Bitcoin (BTC) and the Euro (EUR/USD) have been trading not just in the same direction, but in a similar manner. The above weekly charts for BTC/USD and EUR/USD show that the both topped out around January 2018 and since then have been in a correction. Bitcoin (BTC) broke the downtrend against US Dollar which later became a support as Bitcoin (BTC) bounced off it in August. The same happened with EUR/USD as the Euro broke the downtrend against US Dollar which later became a support.
With all the controversy and mistrust surrounding Tether (USDT) it’s no surprise that a multitude of new alternatives have popped up recently. The latest example is from Malta where a company seeking a local crypto license has launched a Euro-backed stablecoin, EURS.
Stasis Launches EURS
Stasis, a financial tokenization platform, has launched EURS, a new stablecoin built on Ethereum’s EIP-20 standard and claimed to be backed 1-for-1 by the Euro. The EURS has begun trading on one exchange already, London-based DSX, and the company says that the order volume is projected to reach $ 500 million by year’s end.
Bitcoin-led sportsbook Sportsbet.io has announced that it will accept euros as a deposit and wagering method in addition to its current options in order to make betting on the site easier and more accessible. The company has taken this step to further its effort to offer fun, fast and fair gaming to all, with customers now able to deposit, play, win and withdraw in euros via their own bank.
Euros is the third payment method added to Sportsbet.io, following the recent addition of SOC coin, the cryptocurrency of the All Football app. Players can also deposit with their credit or debit card using BTCXE, Sportsbet.io’s new partner’s fiat-to-Bitcoin exchange service.
June 11th, ORCA Alliance, an EU-based platform that bridges cryptocurrencies and traditional banking services, is launching its technical solution allowing instant cash outs from crypto exchanges directly to a payment account in less than 60 seconds. Converting cryptocurrency to euros in quick fashion would make a lot of liquidity problems surrounding cryptocurrency disappear.
ORCA is providing an answer to a long-standing problem annoying many in the crypto community — the lack of reliable ways to move various crypto assets and swap them back and forth to government-backed currencies. It is no secret in the crypto space that crypto-to-fiat exchange is a huge challenge.
The euro has declined more against the dollar than Bitcoin since April as Italian political turmoil riles markets.
Euro Faces Repeat Politics
Data uploaded to social media by eToro analyst Mati Greenspan shows that despite its downturn in May, Bitcoin is still 7% higher than it was April 1, while the euro has dropped 6%.
“Draw your own conclusions,” Greenspan commented.
Just for the fun of it. Here's a graph comparing Bitcoin to the Euro since the beginning of April.
Green is BTC = +7%
White is Euro = -6%
Draw your own conclusions…. pic.twitter.com/4p4UoJ0lsz
Czechs are more inclined to store value in cryptos than in euros, according to a new poll gauging attitudes toward currencies other than the koruna. When asked about their intentions to acquire foreign cash, twice as many respondents said they were interested in buying bitcoin than purchasing US dollars.
Cryptos Considered Hard Currencies
Like many other nations, which do not have the luxury of emitting a “hard” national currency, Czechs may consider investing some of their savings in foreign, “convertible”, legal tender, like the dollar or the euro. Surprisingly, a new survey shows neither of these two is the number 1 choice for investment. The study, quoted by local media, was conducted among 525 people this month.
Traditional financial institutions all over the world are still not too keen on Bitcoin or anything associated with this term. However, once you start mentioning “blockchain technology”, you will definitely have all their attention. It is this blockchain technology that will allow EU citizens to start using digital Euros for frictionless payments in 2016.
Conversion From Euro To Bitcoin Becomes Easier
Although the partnership between CleverCoin and Safe.Cash has nothing to do with Bitcoin as currency directly, this new platform will, in the end, make the conversion from Euro to Bitcoin much easier. Both consumers and merchants in the EU are looking for quicker and more efficient payment methods, rather than using card payments or paper money.
The worlds of finance and Bitcoin are much more closely related than most people think. Any major development in either area will have a major effect on the other market. Although, Greece’s recent crisis did not boost Bitcoin adoption by all that much, it was yet another indication of how the current financial ecosystem is running on fumes. Portugal’s current financial woes will only strengthen that thought and might provide Bitcoin with the long-awaited boost it really needs.