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Dharma opens cryptocurrency lending to public as cryptocurrency adoption gets a boost

Biraajmaan Tamuly

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Cryptocurrency Adoption achieves huge validation as Dharma opens cryptocurrency lending to public
Source: Pixabay

The mass adoption of cryptocurrencies is crucial to the mainstream acceptance of the digital asset sphere. With regulations and institutional limitations, validation has been difficult to achieve on a wide scale.

However, Dharma is on its way to change that. Dharma, a company which offers users the option to lend and borrow cryptocurrencies, announced that it is now open to public.

Source: Twitter

This development is a move towards improving accessibility, allowing users to acquire cryptocurrencies without the requirement of bank accounts or credit cards. Further, interest rates would be globally accessible to everyone.

The announcement is a huge boost for the crypto community as people will now face fewer complications when trying to acquire virtual assets.

At the launch, Dharma also announced that users would be able to borrow ETH and DAI at affordable rates in the market.

Nadav Hollander, Dharma CEO, explained that the company had worked hard towards improved user experience.

He stated,

“There are a handful ways to earn interest on your crypto in a non-custodial manner, pretty much all of those require a high degree of technical knowledge.”

According to Hollander, Dharma had already facilitated loans and reached over 2,500 users; data which had been derived from a third-party explorer, Dharmalytics. In principle, a capital of $1.16 million had been borrowed so far across 1,575 loans.



Brendan Forster, Co-founder, and COO of Dharma said,

“We see the broader shift to blockchain-based financial services as the beginning of a much more efficient, programmable, and equitable financial system.”

The firm is currently backed by Green Visor, Coinbase Ventures and Polychain among others.





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

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Bitcoin

Bitcoin [BTC] surges above $5,500 and breaks major resistance level; collective market rises

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Bitcoin [BTC] surges above $5,500 breaking major resistance level; collective market surges
Source: Pixabay

Bitcoin [BTC] broke out of its sideways trend that saw coins fall after a brilliant start to April. This “break-out” is especially significant since it came days after the coin was trading sluggishly, pulling the market cap below $175 billion.

After breaking the $5,200 level on April 16, the coin held steady, showing no noticeable dips. However, it also began losing the momentum it had gained when it rose by 15 percent on April 2. Many saw the past week as Bitcoin losing steam, opining that a drop to as low as $4,000 would manifest. This pessimism coupled with the delisting dilemma saw the global market decline by 3.31 percent over the past weekend.

Given this backdrop, the present Bitcoin price incline was even more bullish for the collective market. Further, this was not just an effort to shrug off “sideways bears,” but instead, two key levels were broken in order to usher a collective market rise and sustain BTC bullishness.

Source: Trading View

RESISTANCE

The first, as indicated by eToro’s senior market analyst Mati Greenspan, was the resistance level of $5,350. When Bitcoin began to consolidate following the early April high, Greenspan stated that if the BTC price were to punch above the aforementioned level, it “would likely serve as confirmation that we’re pushing higher and will lead to further buying pressure.”

Greenspan stated that the $5,350 level acted as a major support level throughout 2018. Hence, it is incredibly important that Bitcoin surge above it in the next rise to consolidate buying pressure. Another important point to signal the coming of a bullish market was the 200-day moving average which Bitcoin has stayed above since the April 2 rally.

PSYCHOLOGY

The other significant level for the collective market is Bitcoin’s ascendance over $5,500, which it managed courtesy of this rally. Many, including Greenspan, pegged $5,000 as a key psychological level for the coin and hence, the rise above $5,500 less than three weeks after $5,000 was broken will bring back optimism to the BTC market.



Further, as was seen in the April 2 rise, the Bitcoin pump resulted in the king coin increasing its market dominance. At the close of March, Bitcoin was edging closer to losing the majority. However, the rally saw its share increase to 52.4 percent within a day. Following this recent 4.61 percent increase against the US Dollar, the king coin’s dominance increased to 53.2 percent.

Given the elasticity of the collective market to changes in Bitcoin’s price, the market was awash in green as Bitcoin broke the resistance and psychological levels. Amid this bullish charge, some coins stood out for their above-average gains, which included Bitcoin Cash [BCH], Cardano [ADA], EOS [EOS], Litecoin [LTC], and the exchange-ousted Bitcoin SV [BSV].





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