

DLive offers chat, music, and live streaming covering games, among other types of daily life-related content. Now the platform seeks to emphasize video game streaming, and a large number of its users speak the English language.

DLive is scheduled to leverage BTFS to accomplish complete decentralization for the entire content available at its platform. BTFS is a distributed file sharing and storage system under BitTorrent.

Reports state DLive will enter into an alliance with BitTorrent to announce a blockchain-based live streaming and P2P content sharing applications for all the users.

BitTorrent Speed was launched by Tron in 2019 and has already gained massive popularity. Ever since TRON has acquired BitTorrent, it has introduced several products, namely BTFS, BitTorrent Speed, BLive, and Dlive.

TRON continues to ship BTFS Daemons to BT Windows and BT classic clients since 2019. Presently, all BT classic new installs are associated with BTFS that led to more than 68000 new opt-in users from TRON and more than 3500 active nodes.

It is expected that the coming days will be full of accomplishments for BitTorrent.

Metal Pay Adds Support to Binance USD (BUSD) on Its Marketplace

San Francisco-based leading crypto-focused payment settlement network, Metal Pay, has announced the news about the addition of one of the world’s most trusted stablecoin, Binance USD (BUSD), in its innovative marketspace. The popular stablecoin shines as a highly regulated, secured, transparent, and a popular digital currency pegged by the native currency of the United States. The strategically important news was circulated in the crypto domain through a tweet by the team of Metal Pay on their official Twitter handle. The post read:

According to the official announcement, Metal Pay has allowed the purchase and sale of BUSD stablecoin for both, the Android users as well as the iOS users. A stablecoin is a currency that is pegged or supported by the value of a relatively stable fiat currency quite often by the US Dollar owing to its skyrocketing market value. As these coins do not have fluctuating values, they counter the prominent stability issue of cryptocurrencies and are considered to be a safe and secure investment. Stablecoins work in pairs, which speeds up the transactions in a significant manner.

Metal Pay has integrated BUSD into its marketplace to enrich its customers with a golden opportunity to move funds between Metal Pay and Binance speedily and in a robust mechanism. The investors are free to move funds on other exchanges and then return back to Metal Pay when trading is completed successfully.

Taking pride as a well-known payment interface platform, Metal Pay aids investors in sending money in cash or crypto to their friends and family members instantly via their phone numbers registered on the platform. The platform bestows its users with cryptocurrency rewards known as Pop for each eligible transaction processed on the network. On sending or receiving an eligible cash transaction, the users receive cryptocurrency rewards for up to 5% of the transaction value. This lucrative feature has made Metal Pay evolve as a popular payment settlement mechanism for a wide customer base across different parts of the world.