🗞 Daily Crypto News, April, 12th💰

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Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!

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🗞 BTC December futures reach $73,500 — Is everyone flipping ultra bullish?

Bitcoin (BTC) has been struggling to break the $60,000 resistance for almost a month. But despite the impasse, BTC futures markets have never been so bullish. While regular spot exchanges are trading near $59,600, the BTC contracts maturing in June are trading above $65,000.

Futures contracts tend to trade at a premium, mainly on neutral-to-bullish markets, and this happens on every asset, including commodities, equities, indexes, and currencies. However, a 50% annualized premium (basis) for contracts expiring in three months is highly uncommon.

Unlike the perpetual contract — or inverse swap, these fixed-calendar futures do not have a funding rate. Thus, their price will vastly differ from regular spot exchanges. Fixed-calendar futures eliminates eventual funding rates' spikes from the buyers' perspective, which can reach up to 43% per month.

On the other hand, the seller benefits from a predictable premium, usually locking longer-term arbitrage strategies. By simultaneously buying the spot (regular) BTC and selling the futures contracts, one gains a zero-risk exposure with a predetermined gain. Thus, the futures contracts seller demands higher profits (premium) whenever markets lean bullish.

🗞 Nigerian Fintechs Cut Off From Government Verification Service

  • The Nigerian government suspended fintech companies from an identity verification system.
  • Analysts told Decrypt it’s likely related to the government’s desire to streamline identity verification.
  • But without a functioning alternative, fintechs can no longer take on new customers. That’s an additional hurdle for crypto companies.

Nigerian fintech companies were on Friday suddenly cut off from a government service they need to perform mandatory identity checks on their customers.

While they wait for the government to install a revamped identity system, fintech companies can’t legally onboard new customers or must switch to services that don’t require identity checks, such as peer-to-peer services, analysts told Decrypt.

🗞 Bitcoin Is More ‘Public’ Money than Central Bank-Issued Fiat Currencies

  • Fiat currency management is decided by governments, with the public having little influence over policy.
  • Anybody can theoretically contribute to the code of a cryptocurrency and have a say in critical decisions on its development roadmap.

If you’ve read a research or policy paper from a government or central bank in recent years, you may have noticed an interesting distinction such institutions tend to make when it comes to money. They like to refer to national fiat currencies as ‘public money’ and cryptocurrencies — as well as other virtual currencies — as ‘private money,’ implying that one somehow ‘belongs’ to the public while the other is strictly the reserve of private individuals.

What is ‘public’ money?

It’s not hard to find examples of central banks using the terms ‘public money’ and ‘private money.’ In a speech delivered in June by the Bank of England’s Christina Segal-Knowles, references are made to both, with money issued by a central bank being ‘public’ and pretty much everything else (including money issued by commercial banks) being ‘private.’

Likewise, the International Monetary Fund made a similar distinction in a blog published in February, in which it also happened to describe public money as “perfectly safe.”

🗞 Biden Administration Concerned Over Long-Term Effects of Digital Yuan

President Joe Biden’s administration is reportedly troubled by the long-term effects a digital yuan may have on the dollar’s status as the world’s reserve currency.

According to a Sunday report by Bloomberg citing unnamed sources, officials at multiple government departments are increasing efforts to better understand possible threats posed by China’s initiative.

Officials at the U.S. Treasury, State Department, Pentagon and National Security Council are reportedly unfazed by the short-term impacts a digital yuan, or China’s digital currency electronic payment (DCEP) system, may have on the dollar.

Challenges to the U.S. global reserve currency status over the long-term, however, are a major concern. Officials have begun ramping up their efforts to understand how the digital yuan will be distributed and whether it works around trade sanctions, according to the report.

🗞 Daily Crypto Calendar, April, 12th💰

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  • Coreto (COR)

"Coreto Disrupts the Crypto Space by Launching the Alpha Version of the Platform on 12th of April."

  • Marginswap (MFI)

"Cross margin trading for assets on Uniswap and Sushiswap. Trade and farm MFI ETH BTC BOND and more with up to 5x leverage."

  • Minter (BIP)

Cross-chain DeFi marketplace for digital assets. Fees fixed at $0.03; txs final in 5 sec.; on-chain order book, Ethereum, & BSC integrated.

  • Aave (AAVE), Balancer (BAL), Basic Attention Token (BAT), Crypto.com Coin (CRO), General Event (CRYPTO), Hedera Hashgraph (HBAR), NEM (XEM), Ocean Protocol (OCEAN), Polkadot (DOT), Polymath Network (POLY), Stellar (XLM), Streamr DATAcoin (DATA), Symbol (XYM), Tezos (XTZ)

"Welcome to the most influential Blockchain event in Europe Online | 12-16 April 2021"

  • Seedify.fund (SFUND)

"DigiFinex Will List and Open Trading on Apr 12 2021 at 11:00! Trade to share 35,000 SFUND! Trading pair: SFUND/USDT."

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