MicroStrategy CEO Michael Saylor Calls China’s Crypto Crackdown A “Trillion-Dollar” Mistake

IN BRIEF

• As per Saylor China’s biggest mistake is abandoning an industry that was growing 100% year-over-year.
• Saylor justifies his aggressive Bitcoin purchases saying he’s in it for 10 years.

MicroStrategy CEO Michael Saylor has been aggressively purchasing Bitcoin over the last two months of correction. Earlier this week, the cloud computing company purchased an additional 13,000 bitcoins taking its total BTC holdings to over 100K.

Saylor who sees a big opportunity in the future for Bitcoin told Bloomberg that China’s crackdown on cryptocurrencies could prove to be a “trillion-dollar-mistake”. In an interview with Bloomberg, Saylor said:

“The primary dynamic (driving the market) is the China exodus. There’s a forced and there’s a rushed exodus of capital and mining from China that was a bit of a surprise. china had 50% market share of Bitcoin and they were generating 10 billion dollars a year growing at 100% year-over-year. I think that given the growth rate of Bitcoin this will prove to be a trillion dollar mistake”.

Saylor adds that the Chinese crackdown has brought a windfall of Bitcoin miners in North America. Referring to the recent aggressive purchases by MicroStrategy over the last few weeks, the Bloomberg executive asked what if this is not a dip and how much has the company considered the possibility of a prolonged slide.

Saylor responded that the purchases account for more than a 10-year time frame. He also talks compares it to the smartphone revolution over the last decade. Saylor added:

“Bitcoin is the dematerialization of property. We are sucking the value out of gold, real estate, and other property assets, and collectibles and art, we are putting them on a blockchain and we’re giving out to the people. It’s a long term trend, its a million times more efficient than holding your property around on your back”.

Saylor also believes that new regulators in the Biden administration are more progressive and enlightened on Bitcoin.

Chinese Crypto Miners’ Exodus

Following the massive crackdown by Chinese regulators countrywide, there’s a massive exodus of miners from China to North America and parts of Europe. With several miners unplugging their mining rigs, the BTC hashrate has collapsed more than 40% over the last month.

North American places like the U.S. Texas and Miami city are proving to be hot destinations for miners to set up base. Miami Mayor Francis Suarez is working on setting up facilities to set up excess nuclear power clean energy solutions for crypto miners.

Besides, those miners who have completely shut down their operations and now selling their mining rigs at a large discount. This has seriously hurt the businesses of mining manufacturers. As a result, Bitmain Technologies recently announced suspending the global sales of its Antminers.

Source:Coingape.com

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Nigerian secondary school will accept crypto payments despite regulatory uncertainty

"We believe one day digital money will gain more acceptance than paper money,” said school director Sabi’u Musa Haruna.

A private secondary school based near the Nigerian city of Kano has announced it will be accepting payments for school fees in cryptocurrency amid the country’s central bank banning financial institutions providing services to crypto exchanges.

According to a Thursday report from local news outlet Kano Focus, the director of the New Oxford Science Academy in the Kano suburb of Chiranchi will allow students to pay for tuition fees in crypto. Sabi’u Musa Haruna, who started working at the school in 2017, urged the Nigerian government to embrace and regulate cryptocurrency, but seemed to imply he would not wait with this latest move.

“We’ve decided to accept cryptocurrency as school fees, because the world today is tilting towards the system,” said Haruna. “We believe one day digital money will gain more acceptance than paper money.”

Haruna cited the examples of countries like El Salvador and Tanzania expanding payment options for crypto users. The Latin American nation of El Salvador will begin to accept Bitcoin (BTC) as legal tender across the country starting Sept. 7 following the passage of a pro-crypto bill. Across the globe, Tanzania’s central bank announced on Friday it had begun working on directives from the government that could eventually overturn the country’s ban on crypto.

The school director did not explicitly say which tokens would be accepted for payment. However, public interest around Bitcoin in Nigeria has often been stronger than in other countries. According to data from Google Trends, the African country ranks first among searches for BTC, with Austria, Turkey and Switzerland in a close race for second.

Related: Scottish music school accepts cryptocurrency as payment for lessons

In February, the Central Bank of Nigeria announced in a circular that it had banned regulated financial institutions in the country from providing services to crypto exchanges. Though the policy warned of "severe regulatory sanctions" for any bank that failed to close accounts belonging to exchanges, governor Godwin Emefiele clarified in March that the ban was intended to “prohibit transactions on cryptocurrencies in the banking sector” rather than discourage individuals from dealing in digital assets.

Many lawmakers and people connected to Nigeria’s central bank have been pushing pro-crypto messages in the months following the ban. Emefiele said in May that “digital currency will come to life even in Nigeria,” while the central bank later announced plans to launch a CBDC by 2022.

Source:Cointelegraph.com

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Bitcoin has a good chance of becoming the world reserve currency, although we are  “at least ten years away from that”, said Kraken's head of growth Dan Held in an exclusive interview with Cointelegraph. 

According to Held, the transition to an "hyperbitcoinization" —  a world where Bitcoin is adopted by billions users — starts with retail users, then institutional investors, and finally governments getting involved.

The permissionless nature of Bitcoin is the fundamental property that is leading to this transition. “It’s true, free money. It’s money that no one can control other than you.”, he points out.

He says that in developing countries, Bitcoin is mainly valuable for avoiding censorship — while in the western world, Bitcoin is attractive as a hedge against central banks' money printing. 

Check out the full interview on our YouTube channel and don’t forget to subscribe!

SOURCE:COIN TELEGRAPH

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El Salvador President Nayib Bukele has announced a bitcoin giveaway to promote the cryptocurrency’s use as legal tender in the economy and to give people an incentive to use the government’s official wallet application.

$30 in Free Bitcoin

The president of El Salvador, Nayib Bukele, addressed many topics regarding his country’s new bitcoin law Thursday night. During his speech, he unveiled the Salvadoran government’s wallet app and a signup bonus of $30 in bitcoin.

“The wallet of the government of El Salvador is called Chivo,” Bukele explained, adding that users must register with their phone number and national ID known as the DUI.

Accounts are then verified by either facial recognition or through the call center. “Facial recognition or verification by call center will only be done when creating the account. We do it this way to give security to the population,” the president explained.

Bukele further revealed:

It will be within the Chivo app where we will deposit the equivalent $30 in bitcoin to promote its use in the economy and to give people an incentive to use the application.

With the $30 incentive in bitcoin, he said, “We want the population to make use of this system and bitcoin as legal tender” to boost the economy and “help the economic growth of the country.”

To obtain a DUI (Documento Único de Identidad), which is needed for account verification, one must be at least 18 years old. This means out of El Salvador’s total population of 6.5 million based on Woldometer’s data, only adults ages 18 and older qualify to receive the $30 BTC freebie.

The Salvadoran president further detailed that the Chivo app will allow users to convert funds between dollars to bitcoin, make payments, and send money using a QR code. In addition, he said app users can buy BTC “securely, instantly and without charging fees.”

He emphasized that using, receiving, and investing in bitcoin in El Salvador is optional, noting that the $30 BTC bonus will be the only time recipients must accept the cryptocurrency. For spending, users can choose to use either bitcoin or dollars if they have both currencies in their wallets.

El Salvador’s bitcoin law will enter into force on Sept. 7, Bukele noted. “We will guarantee that all cash transactions will remain in dollars,” he clarified.

SOURCE:BITCOIN NEWS

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Japan’s Financial Services Agency (FSA) issued a warning to crypto exchange Binance, indicating that the exchange was operating in the country without registering with the regulator. The validity of the notice has been confirmed by a source close to the matter.

In 2017, the FSA began a registration process in Japan that required crypto companies to file with the regulator in order to continue operating.

The move was a reaction to a number of hacks and incidences of ill-equipped teams managing crypto businesses, specifically exchanges. The fall of Mt.Gox in 2014 is perhaps the most memorable, but another report revealed that over $500 million was lost to hacks in the first half of 2018. 

Today’s warning is Binance’s second from the FSA. The first was issued in 2018, after which the exchange moved its operations to Malta (before again moving to the Cayman Islands). 

It now appears that users located in Japan are still able to access the site and make trades. Binance has not yet responded to inquiries from Decrypt on the matter. 

Changpeng “CZ” Zhao, the company’s CEO, told Decrypt that Binance does not have a formal headquarters during this year’s Ethereal Summit.

Binance’s brushes with regulators

The cryptocurrency exchange is the largest trading platform in the industry by volume. This title hasn’t come easy, however. Binance has often been the center of several regulatory duals around the world. 

In 2020, the Malaysian government issued a similar warning to that of Japanese regulators, stating that the exchange was operating illegally. In the United States, the stakes have been much higher. Reports from earlier this year indicated that the Commodity Trading Futures Commission (CFTC) was investigating Binance for allowing U.S. citizens to trade derivatives without registering with the CFTC. 

Binance has been hard at work to ease its regulatory complications too. In April, the company hired the former acting Comptroller of the Currency (OCC), Brian Books to lead Binance.US, the exchange’s U.S.-based entity. 

Whether the latest warning from the FSA will halt Binance’s operations remains to be seen. But given the platform’s history, this notice will likely have little effect.

SOURCE:DECRYPT

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The President of El Salvador, Nayib Bukele, has announced Chivo, the country’s official Bitcoin wallet, which will allow Salvadorians to hold both BTC and USD balances as a mobile app. The government will also give a $30 bonus in bitcoin for those who download and register for Chivo after it launches in September.

El Salvador will give this bitcoin bonus for two reasons, according to the announcement.

“First, to promote the use of bitcoin in the economy,” Bukele said. “Second, so that the people have an incentive to use the application and download it, and in this way start the system … so that you can go to a local store and everyone will have bitcoin, because everyone will have the same incentive to have downloaded the app.”

The $30 bonus will be given in bitcoin, based on the market value of the BTC/USD pair at the time of registration. Furthermore, users will be able to hold both USD and BTC balances in Chivo and convert funds between the two balances at any time. Chivo will display the amount held in each balance in both USD and BTC terms.

Additionally, the bitcoin wallet will allow users to make payments and send money with QR codes. But Bukele also stressed that nobody will be obligated to accept BTC. For instance, if a user wishes to pay for their groceries with bitcoin but the merchant wants to receive dollars instead, Chivo will allow for both to use their preferred currency. The user can send BTC, and the wallet will convert and deliver the corresponding USD amount to the merchant, based on the bitcoin spot market price.

Chivo wallet’s announcement follows the recent approval of bitcoin as legal tender in El Salvador. The bill, which was approved by the country’s congress earlier this month, regulates bitcoin as “unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out.” The law will come into effect in September.

The technical implementation behind El Salvador’s new official bitcoin wallet is still unclear. But it might be a product of the partnership the country has ensued with Lightning payments platform Strike. The startup, which initially went to the Central American country to help empower the Bitcoin Beach community, rapidly started meeting with Bukele and later helped the president announce the forthcoming law at the Bitcoin 2021 event.

Chivo also marks a response to the World Bank, which recently refused to help El Salvador accomplish its bitcoin goals. Furthermore, with El Salvador showing the world that it is possible to implement a bitcoin standard, other countries might follow.

SOURCE:BITCOIN NEWS

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China’s first cryptocurrency exchange, BTCChina, has now exited the bitcoin business to protect itself from the country’s ongoing crackdown on crypto mining. The company is now exploring other blockchain applications and ultimately moving its focus away from cryptocurrency. 

Company Departs From Bitcoin Business, Sells Crypto Stake

Earlier today, BTCChina announced that it had sold its stake in a Singaporean crypto exchange to an unidentified foundation in Dubai, as its departing from a bitcoin-based business model. The company further elaborated that with the shift in focus of its core business, it will now focus more on other applications of the blockchain, which is the underlying principle governing cryptocurrency. Founded in 2011 in Shanghai, BTCChina is one of the leading digital asset trading platforms that once claimed it held roughly 80percent of the world’s cryptocurrency trading.

BTCC Faced Previous Crypto Crackdown, Changes Gear Now

Being the first crypto exchange in China, the company had previously experienced waves of a crypto crackdown. When Chinese regulatory authorities had banned initial coin offerings (ICO), a cryptocurrency-based fundraising process in September 2017, the company said it would stop trading cryptocurrencies.

During an interview in January 2018, Bobby Lee, CEO, and co-founder of BTCC, said that the resilient nature of cryptocurrencies will enable them to spring back following more regulations:

“It's only a matter of time before China lifts the crypto exchange ban.” 

Sichuan Crackdown Deals Heavy Blow To Crypto Operations

The crackdown in Sichuan happened last Friday when both the Sichuan Provincial Development and Reform Commission and the Sichuan Energy Bureau ordered local electricity companies to shut down mining operations in the region by Sunday. Since then, the BTC hash rate has continued to plummet.

BTCChina’s decision to abandon its Bitcoin-based business structure does not stand alone. China’s previous crackdown on cryptocurrency had forced many exchanges to move abroad, including some major industry players like Huobi, Binance, and Okex. The latest crackdown is forcing many crypto mining operations to shift their bases abroad to the US, Canada, Kazakhstan. 

Chinese Government Concerned About Fraud

The measures taken by the PBOC are tightening regulations on domestic dealers engaged in foreign cryptocurrency transactions and ICOs. The bank authorities have also forbidden China-based financial institutions from dealing with and funding cryptocurrency-linked activities, like digital asset trading. For companies like BTCC, this would have been a death blow as their primary business model was a cryptocurrency exchange. 

Because of the regulations, both mining and transacting in crypto, especially Bitcoin, have been deemed illegal. The PBOC is backing up its decision to curb the increasing overseas transactions leading to regulatory compliance evasion. 

SOURCE:CRYPTO DAILY

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The newest addition to the blockchain community craze is, unsurprisingly, the technologically advanced country of South Korea. The South Korean Financial Services Commission (FSC) has voiced plans to provide impetus to the use of blockchain technology in order to better safeguard user information in new payment systems.

Korea has big dreams for its fintech industry, and the Financial Services Commission (FSC) is planning to use new payment systems, communication technologies, and blockchain technology to realize them. The FSC unveiled a plan on Tuesday, March 20 to change regulations to encourage the FinTech industry to take advantage of new technologies.

Finance Body to Introduce Blockchain for Banks

The FSC is set to overturn the existing regulations for banks and insurance companies and ease the entire process to protect customer data and remove the complexities of the verification processes with blockchain solutions, states Korea’s JoongAng Daily.

Speaking about the blockchain-friendly approach to journalists, the FSC Chairman said:

“The players in the financial service market are becoming more diverse, with new companies entering, and the competition in the financial market is becoming fiercer… FinTech is an area that requires new technologies, and it will solve the youth job problem by increasing job positions for young people.”

As a feature of its FinTech guide, the FSC will likewise permit more small and medium-sized organizations to get more customer information through digital payment systems. Regulators trust this move will rouse new products and services in the prospering FinTech segment.

To ease the user experience and enable them to make purchases from sellers via apps, the government plans to approve a more accessible payment system called “app-to-app” eliminating payment of fees to credit card companies or card network providers. Banks, however, will still charge customers with fees.

For instance, a PayPal-supported startup called Toss has been trying different things with app-to-app payment alternatives for Korean clients in Seoul and Jeju since July 2017. The firm included support for mobile bitcoin transactions in 2017.

Local regulations may soon issue new and more lenient cryptocurrency regulations for initial coin offerings, states The Korean Times. They were, however, banned in the Korean country in September 2017.

South Korea Steadily Preparing Cryptocurrency Regulations

Earlier in January 2018, South Korea’s Financial Services Commission confirmed that they are preparing a regulatory framework with regards to cryptocurrency. In the same month, the regulator published a document that called for cryptocurrency trading to be only be allowed from “real-name” bank accounts. The rules enabled banks to comply with their KYC AML (know your customer, anti-money laundering) obligations, the document said.

SOURCE:BTC MANAGER

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With a government-led crackdown on freedom of speech and the press, activists in Hong Kong have sought to use the blockchain as a tool for circumventing censorship. The novel technology continues to be touted as being a viable means of decentralizing information flow.

Apple Daily Secured on the Blockchain

According to a report by Reuters on Thursday (June 24, 2021), an anonymous activist in Hong Kong named Ho has begun storing articles by the now-banned media house Apple Daily on the blockchain. The pro-democracy media outlet was forced to shutter after police froze its assets earlier in June.

Indeed, Thursday’s edition of the paper will be last in print from Apple Daily at least for the time being. The newspaper house gained a reputation for being vocal critics of the government especially amid a significant crackdown on dissenting political ideologies led by authorities in Beijing.

Ho has reportedly uploaded over 4,000 Apple Daily articles on the ARWeave blockchain in what could be a show of defiance to the government’s apparent media censorship. Apple Daily’s presence on ARWeave, a blockchain platform that has attracted support from venture capital backers like Andreessen Horowitz now constitutes the only avenue for people to access its reportage having been forced to shut down its website and social media accounts.

Commenting on the rationale for immortalizing Apple Daily on the blockchain, the anonymous figure stated:

“I’m not doing this because I love Apple Daily. It’s what needs to be done. I never thought that Apple Daily would disappear so quickly.”

Hong Kong Activists Go Long Blockchain

Ho deploying blockchain to fight censorship is a common theme in Hong Kong. Back in May, residents rushed to save archival content from the city’s public broadcast station Radio Television Hong Kong on the Likecoin blockchain platform.

The move came after RTHK announced plans to delete all of its content older than one year. Indeed, many of the reports older than a year contain negative commentaries about the government’s handling of the anti-authoritarian struggles that dominated Hong Kong’s political landscape in 2019.

As previously reported by BTCManager, the 2019 protests also saw significant demand for privacy coins as participants sought to protect themselves from financial censorship by the government.

With centralized services dominating the current internet architecture, several stakeholders continue to clamor for decentralization and a move towards Web 3.0.

SOURCE: BTC MANAGER

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The UK’s Metropolitan Police confirmed that it seized £114 million in cryptocurrency — an amount worth about $158 million — as part of an ongoing criminal investigation in a money-laundering case. The Metropolitan Police said the operation “was carried out by detectives from the Met’s Economic Crime Command on the back of intelligence received about the transfer of criminal assets.” The operation is ongoing, according to the announcement.

Met have not yet released the type of cryptocurrency they have seized.

The Metropolitan police have not yet disclosed the type of cryptocurrency they have seized, but they did confirm that their Economic Crime Command team carried out the whole operation and that the seizure was related to money laundering crime. Earlier this month, it was reported that the UK Police is seeking additional powers to halt the transfer of cryptocurrency funds as part of its operations. The Times of London reported that Scotland Yard wants legislative changes to make it harder for criminals to make such transfers.

Criminals are moving to more sophisticated methods to launder funds. 

“The conversations that we’re having is about how we align cryptocurrency to the same kind of approach that we have about cash-based criminality,” Mick Gallagher, a Met Police official, was quoted as saying. The Deputy Assistant Crime Commissioner said, “Cash remains king, but as technology and online platforms develop, some are moving to more sophisticated methods of laundering their profits.” Earlier, local police in the West Midlands had seized a bitcoin mining operation while hunting for suspected cannabis grow operation. Criminals are moving towards crypto launder funds from illicit activities as it makes it difficult for authorities to track back the users.

SOURCE:COIN NOUNCE

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Cryptocurrencies are back in the geopolitical scenario. The Palestinian Monetary Authority is reportedly working on issuing a digital currency as a strategy to achieve a higher level of financial independence.

This effort would put Palestine on the same list as other nations like Venezuela, the Marshall Islands, the Bahamas, China, and the latest endeavors of El Salvador, who are interested in the power of the blockchain to improve the efficiency of their financial infrastructure —and gain a little more independence from other economic powers, bypassing their sanctions since we’re there.

A Palestinian Sovereign Digital Coin: Practical Solution Or Political Statement?

Palestine has a rather peculiar political situation, although 138 of the 193 United Nations (UN) recognize it as an independent country, the United States and Israel (two of its most important political rivals to say the least) do not recognize its existence, and Israel currently exercises an important military and even financial control on the region.

And this is where the blockchain comes in as a possible relief valve or perhaps a means of political protest by Palestine against Israel. Palestine does not have its own currency and instead relies on a mixed economy in which Israeli shekels, Jordanian dinars, and U.S. dollars move in and out.

So, with an economy controlled by a rival third party, it is almost impossible for Palestinians to have any financial sovereignty when Israeli banks dictate their movements.

Currently, Israel prohibits banks from conducting large cash transactions. It also imposes limits on the amount of money Palestinians can transfer to Israel each month.

According to a Bloomberg report, this hinders financial transactions between Palestinians and could be one of the most important practical reasons for trying to create a sovereign currency free from Israel’s influence.

As a result, they [the palestinians] sometimes have to borrow to cover foreign exchange payments to third parties and are stuck with a glut of Israeli banknotes. That could be one reason a digital currency would be attractive to the Palestinian monetary system.

Experts Don’t Expect Much

Palestinians might be optimistic, but many experts don’t see much hope for the Palestinian efforts. Among this group is Raja Khalidi, director of the Palestine Economic Policy Research Institute, who believes that it is practically impossible for the Palestinian cryptocurrency to see the light of day.

“The macroeconomic conditions don’t exist to allow a Palestinian currency — digital or otherwise — to exist as a means of exchange.

For his part, Barry Topf, former senior adviser to the Bank of Israel governor, assured that this currency will fail to fulfill two of the main functions of money:

“It’s not going to replace the shekel or the dinar or the dollar. It’s certainly not going to be a store of value or a unit of accounting.”

However, Palestine seems determined to pursue a venture in which it has nothing to lose. Two cryptocurrency studies are currently underway to help experts understand the landscape. In the end, much of its success will depend on the support it receives from other international bodies, and especially from other states.

And this is a matter of discussion for political analysts, not crypto enthusiasts.

SOURCE:CRYPTO POTATO

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Elon Musk has finally accepted Twitter CEO Jack Dorsey’s invite to discuss Bitcoin adoption and open-source development after early trolling. It all started with Jack Dorsey posting a link to ‘The ₿ Word,’ an initiative aimed and destigmatizing the mainstream narrative around Bitcoin and help institutions to understand how they can adopt it.

For the Bitcurious? Very well then, let’s do it ?

— Elon Musk (@elonmusk) June 25, 2021

Musk had earlier tried avoiding the invite with his style of humor but came around to finally accept it.

Earlier today Musk took another shot at Bitcoin trolling Bitcoin maxis. He posted

“How many Bitcoin maxis does it take to screw in a lightbulb?”

“That’s not funny!” – Bitcoin maxis

— Elon Musk (@elonmusk) June 25, 2021

Musk’s Love-Hate Relationship With Bitcoin Continues

Musk has gone from being a Bitcoin hero to a Bitcoin villain within a quarter and since then his trolling spree has continued. Throughout all of this Musk has maintained that Tesla still holds its $1.5 billion Bitcoin purchase despite the decline in price by half.

Musk’s tweet has often led to a price fluctuation in the crypto market, something he has mocked as well. It all started with Tesla discontinuing the Bitcoin payment option within weeks of adding it, blaming the environmental concerns. However, Musk has maintained Tesla would reconsider once the BTC mining becomes greener.

Jack Dorsey’s view on Bitcoin is quite opposite of Musk’s, and he has said Bitcoin is one of the most important inventions in modern history. He had earlier said if needed he will leave both Square and Twitter for Bitcoin. While Musk is propagating for Proof-of-stake mining consensus over Bitcoin’s Proof-of-work, Dorsey believe POS is more centralized and less secure.

The discussion between Musk and Dorsey could prove to be quite an event similar to the recent Twitter space discussion by El Salvador President Nayib Bukele with more than 23,000 crypto enthusiasts.

SOURCE:COIN GAPE

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• El Salvador President announces a new nationwide mobile wallet Bitcoin airdrop program.
• Salvador will implement Bitcoin as a legal tender from September 7.

El Salvador the first country to make Bitcoin a legal tender on June 9 is all set to airdrop bitcoin for citizens to promote its use. President Nayib Bukele in a state address announced they would be airdropping $30 worth of Bitcoin for every registered user in association with a mobile wallet service provider Chivo.

?? https://t.co/ljgzn8DFXg

— Nayib Bukele ?? (@nayibbukele) June 25, 2021

The president in his address informed that the government is working with major cell phone operators to offer a national bitcoin wallet option.  The airdrop program is a central part of Salvador’s Bitcoin adoption scheme as more than 70% of the country’s population has no access to banking facilities. All the registered users would receive $30 worth of BTC which can be easily used via mobile phones without the need for a bank account.

Bitcoin Law Will Come Into Effect From September 7

Apart from the Bitcoin airdrop the President also revealed the new Bitcoin Law would come into effect from September 7. The announcement was made along with the state address where the president explained extensively how the new national wallet program would work.

Earlier Salvador has contacted World Bank to help it with the technical aspects of implementing Bitcoin as a legal tender but was denied any support. However, CABEI promised to assist the Central American nation with its new legal tender implementation.

Bukele has been at the forefront of Bitcoin adoption for the country and believes the decentralized asset could lift the country out of financial misery. Apart from the airdrop program and installation of new Bitcoin ATMs, the President is working towards making the small country a hub for clean Bitcoin mining. Salvador’s Bitcoin mining operations would be powered by volcanic geothermal energy with 0% emissions.

SOURCE:COIN GAPE

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El Salvador has announced that it will release an official digital wallet for BTC and other currencies, according to a local media report published on June 24. The effort follows the approval of bitcoin as legal tender in the country, which brought much attention to the South American nation. The new digital wallet is called Chivo, and it will form the basis for everyday use of the currency.

The government would give $30 worth of BTC after users download the app. 

President Nayib Bukele, who led the effort to authorize bitcoin as legal tender, said that the government would give $30 worth of BTC after users download the app during a conference. In his statement, he also touted the benefits of using bitcoin, such as remittances that can be made at any time of the day and disintermediation. Chivo will be available on both Android and iOS. The digital wallet will also be compatible with other digital wallets on the market. It will be released later this year, with the bitcoin law coming into effect on Sept. 7.

#LeyBitcoin | El presidente de la República, @nayibbukele, informa que la Ley #Bitcoin entrará en vigencia el próximo 7 de septiembre. pic.twitter.com/JLy9AXnd7W

— Diario El Salvador (@elsalvador) June 25, 2021

El Salvador is keen on moving forward with its bitcoin legalization with or without global regulators’ help. 

The unveiling of the official digital wallet Chivo clearly indicates that the South American country is very keen on moving forward with its bitcoin legalization. Earlier, El Salvador received criticism from global regulators for its decision to authorize bitcoin as legal tender. World Bank refused to help El Salvador transition to bitcoin. However, it did not affect El Salvador’s efforts. The South American country is going ahead with the transition without global regulators’ help. As reported earlier, Paraguay has also announced to follow El Salvador’s lead and introduce a bill seeking to make bitcoin a legal tender. 

SOURCE:COIN NOUNCE

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E-Livestock Global, a venture-funded social enterprise, recently launched a blockchain-based livestock traceability system for Zimbabwean cattle farmers. The Mastercard “Provenance solution”-powered system, claiming to be the first of its kind in Africa, aims to bring “end-to-end visibility to the cattle supply chain.” It could also help Zimbabwean farmers prove the origin and health records of their cattle while reducing risks to buyers.

Solution Brings Hope to Zimbabwe Cattle Farmers

According to a statement released by Mastercard, this solution could not only bring hope to farmers who lost a total of 50,000 cattle to tick-borne disease in 2018, but may also improve Zimbabwe’s chances of regaining “its lucrative beef export market to support economic recovery.”

In his remarks following the launch, Max Makuvise, Founder and President of E-Livestock Global, lauded the solution saying this “will open up new opportunities for farmers.” He said:

Mastercard’s Provenance solution can safely and securely track the authenticity of the cattle’s journey at every stage, from birth to sale. Tracking the medical history of cattle on a tamper-proof blockchain ledger will foster renewed trust in Zimbabwean cattle farming and re-establish Zimbabwe’s credibility as an international beef exporter.

As part of E-Livestock’s blockchain-based cattle tracking system, commercial farmers and dipping officers (dipping is a process done for tick prevention) tag each head of cattle with a unique, ultra-high frequency RFID tag — as mandated by the Zimbabwean Ministry of Agriculture — and register the livestock and its owner to the blockchain. From then on, each time the animal gets dipped, vaccinated or receives medical treatment, the tag records the event onto the traceability system.

Enhancing Transparency With Mastercard’s Blockchain Solution

For his part, Mark Elliott, the Division President of Mastercard in Southern Africa, touts how the blockchain-enabled “seamless supply chain transparency can help convey authenticity, expand inclusion, share sustainability practices and improve back-office efficiencies.”

According to the company statement, Mastercard is aiming to bring more transparency and traceability to food systems. It says the payments giant has already integrated its blockchain system with other companies that enable food supply chains around the world. The integrations are further “enhancing the supply chains for Australian avocados and Californian shrimp and commodities like coffee and grains in the Americas” the statement added.

As Mastercard is a large, centralized company, the embattled Zimbabwean cattle farmers will likely be watching closely in the coming months to see if they make good on their blockchain promises for the unique market needs of the country.

SOURCE:BITCOIN NEWS

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A new report shows that U.S. regulators have imposed fines and penalties totaling $2.5 billion on crypto firms and individuals so far. The U.S. Securities and Exchange Commission (SEC) has imposed the most fines, followed by the Commodity Futures Trading Commission (CFTC). Meanwhile, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) is the latest government agency to come after crypto firms.

$2.5 Billion in Fines and Penalties

Blockchain analytics firm Elliptic released a report Monday outlining “crypto enforcement actions by U.S. regulators.” The report explains: “Contrary to the widely-held belief that the cryptoasset industry is unregulated, US regulators are increasingly imposing significant financial penalties on crypto businesses – for fraud, breaches of AML regulations, offering unregistered securities and sanctions violations.”

Elliptic analyzed enforcement actions by U.S. regulators since the birth of Bitcoin in 2009 and found that “$2.5 billion in penalties have been imposed against firms and individuals dealing in crypto,” the report details.

The agency which imposed the most crypto-related penalties is the U.S. Securities and Exchange Commission (SEC). Crypto firms and individuals have been asked to pay $1.69 billion by the SEC so far, $1.38 billion of which relate to unregistered security offerings.

The United Nations (UN) mission in Kenya recently praised a local blockchain-based community inclusion currency (CIC) initiative for its part in helping to reduce poverty in one of the country’s poor informal settlements. The mission’s sentiments follow a tour of the Mukuru informal settlement by its resident coordinator, Stephen Jackson. In a tweet, the mission commended the Sarafu blockchain anchored e-voucher system for helping “vulnerable households access basic needs.”

An Alternative Medium of Exchange

In a different tweet, UN Kenya also praised residents of the informal settlement for their embrace of the Sarafu blockchain-based e-vouchers system. The world body further added that by using this trading system, the Mukuru informal settlement is “encouraging local circular economy and reducing poverty levels.”

According to past remarks attributed to Will Ruddick — one of the co-authors of a whitepaper document that explains the novel monetary system — CICs are shares that are “acting as a medium of exchange.” Another report explains these currencies also act as a store of value in times of economic turbulence and hyperinflation.

In the meantime, in his own tweet on June 16, Ruddick again explains how blockchain-based e-vouchers can be useful in times of economic difficulty. He said:

Sarafu is a Community Inclusion Currency that communities can use to trade with each other when the national currency is scarce. It utilizes an application-specific blockchain Bloxberg as a backend ledger with a USSD interface for people without internet.

Empowering Marginalized Communities

The Sarafu CICs — initially anchored on the Bancor protocol — are championed by Grassroots Economics, a Kenyan non-profit foundation that seeks to empower marginalized communities. On its website, the foundation says it has “implemented community currency programs in 45 locations across Kenya and assisted with 2 in South Africa.” In addition, the foundation claims to have helped “more than 40,000 small businesses, churches and schools take an active role in their own economy and development.”

Meanwhile, in addition to getting recognized by the UN Resident Coordinator, the Sarafu CIC initiative has also received support from Kenya Red Cross.

SOURCE:BITCOIN NEWS

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Bulls on parade: Galaxy Digital and Alameda pundits tip market recovery

Jason Urban, co-head of Galaxy Digital Trading thinks institutional adoption of crypto is in its early days and predicts BTC is set to reach new all-time highs once the FUD dissipates.

Senior traders from Galaxy Digital and Alameda Research are predicting the crypto market is set to recover once the recent wave of bad news stories subside.

Markets have been in a downturn since mid-May, with Bitcoin (BTC) fluctuating between the low to mid $30K range.

Speaking with streaming financial news provider Kitco News on June 24, Jason Urban, co-head of Trading at Galaxy Digital asserted that once the FUD dissipates by the Fall, Bitcoin should reach new highs and “see something north of $70,000 by the end of the year.”

Urban used baseball as an analogy, saying that institutional crypto investment is only in the “first inning”.

While he believes regulatory uncertainty has held many institutions back from entering crypto markets, once they do enter, increased demand for the limited supply of BTC should drive prices up to new highs.

“I think that as we pull into the Fall, a lot of this institutional adoption and these aspirational moves that we’ve seen will start to manifest itself, and we should see the market take out those highs."

Related: FTX’s Sam Bankman-Fried: Institutions are ‘desperate’ for crypto

Alameda trader rejects the FUD

Sam Trabucco, a trader at top quantitative crypto trading firm Alameda Research, also believes crypto markets are set to stage a recovery and he questioned the validity of multiple narratives driving the recent levels of FUD.

Word on the street is: this price graph is fucked up. What happened?

A thread about the calm, the storm, and how to tell the difference. pic.twitter.com/QDl3nt1xtj

— Sam Trabucco (@AlamedaTrabucco) June 23, 2021

In a June 23 Twitter thread, Trabucco told his 64,000 followers that the FUD regarding China, U.S. regulations, Elon Musk’s environmental concerns over BTC mining, and concerns over the solvency of MicroStrategy during the Bitcoin dip, have all “constituted an over-reaction”.

The price had earlier also overreacted to the Tesla Bitcoin buy and Musk’s bullish tweets.

“None of that is concrete, though, and people vacillate between over-stating the pieces of news they want to hear and under-stating the ones they don't.”

Trabucco stated that the market activity surrounding bad news events is a predictable phenomenon, but it doesn’t truly affect where the market should be priced long term.

“I think probably none of them *really* mattered in the first place for BTC's "value," or where people should be pricing it medium-term.”

Trabucco asserted that “liquidations are exacerbating” the public over-reaction to price BTC’s changes. He added that no one wanted to sell down to $30K but had been forced to, meaning that it was a great opportunity to buy.

“It seems like MAYBE today marks yet another paradigm switch? We'll have to wait and see -- Alameda's new long positions are sure hoping so,” he said.

In fact, trading at the END of any of these periods is a predictably awesome trade -- the goal is finding it.

It seems like MAYBE today marks yet another paradigm switch? We'll have to wait and see -- Alameda's new long positions are sure hoping so. pic.twitter.com/tHbbhjbcj7

— Sam Trabucco (@AlamedaTrabucco) June 23, 2021

Source: Cointelegraph.com

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

South Korean authorities have identified thousands of tax evaders as part of an intensifying crackdown on tax dodging among crypto investors. Following a prolonged investigation, the government has reportedly seized cryptocurrency worth millions of dollars.

Tax Agents Target Wealthy Tax Evaders in Greater Seoul Area

More than 53 billion Korean won ($47 million) in crypto assets have been confiscated from 12,000 people who allegedly tried to hide money from the government. The funds were in bitcoin (BTC), ethereum (ETH) and other cryptocurrencies, Reuters reported quoting the government of Gyeonggi Province surrounding the capital Seoul.

A number wealthy Koreans have found themselves among the targeted tax evaders. They have been accused of using local crypto exchanges to conceal the assets as the trading platforms did not require account holders to provide their resident registration numbers. Authorities were able to track them down using their phone numbers.

One of the tax offenders is a well-known home shopping channel host who had 500 million won in coins including ethereum, and owed the state 20 million won in tax. A property owner of 30 residences kept 1.1 billion won in crypto assets but didn’t pay 30 million won in income tax. A doctor held 2.8 billion won in bitcoin and failed to pay 17 million won to the government. If they don’t fulfill their tax obligations, authorities threaten to launch insolvency and liquidation proceedings.

Gyeonggi officials claim the months-long operation has resulted in the largest “cryptocurrency seizure for back taxes in Korean history.” It comes after a broader investigation into the taxes of around 140,000 people. Kim Ji-ye, Director General of the Gyeonggi Province Fairness Bureau, stated:

We will do our utmost to protect law-abiding taxpayers and fulfil our fair taxation mandate by probing and tracing assets that tax dodgers may be concealing in the midst of the recent cryptocurrency trading fervor.

South Korean Government Tightens Grip on Crypto Market

The recent offensive against tax evaders in the greater Seoul area is the latest government move aimed at tightening oversight of the country’s expanding crypto space. When it comes to digital asset trading, South Korea is among the world’s leading markets. As crypto investing gained even more popularity over the past year, the Korean price of the cryptocurrency with the largest market cap, BTC, reached $72,000, well above the global all-time high of $63,500.

Dozens of Korean exchanges have been struggling to meet regulatory requirements in order to continue to operate after the implementation of the stricter rules in September. The trading platforms have to open real-name bank accounts for their customers in partnership with domestic banks. However, major financial institutions such as Hana and K Bank are reluctant to work with smaller exchanges, citing fears of exposure to financial crime.

A number of digital asset platforms have started to delist “high-risk” coins in an effort to comply with the upcoming regulations for the industry. The Korean Financial Services Commission wants them to intensify the screening of crypto transactions and submit receipts to the country’s tax authorities, starting next year. The government is preparing to tax profits from crypto trading at a 20% rate for amounts exceeding 2.5 million won (around $2,200) from January 2022.

SOURCE:NEWS BITCOIN

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The Bank of International Settlements (BIS) says that it is now clear that cryptocurrencies are not money but speculative assets, emphasizing that in many cases they are used “to facilitate money laundering, ransomware attacks, and other financial crimes.”

BIS Criticizes Cryptocurrencies, Bitcoin

The Bank of International Settlements published its annual economic report Wednesday, discussing cryptocurrencies, particularly bitcoin, as well as central bank digital currencies (CBDCs).

The BIS explained that “Several recent developments have placed a number of potential innovations involving digital currencies high on agenda” of central banks.

“The first of these is the growing attention received by bitcoin and other cryptocurrencies,” the report details. “The second is the debate on stablecoins, and the third is the entry of large technology firms (big techs) into payment services and financial services more generally.” The BIS continued:

By now, it is clear that cryptocurrencies are speculative assets rather than money, and in many cases are used to facilitate money laundering, ransomware attacks and other financial crimes.

The report also discusses stablecoins. Asserting that they “are only as good as the governance behind the promise of the backing,” the BIS noted that these coins “have the potential to fragment the liquidity of the monetary system and detract from the role of money as a coordination device.”

Turning its attention to bitcoin, the largest cryptocurrency, the BIS said:

Bitcoin in particular has few redeeming public interest attributes when also considering its wasteful energy footprint.

The report discusses CBDCs in detail, stating that central banks are “fully engaged in the development of retail and wholesale CBDCs, alongside other innovations to enhance conventional payment systems.”

The BIS concluded: “To realize the full potential of CBDCs for more efficient cross-border payments, international collaboration will be paramount. Cooperation on CBDC designs will also open up new ways for central banks to counter foreign currency substitution and strengthen monetary sovereignty.”

SOURCE:BITCOIN NEWS

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

The American University of Paraguay shared on Twitter that it will accept tuition payments in bitcoin, as well as other cryptocurrencies, beginning on August 1, 2021.

"From August 1, you will be able to pay all your tuition and fees with cryptocurrency," a translated version of the tweet read. "We take an important step towards innovation."

The university is one of Paraguay's most prestigious educational centers and has been in operation for over 30 years. But it is still unclear how the university plans to accept or hold the BTC it receives as tuition payment on a technical level, but it has not indicated any plans to liquidate the bitcoin upon receipt.

BITCOIN ADOPTION, LEGISLATION IN PARAGUAY

The new move, which is part of the university's program of innovation and modernization, adds a new facet to a bitcoin legislation bill to be outlined in the country in July.

According to Paraguayan deputy Carlos Rejala, the country plans to legislate bitcoin as a medium of exchange in its commercial sector next month. Rejala also said that whether the bill it plans to present will seek to make bitcoin a full legal tender in the country or not is still uncertain and yet to be defined.

Paraguay's most prominent entertainment group, Grupo Cinco, has also demonstrated interest in accepting bitcoin and other cryptocurrencies. The company will allow its 50,000 monthly customers to pay with bitcoin at its 24 outlets, including restaurants, nightclubs and pubs. In addition, as more companies and organizations begin accepting bitcoin, the more likely it becomes that the bitcoin bill will pass in the country’s congress.

"We are talking about leading Paraguayan entrepreneurs who have a lot of influence over the youth," Rejala said. "This is extremely important because it will be much easier for my fellow deputies to support the bill if there is social support at a local level."

Paraguay is following El Salvador's steps and seems on its own path to officially become a bitcoin supportive country in less than a month. If the proposed bill passes, it will set the stage for Paraguay to welcome bitcoin businesses, entrepreneurs and even miners.

SOURCE:BITCOIN MAGAZINE

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

Law enforcement agencies in Ukraine, South Korea, the U.S., Spain and Switzerland have arrested suspected members of a crypto-linked cybercrime group believed to be responsible for laundering more than US$500 million from ransomware attacks, according to a statement released by Binance today.

Fast facts:

• The group, known as Fancycat, is thought to have been involved in ransomware attacks such as Cl0p and Petya, and in laundering money involving dark web activity, said Binance, which worked with law enforcement agencies on the case.

• Blockchain analysis showed a network of suspected money launderers inside macro virtual asset exchanges depositing and withdrawing funds between one another to launder them, the statement said. Binance said it had worked with blockchain analytics companies TRM Labs and Crystal (BitFury) through its anti-money laundering and analytics program to identify Fancycat.

• Ransomware attacks involving cryptocurrencies have attracted attention recently, thanks to high-profile attacks such as the one on Colonial Pipeline in May, which led to fuel shortages in several U.S. states. In its annual economic report published this week, the Bank for International Settlements wrote that cryptocurrencies “in many cases are used to facilitate money laundering, ransomware attacks and other financial crimes.”

• Ransomware victims paid out more than US$406 million worth of cryptocurrency in 2020, an increase of over 300% from the year before, blockchain analysis company Chainalysis said in its Ransomware 2021: Critical Mid-year Update report. “Ransomware attackers move most of the funds taken from their victims to mainstream exchanges, high-risk exchanges [those with loose or non-existent compliance standards], and mixers,” the report said.

• Chainalysis also found that ransom payments have been growing, and an increasing share of ransomware funds going to illicit third-party providers. “Russian-affiliated cybercriminals were the year’s biggest financial beneficiaries of cryptocurrency-based crime,” the report said.

SOURCE: FORKAST

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

The founders of South African cryptocurrency exchange Africrypt, two brothers named Ameer and Raees Cajee, have reportedly vanished, as has more than $2.3 billion in bitcoin belonging to clients.

“A Cape Town law firm hired by investors say they can’t locate the brothers and has reported the matter to the Hawks, an elite unit of the national police force,” Bloomberg reported. “Following a surge in bitcoin’s value in the past year, the disappearance of about 69,000 coins — worth more than $4 billion at their April peak — would represent the biggest-ever dollar loss in a cryptocurrency scam.”

With BTC sitting at about $34,000 at the time of this writing, the total bitcoin missing is worth about $2.34 billion.

In April, Ameer Cajee reportedly informed users of Africrypt that it had been hacked and requested that they not inform lawyers or authorities as this would slow the recovery process. However, some asked a local law firm to get involved and another group started liquidation proceedings. The law firm indicated that employees of Africrypt had lost access to back-end platforms a week before the alleged hack.

“The firm’s investigation found Africrypt’s pooled funds were transferred from its South African accounts and client wallets, and the coins went through tumblers and mixers — or to other large pools of bitcoin — to make them essentially untraceable,” according to Bloomberg.

In addition to potential action from the elite police force, South African’s Finance Sector Conduct Authority is allegedly investigating the apparent exit scam, but will not launch a formal investigation because bitcoin is not viewed legally as a financial product there.

For now, it appears that all Africrypt users who have lost their BTC can do is wait and hope authorities learn more about the whereabouts of the Cajee brothers. 

SOURCE:BITCOIN MAGAZINE

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

Numerous governments are attempting to ban cryptocurrencies, with recent examples from China, India, Turkey and Nigeria. The reason for doing so is simple: The decentralized nature of cryptocurrencies poses a threat to the legacy financial system, and as the technology itself is still in its infancy, it seems to attract hackers. Even so, banning crypto will not dissuade hackers or scammers in the slightest.

Hackers remain drawn to cryptocurrency

Ever since the inception of cryptocurrency, hackers have shown an appetite for this form of money. The perceived appeal of being anonymous when receiving payments has created an aura of invincibility for all cryptocurrencies. However, that is often misunderstood, as none of the public blockchains are private nor anonymous in their current form. While transactions are pseudonymous on the blockchain, users will still need to convert to and from fiat currencies at some point. Those steps often require verifying one's identity through official documents, negating the entire anonymity and privacy aspect.

Even though most hackers acknowledge that cryptocurrencies lack both privacy and anonymity, the overall crime rates remain relatively high. Despite a significant decrease in crypto-related crimes in 2020, according to a report from security firm CipherTrace, there are still plenty of concerns. For this reason, many governments want to ban cryptocurrencies, as they expect such measures will deter hackers from doing harm.

That outcome seems rather unlikely, though. With tools such as ransomware, malware and other types of criminal activities, it wouldn't take much effort for hackers to change the way they receive payments. Cryptocurrencies offer pseudonymity, but they are not the only payment methods to do so.

These methods offer more privacy

Gift cards, for example, are a convenient, legal way of transferring value from one person to another. Most convenience stores sell gift cards for various services, including Netflix, iTunes, PaySafeCard and so forth. Every gift card has value and does not require a name to acquire or convert to online money. These cards are, in essence, far more private and anonymous than cryptocurrencies will ever be. However, they are also more accessible, making them a more significant problem to governments looking to dissuade hackers.

The same concept applies to prepaid cards for mobile providers. As these cards do not require identity verification to purchase and do not require a check to be activated, they are basically anonymous money. Although prepaid mobile cards aren't necessarily viable across borders, it remains a private way of transferring value from one person to the next.

If governments are serious about dissuading hackers, they will also need to find a way to cut them off from the existing financial system. Bank accounts and payment cards can be hacked and abused far too conveniently, even in 2021. Hackers and other criminals can access a bank account through various means, including mobile trojans, fake applications, phishing, keyloggers, man-in-the-middle attacks and so forth. As long as there is a way for hackers to make money without immediate repercussions, they will continue to explore the different options at their disposal.

Putting crypto’s ‘criminal role’ into perspective

While governments strongly believe Bitcoin (BTC) and other cryptocurrencies are the main reason for online crime, the reality is often different. According to a recent Chainalysis report, just 0.34% of the crypto market's combined transaction volume pertained to illicit activity in 2020. That is a sharp decrease from the 2% recorded in 2019. If anything, this research by Chainalysis shows fewer and fewer criminals focus on Bitcoin and other crypto assets.

Digging a bit deeper, it becomes apparent that ransomware remains the top solution for online crime, and it is a very significant threat and problem. As more people now work from home due to COVID-19 restrictions, there are new opportunities for criminals looking to make a quick buck. That doesn’t automatically mean that cryptocurrencies will be phased out, as the majority of consumers have no idea how this industry works.

Conclusion: A crypto ban isn’t the solution

Any government looking to ban cryptocurrencies will not be successful for multiple reasons. First of all, it is impossible to prevent people from using crypto assets, as governments have no control over these networks, nor are there any central figureheads or CEOs to pressure into shutting down activity, making it nearly impossible for governments to act. While regulators can make it difficult for service providers, those companies are not necessarily essential for sustaining cryptocurrencies.

Moreover, the numerous options that hackers and scammers have at their disposal to make money should not be ignored. If the goal is to prevent illicit activity, tackling the abuse of traditional finance needs to be the top priority. Cryptocurrencies represent far less of a market for criminals compared with bank-related services and products, as well as gift cards and other forms of pseudonymous money. Addressing cybercrime is a pressing matter as costs spiral further out of control, but the focus should not be on cryptocurrencies.

Any attempt to crack down on cryptocurrency “because criminals use it” is bogus. If that truly is the objective, there are different approaches to explore, rather than banning something. Since one cannot use cryptocurrencies without the traditional financial system, it is not hard to see where governments should focus their attention. Unfortunately, none of them seem willing to acknowledge that the system they help maintain is at fault for most criminal activity today.

SOURCE:COIN TELEGRAPH

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

Speaking during Wednesday’s annual Digital Africa Conference, Isa Pantami, Nigeria’s Minister of Communications and Digital Economy, identified blockchain as part of the government’s focus on emerging technologies, according to a report by Voice of Nigeria.

Highlighting the conference theme — “Building a New Africa with AI and Blockchain” — Pantami stated that the government was working toward establishing innovation centers.

According to Pantami, these innovation centers will explore capacity-building protocols for artificial intelligence, the Internet of Things, robotics, cloud computing and blockchain technology, among other fields.

As part of his address, the communications minister said the move was part of efforts to promote an innovation-driven culture in Nigeria, adding:

“We are also actively preparing to take advantage of blockchain technologies for our digital economy, and we recently developed a National Blockchain Adoption Strategy.”

Back in October 2020, Nigeria’s National Information Technology Development Agency (NITDA) issued a draft strategy framework for blockchain. The document included a six-point agenda for utilizing the novel technology including national digital identity and regulatory sandboxes for pilot implementations.

Addressing the conference, NITDA director-general Kashifu Inuwa stated that Nigeria can be a growth driver for AI and blockchain in Africa. In November 2020, Inuwa remarked that the country could generate up to $10 billion in revenue from blockchain by 2030.

Pantami’s ministry has been spearheading a mandatory national identity program in the country — a move that has generated significant controversy over the compulsory linkage of phone numbers to national ID data.

Related: Nigeria hopes blockchain will generate $10B revenue by 2030

While addressing privacy and data security concerns, the minister’s address did not include any mention of possible blockchain adoption in the area of safely storing national ID records.

Back in February, Nigeria’s vice president, Yemi Osinbajo, stated that crypto and blockchain will revamp Nigeria’s financial landscape. The vice president’s comments followed on the heels of a ban imposed by the central bank prohibiting financial institutions from servicing cryptocurrency exchanges.

SOURCE:COIN TELEGRAPH

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

• U.S. Department of Justice's Criminal Division is recruiting an attorney specialising in cryptocurrencies.

• The body will accept applications until July 19, 2021.

• The DoJ’s recruitment effort is just one of many initiatives to regulate the cryptocurrency market.

  
  

  The U.S. Department of Justice (DOJ) is recruiting an attorney for cases involving cryptocurrencies, as a part of its larger effort to monitor the crypto market for criminal activity.

  
  

  The U.S. Department of Justice is on the lookout for an attorney that specializes in cryptocurrencies for its Criminal Division, according to a notice published on June 23. The recruitment falls under its digital currency initiative, which as a whole has been picking up at a tremendous pace. Based out of a location on the outskirts of Washington DC, the individual will serve as a part of the Trial Attorney for the Digital Currency Initiative.

  The position asks for an attorney knowledgeable about cryptocurrency and blockchain technology, with further knowledge in money laundering and asset forfeiture law. The body will accept applications until July 19, 2021.

  As a part of the position’s responsibilities, the attorney will have to “identify unexploited opportunities to target for criminal prosecution the professional money launderers, money transmitters, gatekeepers, and financial institutions.” Additionally, they will have to coordinate national and international money laundering and forfeiture.

  The U.S. Department of Justice recently recovered a large portion of the bitcoin ransom paid to the Darkside hacking group, which the latter received following the attack on the Colonial Pipeline infrastructure. The incident helped spur the DoJ’s focus on cryptocurrencies.

  High-level officials in the Biden administration have also spoken of cybersecurity threats and the role cryptocurrencies could play in them. One such official asked President Biden to bring the matter up at the G7 Summit.

  The US reins in the crypto market

  The DoJ’s recruitment effort is just one of many initiatives that the U.S. is taking in its broad plan to regulate the cryptocurrency market. Numerous incidents point to this heightened level of activity, including statements from the U.S. Treasury Secretary, SEC Chairman, and the Acting Comptroller of the OCC.

  Particularly significant is the fact that U.S. Senator Elizabeth Warren has lambasted cryptocurrencies for a failure to live up to their promises. She instead touted a Central Bank Digital Currency which, like many other nations, she said was better than private cryptocurrencies.

  The fear that cryptocurrencies may be used for illicit activities is one narrative thread that is currently popular. The Financial Action Task Force (FATF) spoke to Maltese officials about oversights in its system. China, meanwhile, has asked banks to stop facilitating transactions related to cryptocurrencies.

  2021 has become the year of regulation and oversight of the cryptocurrency market, following a boom in the market and general awareness of the public. The latter half of the year will likely see more such developments.

  
  

  SOURCE:BE IN CRYPTO

  IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

  
  

Nearly one in three novice traders reported making no traditional investments outside crypto over the past year, according to a survey published today by Overbit, a Singapore-based cryptocurrency exchange. In contrast, 85.3% of professional traders reported diversifying their investment portfolios to stock, real estate or other traditional assets.

Fast facts:

• The survey of 3,000 traders across 87 countries conducted from March 17 to 31 found that while the majority of respondents regarded the crypto market as riskier than the stock market, 82.2% also believed that it is more profitable. The survey was conducted through social media networks as well as Overbit’s partners and traders.

• The study also examined the impact of Covid-19 on trading behavior, with 55.7% of respondents saying that the pandemic had increased their investment risk appetite.

• “During the Covid-19 pandemic, we saw new users entering the crypto space and venturing into trading. These users are still here today trading the markets during this correction period,” Overbit’s CEO Chieh Liu told Forkast.News in an email. “The crypto markets were rather heated in April 2021 and so we are now in a pullback. However, the US institutional adoption of Bitcoin by the likes of MicroStrategy, Tesla, Galaxy Digital are in the back of the minds of crypto traders. We expect to see another record high for the crypto markets in 2021 with Bitcoin reaching $100K.”

• Bitcoin and Ethereum were found to be the cryptocurrencies of choice. 83% of respondents held Bitcoin at some point over the past year and ownership of alternative tokens such as Uniswap and Chainlink was also on the rise, the survey reported. Earlier this week, the price of Bitcoin dipped below US$30,000, the first time in six months, but has since rebounded and is currently trading around US$32,000, according to CoinGecko.
• As for non-fungible tokens (NFTs), which was all the rage earlier this year, 61.9% of respondents were aware of NFTs but only 25.9% owned one or more of them, the survey found.
• In terms of safekeeping their crypto, 65.3% of respondents — mainly novices and casual traders — stored their crypto on an exchange, while professional traders preferred using cold wallets. About 41% of users said they lost crypto arising from a personal error, 24% reported losing money to one or more scammers, while 12.6% lost assets to a hacker or other security breach.

 SOURCE:FORKAST

IMPORTANT DISCLAIMER:: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

The Wall Street Analyst’s Intro to Bitcoin:

1. The Dimensions of Money
2. What Bitcoin Does
3. How Bitcoin Works
4. The Monetary Properties of Bitcoin

THE HISTORY OF BITCOIN

In October of 2008, amidst a global recession resulting in government bailouts of the banking system, a white paper was released under the pseudonym Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System. The paper summarized a confluence of technologies that, when combined, created the first successful form of digital money. These technologies were the product of 4 decades of attempts and failures to create digital money — below is a list of about 100 failed attempts:

PayPal is on that list — their original idea was cryptographic payments on hand-held devices. They were not able to execute on this idea, and survived by pivoting away from it. Many of the projects in the above table have a similar story of attempting to make something like bitcoin but coming up short. In hindsight we realize that their fundamental problem was that they tried to be a company in the first place. However, with each failure knowledge was gained, and the world came one step closer to digital money.

Many attempts to create digital money were spawned by the cypherpunk movement which originated in the 1990s along with the growth of the internet. Cypherpunks believed the internet would become a government surveillance apparatus unless defensive technologies were created.

Before governments implemented national firewalls, before social media websites were selling our personal data, before the NSA’s PRISM program,l and before big tech was systematically censoring political movements, the cypherpunks were at work anticipating this new world. They were able to anticipate it because of their uncommon intersection of various kinds of knowledge — including cryptography, computer science, Austrian economics and libertarianism.

Cryptography enables digital encryption, which removes the power of sovereign influence over the internet. However, an autonomous form of digital money is also required to have an economy free from government control. Digital money enables an encrypted online economy to freely transfer value and thus to freely organize in the digital world.

Here is a summary of the major events that ultimately lead to the creation of Bitcoin:

1. Public-key cryptography: Started in the 1970s and allowed for public keys to be used over insecure communication channels. Governments attempted to control this new technology by invoking the narrative that criminals will use it. They ultimately lost this battle and this technology is now part of the underlying security for internet communications. It is used in a wealth of modern technologies for encryption.
2. Digital signatures: Developed by David Chaum in 1989, who used it to found the company Digicash. This allowed an individual to produce a signature (like one on a check) that would prove they had a private key associated with a public key, without revealing the private key. This allowed people to anonymously verify that they are who they say they are. Chaum’s company, however, didn’t figure out a way to verify signatures without trusting a third party.
3. Digital scarcity: Since digital money is just bits on a computer, what was to stop someone from copying it? Money needs to be scarce to have fundamental value. In the real world, scarce things are few in number or are incredibly hard to find. Adam Back recreated this real-world problem using computational puzzles in his proposal for HashCash in 1997. Computers are good at math but there are some math problems that they can only solve by guessing. If you use big enough numbers, these problems can become extremely hard for computers to solve by guessing. By tying the creation of money with solutions to these hard math problems, digital money was made scarce. In Bitcoin this concept is called the proof-of-work consensus algorithm which requires computers, known as miners, to solve a computationally demanding puzzle to create new bitcoin. This makes bitcoin costly to create and thus scarce.
4. Blockchain: The concept of a blockchain can be traced back to a paper by Haber and Stornetta in 1991. The idea was for people to send different versions of a document to a server over time. The server would add a hash pointer to the prior document, a time stamp and a digital signature of the server to verify that it was in fact the server that signed off on this (i.e., verified it). This meant that the most recent version in the list had a link to its prior version, thus creating a chain between them all.
• A hash pointer is a hash function that hashes the prior document in a temporal list of documents. These functions compress large databases into strings of text for storage, and a single change in any part of the database would be reflected in the string of text. If each document created has a hash pointer to its prior version included, then any changes to its lineage would be apparent through a change in the hash pointer of the current document. Adding a time stamp to each document creates a temporal list, and then using a digital signature allows you to prove which server signed off on the document update. All of these measures combined produced a verified chain of information where any tampering with its history would be immediately apparent.

To recap, digital signatures create a verifiable method of confirming an identity digitally without disclosing it. This digital signature, when incorporated in a blockchain data structure, creates a temporally linked, immutable record of data. These technologies could be used to counteract problems native to digital money. However, the supply of that digital money needed to be scarce, and this problem was solved using computationally intensive puzzles (via hash functions) to regulate supply.

However, none of these advancements had found a way to resolve disagreement between nodes on the recorded ledger. Bitcoin resolved these final challenges. This may not make complete sense yet, but it will, so if you are confused please keep reading.

Bitcoin utilized digital signatures, the blockchain data structure and computational puzzles to successfully create, for the first time in history, decentralized digital money.

BITCOIN

Satoshi says he or she started coding Bitcoin around May 2007 and registered www.bitcoin.org in May 2008. In October 2008 he released the Bitcoin white paper and code. The Bitcoin network was up and running by the start of 2009. The first transaction was sent to Hal Finney and a community of cypherpunks began encouraging the use of bitcoin for peer-to-peer transactions.

The foresight of the cypherpunks is astonishing, and what they did took courage. Much of their quest to invent internet money was inspired by economists rooted in the Austrian school.

In 1984, Nobel laureate economist Friedrich Hayek stated:

“I don't believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can't take it violently out of the hands of government, all we can do is by some sly roundabout way introduce something that they can't stop.”

In 1999 Nobel laureate economist Milton Friedman stated:

“I think that the Internet is going to be one of the major forces for reducing the role of government. The one thing that’s missing, but that will soon be developed, is a reliable e-cash, a method whereby on the Internet you can transfer funds from A to B, without A knowing B or B knowing A.”

In 2008 this vision began its journey toward reality. Satoshi created decentralized digital money while standing on the shoulders of giants.

WHAT BITCOIN DOES

What bitcoin does is a separate question from why it is valuable. What makes bitcoin valuable is the network of people who have decided to use it. To understand why these people have decided to use it you need to understand how it works. This can be challenging, as Bitcoin’s technology is a confluence of technical concepts unfamiliar to most people.

The Bitcoin protocol allows you to send scarce money to anyone in the world. This ability sounds simple, but it is powerful. Call your bank right now and ask them to wire a significant amount of money to somebody in another country for you. Enjoy spending the next week trying to make that happen and subsequently getting tracked by the government. The ability to move large amounts of value within minutes over a digital network does not exist anywhere else.

You might ask, what about Paypal or Venmo or Cash App?

These are all trusted third parties, and trusting third parties has consequences.

• You have to play by their rules
• You have to tell them who you are
• You have to trust they will keep your information safe
• You have to give them control over your money

Let’s append “trustless” to my last statement: the ability to move large amounts of value within minutes over a trustless digital network is incredibly powerful. It is trustless because you don’t have to trust a third party. This is possible because it is a decentralized network which has no third party intermediaries and thus nobody can control it; more on this later.

In April 2020, $1.1 billion in bitcoin was moved in a transaction for a cost of 68 cents, and it was done in a matter of minutes. This was done cheaply and efficiently without the transactors having to play by anybody’s rules, tell a third party who they are, trust anyone with their information or give anyone control over it. No other payment system in the world can move that amount of value, for that price, in that amount of time, without oversight from a third party.

To understand how this is possible we need to get technical. I will keep this high level — you can check out my book for a more in-depth explanation .

ONE-WAY CALCULATIONS

Bitcoin uses hash functions (also called hashes) in a variety of ways throughout the protocol. In the simplest sense it allows us to produce one-way calculations — a calculation where if A*B=C you can only find A or B if you know them (e.g., if you have A and C you cannot divide them to find B).

In Bitcoin, your public key is C, A is your private key, and B is known by everybody.

1. A = private key: a random number you select.
2. B = this variable is public and known by everyone and never changes (in bitcoin it is called secp256k1 which you can read more on at the link).
3. C = public key: also known as your bitcoin address (but there is a small difference between the two).

One-way calculations work because they are dependent upon an unsolvable mathematical problem called the discrete log problem. In short, if you use finite field math over a field of an unfathomably large prime number then dividing for the solution is practically impossible. Much of modern cryptography rests on this unsolvable problem. If it is solved, most of our cryptographic systems will crumble. Computers could theoretically become fast enough to guess solutions through iteration (e.g., through quantum computing). However, this is very unlikely. To give you some perspective on this, the prime number used by bitcoin is 2256~ or 1077 digits long. The estimated number of atoms in the universe is 1080. A trillion computers doing a trillion computations every trillionth of a second for a trillion years is still less than 1056 computations.1

BITCOIN ADDRESSES AND DIGITAL SIGNATURES

Hash functions and digital signatures are used to create the basis of Bitcoin. They enable the creation of Bitcoin addresses. An address is where people can send and receive bitcoin to and a digital signature allows you to publicly prove you know the private key that unlocks your address without revealing it. To do this, Bitcoin uses the Elliptic Curve Digital Signature Algorithm (ECDSA) and below is a description of how this all ties together.

At a high level here is how the ECDSA works:

1. A private key is generated as a random number. A good source of randomness is critical for security purposes.
2. The private key is multiplied by a standard point on the Bitcoin elliptic curve to create a public key that can be shared without revealing the private key.
3. The public key is then hashed to create a bitcoin address. If your private key used a poor source of randomness, your address could have a security issue.
4. The ECDSA algorithm creates a digital signature from your private key. Using this signature and your bitcoin address you can now send bitcoin to other people on the network.
5. When you send bitcoin, every node on the network that hears about your transaction verifies your signature with your address and checks that you have at least as much bitcoin as you are attempting to send. If verification of your signature fails, or if the amount of bitcoin you own is insufficient, your transaction is dropped from the network.

TRANSACTION MECHANICS

In Bitcoin every transaction has an input and output. When you send bitcoin the input is how much is at your address, and the output is the amount you are sending to another address.

Assume Kanye West sends one bitcoin to Mike Tyson:

Bitcoin exists at addresses, which are potential inputs and outputs for any transaction to come. Bitcoin participants maintain a list of all bitcoin in existence at each address called unspent transaction outputs (UTXOs). This list is what network participants reference to confirm that Kanye had the one bitcoin he sent to Mike. After the transaction, Kanye’s address decreased by one bitcoin and Mike’s address increased by one bitcoin. Mike now has one bitcoin to spend which can be verified from the updated list of UTXOs.

THE BLOCKCHAIN DATA STRUCTURE

Bitcoin allows people to create transactions and if the transactions pass verification from other nodes they are aggregated into blocks. These blocks are linked together to form a blockchain. The blockchain is used as a ledger that cannot be changed.

Each block has a block header that includes information for easy verification of blocks between nodes.

1. All transactions are formed into a tree (merkle tree) and then combined and hashed until there is one hash left called a merkle root.
2. The previous block hash is a hash of the block header in the previous block.
3. The remaining categories are used in mining, to be discussed later.

This data structure links everything together which allows computers to quickly verify that the history of the Bitcoin ledger is consistent between one another.

So, all transactions are linked within blocks through a tree structure and the previous block hash links all blocks together forming a blockchain. Below you can see a block header that includes all the fields shown above as well as the size of the block and all the transactions in it.

Any change in a previous block will be instantaneously reflected in the current block because the previous block hash would change. This structure was implemented to quickly allow participants to understand that they are both working off the same history of bitcoin transactions. This is basically a method of version co

Bitcoin’s (BTC) dip below $29,000 on June 22 rocked the markets a handful of analysts to call for a potential drop below $20,000. 

Many traders on crypto Twitter were focused on the formation of a death cross on the Bitcoin chart as an omen for another potential drop in the price but analysts with a more contrarian point of view look at this chart pattern as a signal that it is time to buy the dip. 

The ultimate thread on #BTC deathcross and cycle data analysis

1) Historical #deathcross until #goldencross time (in days) + largest price swing since deathcross begins:
2011: 180 D, -59%
2014: 90 D, +83%
2014: 390 D, -63%
2018: 360 D, -55%
2019: 105 D, -29%
2020: 50 D, +66% pic.twitter.com/8JmbtnFLGJ

— venturefoundΞr (@venturefounder) June 17, 2021

Three reasons why some traders still see a bull case for Bitcoin include the appearance of the "spring” stage of the Wyckoff accumulation model, steady buying by long-term holders and the formation of a bear trap at the golden ratio that is similar to moves seen during previous bull runs.

The Wyckoff model says spring has arrived

The Wyckoff accumulation model has been all the rage amongst cryptocurrency analysts over the past month as the price action for Bitcoin has been tracking the pattern relatively closely since the May 19 sell-off.

Wyckoff Accumulation Model - Spring Test

Seems like a possibility. We just got the lower low at $28.8K ... If this model plays out we will now enter the final phase of the recovery back up. Lets see how it play out. #Bitcoin pic.twitter.com/stuWJRWWoL

— Kevin Svenson (@KevinSvenson_) June 22, 2021

As seen in the tweet above, Bitcoin’s plunge below $29,000 and the subsequent recovery above $32,000 has some analysts suggesting that the “spring test” seen in phase C of the Wyckoff pattern has been fulfilled. This would indicate that the bottom is in for the current correction and now begins the choppy climb higher.

If this turns out to be true, BTC would enter phase D, also known as the “markup phase” where a new uptrend is established and "pullbacks to new support offer buying opportunities” that are often seen as opportunities to buy the dip.

Related: Bitcoin drops below $36K as century-old financial model predicts big BTC crash

In phase D a breakout to new highs is expected as the cycle completes and prepares to potentially begin again once the move higher is exhausted.

Long term holders are still bullish

Another bullish sign cited by analysts is the steady accumulation by long-term holders.

If you’re scared, just remember what the #Bitcoin long term holders are doing right now. Don't let the vola flush you out, think long term.https://t.co/koCh7pfGf9 pic.twitter.com/bAba8DUWo2

— Yann & Jan (@Negentropic_) June 22, 2021

The Bitcoin long-term net holder position shows that investors actually began to reaccumulate back in late April and they began to significantly increase their activity in May as the price fell into the $30,000 to $40,000. On-chain data shows that these investors have continued to buy into the most recent dip.

This activity suggests that more experienced crypto traders are familiar with Bitcoin's market cycles and view the current range as a good level to open long positions when fear is high and the sentiment is low. 

The biggest rewards go to those who take the risk to buy an asset amid plunging prices and sentiment, and these are the types of situations where the contrarian traders thriv.

A bear trap lurks at the golden ratio

The third scenario some analysts are focusing on suggests that the current price movements have set up a bear trap that echoes a move seen during the last cycle which involves a pullback to the 1.618 golden ratio extension level which will then be followed by a breakout to new highs.

From this perspective, the market is currently in the awareness phase of the four psychological stages of asset bubbles. After the bear trap occurs, Bitcoin will enter the mania phase where widespread media coverage attracts the attention of new market participants who then chase the price to ever-increasing heights "based on the delusion that the asset will keep going up, forever.”

Previous calls for the possibility of Bitcoin reaching a price of $200,000 by the third or fourth quarter of 2021 by veteran trader Peter Brandt, who was far from alone in predicting its value to surpass the $100,000 mark this year, would suggest that the long-expected blow-off top is yet to come.

SOURCE:COIN TELEGRAPH

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

How are Bitcoin miners weathering the current storm?

The updated restrictions in China have put immense pressure on miners and Bitmain intends to help them out. According to the latest announcement, the world’s top bitcoin mining-rig maker halted sales of new equipment after Bitcoin collapsed nearly 46% since its peak in April.

Due to the influx of a large number of second-hand miners into the market recently, @BITMAINtech said that to relieve customer sell pressure, it will temporarily suspend the sale of spot machines. #Bitcoin #bitcoinmining

— 8BTCnews (@btcinchina) June 23, 2021

The company announced its decision on Wednesday and added that this step could help miners exiting the industry get better prices for their machines. Bitmain will continue to sell gear for future delivery of devices used to mine smaller altcoins.

Chinese journalist, Colin Wu confirmed the news and added that the company has also given a go-ahead for a full overseas transfer due to which some of the top-level executives were moving overseas. Well, Bitmain will not be the only mining-related business deciding to move out of China.

Earlier today, Canaan, one of the largest miner producers announced moving to Kazakhstan to continue mining Bitcoin. The company will continue to sell ASIC devices for miners but will be conducting its mining operations from Kazakhstan.

"Excited to share that we're expanding into crypto mining! Logical next step in enabling us to optimize our revenues, as well as strengthen our inventory management and supply chain capabilities.https://t.co/Yt0xETFdaE pic.twitter.com/BxqhYvEWgF

— Canaan (@canaanio) June 23, 2021

Kazakhstan, a Central Asian country neighboring China has been seen more mining-rig operators flood in. BIT mining stated that it has delivered 320 mining machines to the country and expected delivery of 2,600 more mining machined before 1st July.

According to the CEO of BIT Mining, Xianfeng Yang,

“We are accelerating our overseas development for alternative high-quality mining resources. We believe our vision and early-mover advantage will enable us to be agile in responding to the globally evolving regulatory environment.”

It was clear from the mining industry’s point of view that the Chinese authorities were keen on cutting off crypto and related businesses. Sichuan authorities have reportedly been ordered to shut 26 companies suspected to be involved in crypto mining activities. With the mining plants being shut and electricity cut off, mining rigs have almost no benefits to remain in China.

Interestingly, this fleeing population of miners may end up in Kazakhstan and the United States of America. BIT Mining revealed investing $35 million in crypto mining data centers in the two countries less than a week after China tightened regulations. With increasing mining operations, Kazakhstan has become the fourth largest bitcoin mining site with a 6% share in the global hash rate.

Source: Ambcrypto.com

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$3.6 Billion Bitcoin Scam: Founders of Crypto Investment App Africrypt Vanish With the Money

IN BRIEF

• The Africrypt founders siphoned investors’ funds by allegedly compromising their wallets and accounts.
• Investigation reveals that the fund transfer has been linked to the dark web.

Just at a time when investors are having a tough time navigating with the Bitcoin volatility, a new Bitcoin scam worth $3.6 billion has reportedly come to the surface in South Africa. Two African brothers and founders of the Cape Town-based crypto investment platform Africrypt have suddenly disappeared out of nowhere.

As reported by local publication Independent Online, the two directors of Africrypt – Ameer Cajee and his brother Raees Cajee – transferred Africrypt’s pooled from the platform’s South African account. They pooled these funds using Bitcoin on the blockchain and interestingly it all started in April 2021 when Bitcoin (BTC) was trading at its all-time high above $60,000.

The two investors then claimed that there’s been a breach of Africrypt’s payment systems and requested customers not to report the missing funds to the police. In nutshell, the two brothers compromised client wallets, accounts, and nodes completely.

The report notes that Hanekom Attorneys are currently investigating the matter. While unable to trace the Africrypt founders, they have further notified the matter to South Africa’s priority crime investigation unit, The Hawks. As per the investigation, the African employees lost access to the back-end platforms seven days before the hack.

South Africa’s FNB Bank Allegedly Enabled Transactions

As per the publication, South Africa’s FNB Bank enabled all transactions for the crypto investment platform Africrypt. However, FNB spokesperson Nadiah Maharaj has refused any kind of relation with Africrypt.

“FNB once again confirms that it does not have a banking relationship with Africrypt. Due to client confidentiality, FNB cannot provide any information on specific bank accounts,” Maharaj said.

Also, one of the topmost financial regulators in the country – the Financial Sector Conduct Authority (FSCA) – has said that the matter is currently out of its jurisdictions. Reportedly, the view of the FSCA was that there were no financial products and services provided by Africrypt.

While tracing the fund transfer through an independent investigation, The Independent Online reported that both the Cajee brothers have fled to the U.K. Before the alleged hack, an account transfer was done to the U.K.

Hanekom Attorney’s founder Darren Hanekom said that upon further investigation they found that the funds were linked to the dark web mixers and tumblers. The Hanekom attorney’s representing the defrauded investors noted:

“We were contacted by investors shortly after the Africrypt announcement and immediately became suspicious as the announcement implored investors not to take legal action.

In taking the matter forward, we requested our clients to provide copies of all relevant correspondence, their cryptocurrency wallet addresses and proof of payments.”

Source: Coingape.com

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A South African bank, Absa, has reportedly blocked use of its credit cards for users buying cryptocurrencies on international exchanges, according to one media report. The claims come after clients of the financial institution reported receiving a text message informing them of the suspension of online payments made to leading crypto exchange, Binance.

Binance’s Alleged Non-Compliance With South African Regulations

According to a Mybroadband report, Absa’s private banking contact center initially suggested that the new measures, which are believed to have gone into effect on June 18, 2021, were implemented because Binance “does not comply with regulations.”

Reports of Absa’s blockade of the overseas purchase of cryptocurrencies come just a few weeks after South Africa’s Intergovernmental Fintech Working Group (IFWG) published its new position paper on crypto assets. In this latest document, the IFWG recommended that South Africa should now consider regulating cryptocurrencies.

Meanwhile, Binance, which claims to be fully compliant with all current crypto regulations within the Africa region, has rejected the assertion that it is not. Instead, the crypto exchange suggests the blockade could be linked to the South Africa Reserve Bank’s foreign exchange rules. According to the report, Binance said:

The block to users transactions/cards could be related to [the] South African Reserve Bank [SARB] regulation and foreign exchange regulations.

Repatriation of Value via Crypto Prohibited

Indeed, on its webpage, the SARB confirms that cryptocurrencies are not legal tender and that its Financial Surveillance Department “is unable to approve any transactions of this nature.” The central bank also adds that the “repatriation of value to South Africa through crypto assets is not permitted as part of an individual’s single discretionary allowance and/or foreign capital allowance.”

Meanwhile, after previously saying its retail customers were free to partake in any cryptocurrency dealings with their credit or debit cards, an Absa spokesperson now says this is “not permissible in South Africa.” Nevertheless, the spokesman told Mybroadband that since its inquiry “is an industry matter, and not Absa-specific, we suggest that you approach the SA Reserve Bank for a more comprehensive view.”

At the time of publishing, Mybroadband said it had not received feedback from SARB on its inquiry.

SOURCE:BITCOIN NEWS

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U.S. Senator Cynthia Lummis said that she is “really excited” about the low price of bitcoin, and is planning to buy the dip. “As soon as it drops a little more I’m going to buy some more,” she said. The senator believes bitcoin is a great store of value.

Pro-Bitcoin US Senator Cynthia Lummis Plans to Buy the Dip

U.S. Senator Cynthia Lummis from Wyoming commented on the falling price of bitcoin on Tuesday in an interview with Fox Business. She was asked how she felt about bitcoin’s price falling to below $30K. The senator replied:

I’m really excited about it because as soon as it drops a little more I’m going to buy some more.

She then shared a story of another investment she made previously. “My favorite stock that I own is a company called United Rentals. I bought it and it dropped like a rock. I held onto it and … it has performed beautifully over the years for me. And I see bitcoin doing the same kind of thing because the fundamentals are good.”

Senator Lummis was also asked if she wanted any kind of regulation for bitcoin. “I do,” she affirmed. “I want to have a level playing field.” She elaborated that the rules should be simple and easy to understand for digital assets and cryptocurrencies, emphasizing that they should not be “overly restrictive because we want to see increased innovation in this space.”

Lummis revealed last year that she is a bitcoin holder and has been saying that the cryptocurrency is a great store of value. “I was struck by how innovative bitcoin is with its decentralized public ledger and a fixed supply,” she explained at the time.

The senator plans to convince her colleagues in Congress about the benefits of bitcoin. “I want to make sure everybody understands that this is a great store of value,” she previously said.

Senator Lummis is not the only one who plans to take advantage of the falling price of bitcoin and buy the dip. Microstrategy just purchased 13,005 bitcoins and Rich Dad Poor Dad author Robert Kiyosaki recently revealed that he is waiting for the BTC price to fall to $24K to buy some more coins.

SOURCE: BITCOIN NEWS

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China, once home to about 65% of the total Bitcoin (BTC) mining hash power, has given the boot to several miners in the country.

The country’s Bitcoin mining ban means miners have been forced to shut down their operations with some establishments already moving hardware overseas.

Tweeting on Wednesday, Kevin Zhang, vice president of crypto mining advisory outfit Foundry, said the mood among Chinese miners has grown sour, adding:

“Sentiment is obviously quite dreary and the reality is setting in that it’s GG for mining in China. Some mining friends have stuck around Sichuan since the Bitmain conference to drink their sorrows away. Now… 酒都不想喝了 — ‘not even in the mood to drink anymore.’”

According to Zhang, China’s Bitcoin ban has caused about 70% of the country’s mining capacity to shut down, and by the end of June, close to 90% will have gone offline.

For some miners, the ban goes beyond shuttering operations, as power stations in certain areas in the Sichuan Province have served eviction notices to Bitcoin miners. Affected miners reportedly have no more than a fortnight to uninstall all of their operating infrastructures including racks and containers.

As previously reported by Cointelegraph, some major Bitcoin miners have already begun to set up shop in other countries. BTC.com, the fifth-largest Bitcoin mining pool by hash rate distribution, is reportedly moving to Kazakhstan.

Related: Denied electricity, world’s 5th-largest mining pool leaves China for Kazakhstan

Earlier in June, Miami mayor Francis Suarez sent an open invitation to Chinese miners, offering the city’s cheap nuclear power and favorable regulations as incentives.

However, Zhang argued that the migration overseas for Chinese miners could be anything but seamless. With hosting capacities outside China reportedly oversubscribed, miners may have to deal with higher costs in other countries.

Moving to the United States might also present another major cost issue for miners on account of the 25% U.S. tariff on Chinese goods.

SOURCE: COIN TELEGRAPH

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Major Chinese cryptocurrency miner provider Canaan has posted an update on its crypto mining business in Kazakhstan amid an ongoing crackdown on Bitcoin (BTC) mining in China.

Canaan announced Monday that the company has rolled out its own crypto mining business in Kazakhstan using its latest Avalon Miner units.

The firm’s move to Kazakhstan comes as part of the company’s broader strategic plans in the country. Canaan previously opened its first overseas service center in Kazakhstan earlier this month to provide local customers with after-sales services like machine testing, warranty services, maintenance and technical consultations.

Canaan chairman and CEO Nangeng Zhang said that the firm’s debut of a self-operated Bitcoin mining business will help improve the company’s financial performance. “ As we integrate more industry resources into our operations, we believe this business segment will enable us to revitalize our mining machine inventory, shield us from Bitcoin volatility, and ensure our inventory sufficiency during market upturns,” he said.

Related: Chinese Bitcoin miners ‘not even in the mood to drink anymore’

In recent weeks China has been hardening its stance on crypto, with the government shutting down crypto mining operations in Sichuan, Yunnan, Xinjiang, Inner Mongolia and Qinghai. In response to the crackdown, a number of Chinese crypto mining operators have considered or have already relocated to other countries, with major mining pool BTC.com successfully relocating the first batch of its miners to Kazakhstan earlier this week.

Bitmain is reportedly moving overseas to continue its mining business. According to Chinese journalist Colin Wu, the firm announced a full relocation abroad on Tuesday.

SOURCE:COIN TELEGRAPH

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The downward trend in Bitcoin’s (BTC) price following its April all-time high might be worrying for first-time investors. Still, CoinShares chief strategy officer Meltem Demirors believes that most of the long-time holders are not selling, and this is a correction to weed out panic sellers. 

Speaking to CNBC, Demirors underscored that Bitcoin is here to stay, and after 200 days of crypto market expansion, it’s normal to have a price drop. “You can’t have a number go up forever,” she added, stating:

“What we’re seeing is a correction, a contraction, and a lot of what is getting shaken out is what we call the paper hands, the weak hands.”

“Paper hands” is a popular market term to describe an investor who can’t endure high financial risk and starts selling as soon as the asset price begins to drop. It’s the opposite of “diamond hands,” which simply means a pressure-resistant holder.

Reminding that the crypto market, excluding Bitcoin, is up 200% for the year, Demirors said that Bitcoin has always been a volatile asset class. “I’m not going anywhere even if we go to $20,000. Last March, we were at $3,000 for Bitcoin,” she said, adding that “we have to keep the context in mind.”

She said that many retail investors who didn’t do their research are selling, while long-term holders continue to wait. “If we look at on-chain activity, wallets that have been holding for a long time have actually been using this opportunity to accumulate,” she added.

Glassnode data confirms Demirors’ point. According to its data, Bitcoin addresses that do not sell the coins they accumulate have increased their holdings since April’s all-time highs.

Related: Bitcoin drops below $30K to 6-month lows: Watch these next price support levels

Demirors said that she expects to see consolidation at the current price level with the uncertainty at the macro scale. “There’s a lot of uncertainty around policies. There’s also a lot of negative headlines,” she reasoned.

Meanwhile, Bitcoin is heading for its worst quarter since the start of the 2018 bear trend, according to crypto data aggregator Skew. Data shows that Bitcoin is down nearly 46% for the quarter, the weakest quarter since Q1 2018.

SOURCE:COIN TELEGRAPH

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

Iranian authorities have confiscated about 7,000 cryptocurrency mining machines. The latest development is in line with Iran’s crackdown on illegal bitcoin mining activities.

• According to Reuters on Tuesday (June 22, 2021), General Hossein Rahimi, Tehran police chief, revealed that the computer miners were found at an abandoned factory in Iran’s capital, which was used to carry out illegal cryptocurrency mining activities.
• The latest seizure is the largest ever carried out by Iranian authorities. Back in January, the Iranian government confiscated over 1,500 unlicensed crypto mining farms. In the same month, authorities seized 45,000 bitcoin mining rigs.
• Iran’s cheap electricity has seen an influx of bitcoin miners to the country. A study by Elliptic, a blockchain and crypto analytic firm, showed that Iran accounts for over 4% of bitcoin mining.
• However, the government seems to have come down hard on the bitcoin mining sector, with various operations targeted at illegal BTC miners. According to Iran, bitcoin mining activities allegedly affected the country’s electricity supply.
• As reported by CryptoPotato in May, the Iranian government placed a temporary ban on BTC mining untill September 2021. The country earlier stated that it would fine miners using household electricity for bitcoin mining.
• While Iran is clamping down on illegal bitcoin mining activities, China is carrying out a nationwide crackdown on the sector. Regions like Xinjiang, Mongolia, Qinghai, and Yunnan have issued notices for miners to shut down operations.
• The clampdown on Chinese bitcoin miners has consequently led to a sharp drop in hashrate by nearly 50%. 

SOURCE:CRYPTOPOTATO

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

Cryptocurrency investors awoke to another round of price declines on June 22 after the price of Bitcoin (BTC) dropped to a 6-month low at $28,805. The dip below the crucial $30,000 level might appear to be a prime buying opportunity but data shows that institutional investors are continuing their longest selling streak since February 2018.

Data from Cointelegraph Markets Pro and TradingView shows the June 21 dip below $32,000 and recovery above $33,000 was just a precursor to Tuesday’s move which saw BTC hammered at the start of the trading day, reaching a low of $28,805 before bouncing back to $32,000 at the time of writing.

Ether (ETH)  also took a hit, dropping by 15% to a low of $1,700 after bulls failed to hold the $1,900 level. Unless a significant source of momentum emerges to help the market stage a turnaround, the current trend continues to be negative as evidenced by bears dominating Bitcoin’s $2.5 billion options expiry on June 25.

Warning signs provided by the data

While the price action on June 21 may have come as a surprise to many, numerous indicators hinted at the decreasing momentum and possibility of the price dropping further.

According to data from Glassnode, the number of active addresses on both Bitcoin and Ethereum have declined significantly from their highs in May, with active BTC addresses falling by 24% while active Ethereum addresses fell by 30%.

The drop in activity on the networks has led to an even more dramatic decline in the USD value settled on-chain, with the amount settled falling by 63% to $18.3 billion per day on Bitcoin and by 68% to $5 billion per day on Ethereum.

Declines in activity and value transacted on the networks can be interpreted as a drop in enthusiasm in general as investors who bought at the highs in April and May must now decide if they want to sell at a loss to avoid further the potential for further downside or hold with the hope that the market will eventually turn around.

China crackdown leads to panic

Another major source of the market downturn which has been building for weeks is China’s crackdown on cryptocurrency mining operations in the country. This has led to a substantial drop in the record hashrate to levels last seen in September 2020.

While the closing of a large number of Chinese mining farms and the resulting decline in hashrate is a negative development in the short term, Delphi Digital has taken the stance that “in the mid to long term, this should be viewed as healthy for the Bitcoin network as hash rate concentration risk is significantly reduced.”

According to Delphi Digital, the hash rate concentration in Chinese-based mining pools has been declining since China began its crackdown on mining, allowing smaller pools to grow “their share from 30.81% to 37.96% over the last 30 days.”

In addition to the clampdown on mining, China has also reiterated that banks should not be supporting crypto-focused over-the-counter businesses, which led to “panic among Chinese miners and investors," leading to a significant decline in the supply of BTC held in miner addresses.

With China unlikely to change its current course of action regarding cryptocurrencies anytime soon, investor uncertainty and choppy price action are likely to continue in the short term.

SOURCE:COIN TELEGRAPH

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Bitcoin’s price has dropped below the $33000 level a few times this week. Besides, Bitcoin’s social sentiment is at its lowest since the beginning of the bull run in 2020. Historically, this has been considered the ideal time to buy the dip, accumulate, when the crowd has turned against Bitcoin. Based on the social volume, a price rally follows a dip in social volume, and peaks correspond with dips.

Bitcoin Weighted Social Sentiment vs Price| Source: Twitter

This may be the best time to buy based on the Bitcoin Weighted Social Sentiment. The trend that has emerged in the first bull run of 2020 continued into 2021. Besides, metrics like HODLer composition support the narrative of buying Bitcoin in the current dip. Though the % of large investors holding Bitcoin has dropped considerably, the percentage of profitable investors has gone up. At the current price level, 68% HODLers are profitable and the concentration is increasing in large wallets. As this number increases, the % of HODLers profitable below the $32000 level is increasing as well.

The percentage of HODLers that bought Bitcoin at this price level is high. This includes institutional investors, retail traders, and HODLers. So what choice does the retail trader have? You either buy the dip and accumulate till the price rallies above the $35000 later this week or you short Bitcoin and book profits from shorting. Both choices are profitable unless the trader sells Bitcoin bought at a higher level, in an attempt to replace it with altcoins and DeFi projects in their portfolio.

That may be a profitable choice in the long-term since that there may be an altcoin rally later this summer, however, selling Bitcoin holdings at the profit is the only choice that leads to an immediate loss. Based on the fear and greed index, currently, there is extreme fear in the crypto market. Based on the ROI and the timeline of ROI, the recent dip is the ideal time to accumulate, supported by the social volume, dominance, and the crypto fear and greed index

SOURCE:AMBCRYPTO

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

• Bitcoin price falls below $30K to record a new 5-month low, losing key support level.
• BTC would need to hold $28K to $28.5K support to avoid a further slip towards $20K.
• Bitcoin price slipped below $30,000 for the first time in 2021 recording a new 5-month low of $29,469 earlier today. The market sell-off has led to the top cryptocurrency losing its key $30k support, which it has held for more than 6-weeks. The current market sell-off is being attributed to the continuous crypto crackdown by Chinese authorities.

  

  After losing the key support of $30K, BTC would need to hold on to an immediate support range of $28,000 – $28,500, failing which the next key support area would be around $24,000 following which it might fall to $20K levels. The top cryptocurrency has already lost 54.33% from its ATH of $64,863 and the current bearish sentiment could push it further down.

  Analysts believe if the top cryptocurrency doesn’t bounce back above $30K soon, the week could get bloodier for the crypto market. With the Bitcoin death cross already in play, the market sentiment is currently being dominated by the bears.

  #Bitcoin update: Decisive break of the flag. Now battle for potential double bottom.
  Red lines outlined are potential support areas. pic.twitter.com/QgFoFH34Tj

  — Sven Henrich (@NorthmanTrader) June 22, 2021

  The Silver Lining to the Current Market Sell-Off

  The current market sell-off being triggered by the Chinese crackdown has a silver lining, as per Bobby Lee the CEO of Ballet Bitcoin wallet, the crypto market has historically bounced back from the sell-off phase which to many seemed like an end of the road to the bull run. Comparing the Chinese crackdown in 2017, Lee highlighted that the authorities had put a similar ban in August 2017, but the crypto market bounced to new highs in November 2017 against all odds.

  Mike Novogratz, the CEO of Galaxy Digital said the recent sell-off presents a perfect buying opportunity and believes the market is more mature at present than ever before. He also advocated for regulations as they could help in bringing more institutions to Bitcoin.

  
  

  "The ecosystem is so much more mature," said billionaire investor @novogratz on $BTC's volatility. "I think a lot of clients who didn't buy it the first time will see this as an opportunity to get involved." pic.twitter.com/wzPzw17UJ9

  — Squawk Box (@SquawkCNBC) June 22, 2021
• 
  
• SOURCE: COIN GAPE

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

• 
  

Bitcoin, trading right now at around $32,000, is down 9.4% in the past 24 hours and 20% in the past week, according to Nomic. It's even down 2% since the beginning of the year. Ethereum, the second-biggest cryptocurrency by market cap, has fallen 12.5% in the past day and nearly 24% in a week. And even buoyant meme currencies are in decline, with Dogecoin shedding 33% of its value in 24 hours.

Do these drops mean that we’re heading into another crypto winter? Experts have responded with a resounding “maybe.”

Today, Ki Young Ju, CEO of CryptoQuant, which provides data for investors, tweeted that the Bitcoin bear market “was confirmed” because big investors (known as whales) were sending their investments to exchanges.  

He later told Decrypt that “when whale inflow prevails, the market is likely to be bearish historically” but added that perhaps it was “more like a series of corrections that would last a few weeks.”

Analyst Alex Kruger agreed, telling Decrypt today that what we are witnessing is “definitively a bear market.” He noted: “Only positive thing on the horizon is the fact that everyone is extremely bearish,” and that “it could be worse.” Though he did add that there was “no single definition of what constitutes a bear market”—a point that Charles Bovaird, vice president of content at Quantum Economics also made.

Pedro Febrero, head of blockchain at crypto fantasy marketplace RealFevr and analyst at Quantum Economics, on the other hand, believes it's too early to say whether the bear market was here. “I don't think so,” he told Decrypt. “At least not yet. Give it a few weeks, let's see.”

The crypto market has taken a beating since last month when it suffered its worst pullback in history: $500 billion was wiped off in a flash. Since then Bitcoin and other cryptocurrencies have suffered. Yet some analysts have remained positive and told Decrypt that the price correction was actually overdue. Fred Pye, the CEO of Toronto-based cryptocurrency exchange-traded fund (ETF) 3iQ, said that Bitcoin’s massive gains over the last year were “not humanly unsustainable.”

BTC

-5.25%$32,710.56

24H7D1M1YMAX

May 23May 27May 31Jun 4Jun 9Jun 13Jun 17Jun 21$30000$32500$35000$37500$40000$42500

BTC Price 

Buy Bitcoin

But Bitcoin has continued to gradually dip ever since, with some investors selling their holdings. 

Despite this, lots of money is still being poured into this space. Matt Aaron, co-founder of UniWhales, an app that tracks big DeFi transactions, told Decrypt that the crypto industry is looking more like the internet in its early stages, and that it was too difficult to know about which way the market was going.

“We’re used to it [the market] going violently up and down—extreme volatility," he said. "But if you look at the internet growth after 2001, with real world adoption, which we are closer to now than ever, maybe it will be more like that, going up gradually, year after year."

SOURCE:DECRYPTDECRYPT

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Bank of Israel deputy governor confirms digital shekel pilot is underway

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Despite the pilot, the central bank's deputy governor said he was apprehensive about launching a full-scale CBDC in Israel, and referred to Bitcoin as a "pyramid scam."

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The Bank of Israel has reportedly already issued a central bank digital currency through a pilot test of a digital shekel.

According to a Monday report from the Jerusalem Post, Bank of Israel deputy governor, Andrew Abir, said the financial institution had started to conduct a pilot program for a digital shekel. Speaking at a conference of the Fair Value Forum of IDC Herzliya, Abir added that he was not optimistic about the bank issuing a central bank digital currency, or CBDC, despite the fact he confirmed a pilot test was underway.

“I had previously estimated that the chance of having a CBDC within five years is 20%,” said Abir. “My estimate has increased a bit in the last year, mainly because other countries are advancing with it too, but still there is less than a 50% chance.”

The Bank of Israel has made no formal announcement on its website regarding the issuance of a digital shekel at the time of publication. Last month, the financial institution said it was preparing an action plan to explore the benefits of a CBDC on the Israeli economy, adding it would be prepared to do so should the benefits "outweigh the costs and potential risks."

Related: Israel's central bank floats possible digital shekel with new action plan

At the time, the central bank said it may consider issuing a CBDC if such meets the needs of the future digital economy and provides more efficient cross-border payments. Bank of Israel also hopes to reduce the use of cash and ensure the public can make payments with "a certain level of privacy."

“The option for a CBDC is still being examined, and when we made our statement last month, it was not to say what we are doing, but rather to share what we do not know and receive feedback from the public,” said the deputy governor. He added that the country’s banks “will still have an important part in the entire payment system” following any potential rollout of a digital shekel.

Despite his seeming willingness to eventually integrate a CBDC in the country’s economy, Abir criticized Bitcoin (BTC) as a means of paymen:

“What we are talking about is a payment system. Bitcoin is not a payment system, and it is not a currency. In the best situation, it is a financial asset, and in the worst case, it is a pyramid scam.”

Israel’s central bank begin exploring the introduction of a CBDC four years ago with the establishment of an interdepartmental group tasked with exploring the matter. In 2018, the team recommended against the Bank of Israel issuing a digital currency, saying "no advanced economy has yet issued digital currency for broad use."

SOURCE:COIN TELEGRAPH

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Existing Indian law could impose 2% levy on crypto bought from offshore exchanges

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Existing law in India could mandate a 2% levy on cryptocurrency purchases from offshore-based exchanges servicing India’s market.

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According to local sources, the Indian Government’s 2% “equalisation levy” could be extended to crypto-assets purchased from off-shore exchanges.

According to a June 22 report from Economic Times, analysts are inferring that existing law could require a 2% levy to be added onto the settlement price of crypto bought from overseas-based crypto exchanges operating in India’s market.

The equalisation levy was first introduced by the government in 2016, imposing a 6% tariff on payments for e-commerce supply and services to non-resident companies without a permanent establishment in India.

However, the equalisation levy was updated in mid-2020. Now dubbed the “Google Tax,” the updated legislation imposed a 2% tax on services provided by off-shore e-commerce operators conducting business in India, with tax experts inferring that the tariff may also apply to foreign-based crypto exchanges servicing Indian customers.

“The way the new equalisation levy is worded and defined, it appears that it will also be applicable on cryptocurrency bought from an exchange not based in India,” Girish Vanvari, founder of tax advisory firm Transaction Square, told Economic Times. He added:

“The levy is on the selling price and companies may be required to add this to the cost of the crypto assets.”

Amit Maheshwari, tax partner at tax consulting firm AKM Global, argued it would be difficult for India’s government to impose a 2% levy without first establishing a broader regulatory apparatus addressing crypto assets, stating:

“In the absence of any guidelines on the treatment of crypto assets, there is ambiguity in how these would be treated under the tax laws and FEMA (Foreign Exchange Management Act).”

The regulatory status of crypto assets has long been a contentious issue, with Cointelegraph reporting on June 16 that the Indian government is reviewing whether to introduce a bill banning crypto outright, with some officials arguing digital assets should be classified as an alternate asset class. 

Related: Lawmakers should treat crypto like gold or real estate: Indian tech magnate

The Reserve Bank of India (RBI), appears to have maintained its anti-crypto stance, with RBI Governor Shaktikanta Das stating the central bank has “major concerns” regarding cryptocurrency that it has conveyed to the government.

In March 2020, India’s Supreme Court repealed the RBI’s two-year prohibition on local financial firms providing banking services to businesses operating with crypto assets.

SOURCE:COIN TELEGRAPH

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Stablecoin inflows to exchanges dip as traders watch Bitcoin from the sidelines

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Stablecoin inflows to exchanges dip as traders watch Bitcoin from the sidelines

Stablecoin inflows to exchanges tapered off as investors turned bearish on Bitcoin, but a surge in USDC minting could be a signal of upcoming regulation.

The growth of stablecoin's market cap and circulating supply has been one of the best indicators for attaining a general pulse on how participants in the market are feeling during bullish and bearish times.

Monitoring the Tether (USDT) treasury for large issuances was a common tactic used by analysts and traders to position themselves for a possible pump in the price of Bitcoin (BTC) and altcoins and previously this has been a good source of alpha for those willing to take a risk.

USDT circulating supply. Source: CryptoQuant

A closer look at the data provided by CryptoQuant indicates that a seismic shift in the makeup of the stablecoin market may be taking shape as USDT issuance has begun to stagnate while the circulating supply of competitors like USD Coin (USDC) has resumed its uptrend over the past week.

When looking at the exchange inflows and reserves of each individual stablecoin, there has actually been an increase in USDC deposited onto exchanges while the amount of USDT has declined, leading to the plateau seen in total stablecoin reserves held on exchanges.

USDC circulating supply. Source: CryptoQuant

This is significant because Tether printing has historically been the impetus for major market moves, but its continued legal challenges and questions regarding assets held in reserve have made holding the token more of a liability as regulators increasingly crackdown on the wild west nature of the cryptocurrency market.

All stablecoin reserves on exchanges. Source: CryptoQuant

As seen on the chart above, while the circulating supply of stablecoins was on a steady rise through the first five months of 2021 and accelerated somewhat as the market sold-off in May, issuance came to a standstill at the beginning of June as the reality set in that a bearish trend had taken over the market.

There was also a spike in the stablecoin inflow transaction count that occurred on May 29, just as the stablecoin supply was peaking, which was followed by a brief increase in the price of BTC to $40,000 before another wave of selling dropped the price back below $34,000 and stomped out any building momentum.

All stablecoins inflow transaction count to exchanges. Source: CryptoQuant

Since then, stablecoin inflows to exchanges have fallen to the lowest level since October 2020. The Crypto Fear and Greed Index also registers "extreme fear", backing up the argument that there is a lack of demand from retail and institutional level investors.

Cryptocurrency fear and greed index. Source: Alternative.me

Stablecoin inflows rise as BTC approaches $30,000

While the month of June had seen a dry spell of stablecoin deposits onto exchanges, the drought may have come to an end on June 21 as a drop in the price of BTC below $33,000 appears to have enticed stablecoin holders to consider buying the dip.

#Bitcoin some signs of life, stablecoin floweth in.
Shh don't say anything, you'll scare it away! pic.twitter.com/HrWtizpKJO

— Tempting Beef (@tempting_beef) June 21, 2021

Further evidence of activity for USDC has been provided by Whale Alert, a well-known Twitter bot that posted numerous updates about USDC minting and transfers on June 21 as the crypto market experienced another round of selling.

76,672,444 #USDC (76,672,444 USD) minted at USDC Treasuryhttps://t.co/v4OLyuuJE2

— Whale Alert (@whale_alert) June 21, 2021

Typically, stablecoin inflows are viewed as bullish, a recent newsletter from CryptoQuant offered a word of caution because similar spikes in stablecoin issuance in the past were followed by a prolonged period of sideways trading or price declines.

All stablecoin issuance events. Source: CryptoQuant

CryptoQuant said:

“After the bottom of the last bear market (2018-2019) we saw a steady rise in issuance events. At the top (June 28, 2019) of this bullish period there was a large issuance event (the two big spikes in July-August 2019 are due to USDT ETH issuance). It looks like the same is happening right now.”

Related: Institutional selling of crypto reaches longest streak since Feb 2018

This data serves as a warning that not all stablecoin issuance is a predictor of Bitcoin price rising because there are a number of factors that could account for mintings, such as institutional investors buying USDCfor a future purchase, or even altcoin and DeFi protocols preparing to integrate USDC pairs.

In the long run, this shift has the potential to be beneficial for the crypto sector as audited projects like USDC are deemed more legitimate in the eyes of governments and regulators, but the sheer size of USDT's $62.67 billion market cap and its ubiquity across crypto exchanges means that any attempt to de-Tether will likely bring pain to the market.

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Source: Cointelegraph.com

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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What is the Bitcoin ‘Millionaire Tier’ signaling?

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What is the Bitcoin ‘Millionaire Tier’ signaling?

Over the past month, Bitcoin’s price has oscillated between the $31k to $45k range, inclining more towards the lower end of the range. The markets desperately needed whales to step in and do some heavy lifting. These market players lived up to the expectations and an interesting trend can be observed over the past few days. 

Bitcoin whales have been piling up their holdings for quite some time now. Data aggregator Santiment highlighted,

“Bitcoin addresses holding between 100 to 10,000 BTC have accumulated 90,000 more BTC in the last 25 days.”

Source: Santiment

90,000 BTC! That’s quite a massive number, isn’t it? However, the tale doesn’t end there. These whales now hold a 7-week high of 9.11 million BTC in aggregate, and that’s currently worth $366.89 billion. The same also accounted for 48.7% of the total Bitcoin supply.

Miners, on the other hand, have also been accumulating their coins. On 16 June, weekly Bitcoin outflows from miners dropped to a five-month low of $1.7 million. The number of addresses holding less than one BTC has also doubled over the past two-and-a-half years and now comprises almost 5% of the supply.

The accumulation has only accelerated with time and the same can be split into four phases, as indicated in the chart below. However, as pointed out in recent analysis, it should be noted that Bitcoin’s accumulation phase is almost over, (for the short term at least). 

Source: Glassnode

Despite the ongoing ‘buying’ trend, a few whales have also been cashing out their holdings. Nonetheless, a majority of them still continue to hold and accumulate further. Even though the whales and other market participants have been on a buying spree, the price of Bitcoin did not substantially pump up. One may wonder, why? 

Are the whales sending out a signal – a price rise signal? Are these large players still clinging on to their holdings with the desperate anticipation of an uptrend? Well, maybe yes maybe no. At least for the short term, Bitcoin’s price is set to oscillate in the $33k to $42k range. 

As far as holdings are concerned, BTC is currently quite “cheap” according to Pantera Capita’s Dan Morehead, and this is the best time for investors to “buy” and settle in. At press time, the largest crypto was trading below the $35,000 level. 

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Source: Ambcrypto.com

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Financial Advisor Ric Edelman Sees 'Tremendous Investment Opportunities' in Bitcoin

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Financial Advisor Ric Edelman Sees 'Tremendous Investment Opportunities' in Bitcoin

Financial advisor Ric Edelman, founder of Edelman Financial Engines and RIA Digital Assets Council, has recommended having bitcoin in investment portfolios despite the cryptocurrency’s volatility. “This is totally new and different and it’s the first genuinely new asset class in about 150 years,” he said, emphasizing that “It has tremendous investment opportunities.”

Ric Edelman Sees Benefits of Having Bitcoin in Portfolios

Ric Edelman talked about bitcoin and cryptocurrency investments in an interview with Yahoo Finance last week. He founded Edelman Financial Engines and RIA Digital Asset Council. He is also the author of several personal finance books and the host of a weekly personal finance talk radio show called The Ric Edelman Show.

Edelman explained that “most financial professionals,” who have been in business a long time and are “very successful, very talented, and experienced,” are missing out on opportunities from the new asset class because they do not have a good understanding of cryptocurrency, like bitcoin. “The more talent you have, the more professional designations, the more college degrees in this space you have, the more difficult it is to get your head around bitcoin.”

Noting that he uses “bitcoin as a proxy for all digital assets,” the financial advisor emphasized, “It’s important to recognize this is a completely new and different asset class that doesn’t have anything in common with anything else we’re familiar with: stocks, bonds, real estate, oil, gold, commodities.” He further opined:

This is totally new and different and it’s the first genuinely new asset class in about 150 years … It has tremendous investment opportunities.

Regarding how one should invest in bitcoin, Edelman said, “It’s time to get off zero.” He stressed: “We need to recognize that bitcoin and digital assets are non-correlated assets” to traditional investments, like stocks and bonds, making them an “ideal addition to a diversified portfolio … You lower the risk while giving yourself the opportunity to improve returns.”

Recently, famed hedge fund manager Paul Tudor Jones also said that he likes bitcoin as a portfolio diversifier. He recommends putting 5% of portfolios in the cryptocurrency.

Edelman acknowledged that bitcoin’s price is volatile and unpredictable. However, he sees enough upside potential in a 1% or 2% allocation in most portfolios. “This can be a materially beneficial way to improve your overall returns over the long term,” he detailed, emphasizing that “it does not take much to have a material impact on your investment portfolio.”

The financial advisor also commented on non-fungible tokens (NFTs) and central bank digital currencies (CBDCs). He said blockchain technology, digital assets, NFTs, CBDCs, and tokens are “the most impactful commercial innovations since the development of the internet itself.” He exclaimed: “This is huge. It’s going to have a tremendous impact on global commerce.”

Source: News.bitcoin.com 

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Basketball Players in Canada to Be Paid in Bitcoin

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CEBL, the Canadian men’s basketball league, will offer its professional basketball players the option to receive a portion of their salary in cryptocurrency. The new payment option has been enabled through a partnership with the Canadian cryptocurrency exchange Bitbuy.

Bitbuy to Convert Canadian Dollar Salaries Into Bitcoin

The Canadian Elite Basketball League (CEBL) announced the deal with Bitbuy days before the start of its third season, on June 24. The league, which was founded four years ago, launched in 2019 with six teams, all of them owned and managed by the Canadian Basketball Ventures group. It now says the crypto partnership will be the first of its kind for any professional sports league in North America. CEBL Commissioner and CEO Mike Morreale commented:

Our partnership with Bitbuy speaks to our commitment to players, and also to our forward-thinking approach to how we go about our business. We appreciate Bitbuy’s investment in helping us further grow Canada’s official national pro basketball league.

With the help of Bitbuy, the basketball players will be able to opt-in to receive a portion of their salary in bitcoin (BTC). The trading platform will convert the Canadian dollar payments into cryptocurrency and deposit the digital coins to the players’ personal crypto wallets. The exchange, which has more than 300,000 users in Canada, will also become an official sponsor of the league as part of the agreement with the CEBL.

Basketball Players Ask for Bitcoin Salary Option

According to Charlie Aikenhead, VP of Marketing at Bitbuy, the partnership represents a significant shift in how athletes are thinking about compensation. “We’re excited to help the CEBL’s players protect their long-term wealth by getting paid in Bitcoin,” he added, emphasizing that the crypto company is proud to support homegrown Canadian sports.

The cooperation between Bitbuy and the CEBL comes in response to basketball players voicing interest in crypto payments to the league’s management. They referred to the case of NFL’s Russell Okung who last year became the first professional athlete in North America to be paid in bitcoin. In December, the Carolina Panthers offensive lineman announced he would be getting half of his 13 million-dollar salary in BTC, as Bitcoin.com News reported.

Guelph Nighthawks’ guard Kimbal Mackenzie, who will be among the first CEBL players to receive remuneration in crypto, was quoted in a press release as saying:

The opportunity to be paid in bitcoin is something I’m incredibly excited about. I believe cryptocurrency is the future.

Mackenzie thinks this is an investment that will appreciate greatly over the next decades and insists that his decision was a no-brainer. The crypto salary option, in his view, also highlights that the CEBL is one of the top professional sports leagues in the world.

Cryptocurrency prices have increased significantly over the past year as both individual investors and companies sought to protect their funds in uncertain economic times due to the global pandemic. BTC, the crypto with the largest market capitalization, reached a record high of over $63,000 in April. It has since dropped to below $40,000 per coin and is currently trading between $35,000 and $36,000 on Saturday.

SOURCE:BITCOIN NEWS

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Indian Rapper Raftaar to Be Paid in Cryptocurrency for Upcoming Performance in Canada

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Indian rapper Raftaar is reportedly accepting cryptocurrency for his upcoming performance in Canada. “Nevertheless, I’ve finally taken the baby steps in this direction and all the credit goes to my manager, Ankit Khanna for making this dream a reality for me,” Raftaar said.

• Raftaar, an Indian rapper, lyricist, dancer, TV personality and music composer, made headlines this weekend for being the “first Indian artist to accept performance fee in cryptocurrency.” Raftaar’s real name is Dilin Nair.
• The performance for which Raftaar will be paid in cryptocurrency is a one-hour virtual event in Ottawa, Canada, for a private group of about 100 people. It is scheduled for the second week of July.
• “I’ve always been an ardent admirer of blockchain technology. I’ve always wondered why artistes and managers alike haven’t explored the potential of this disruptive medium,” Raftaar opined. “Nevertheless, I’ve finally taken the baby steps in this direction and all the credit goes to my manager, Ankit Khanna for making this dream a reality for me.”
• The rapper did not mention which cryptocurrency he will be paid in, however.
• Khanna, Raftaar’s longtime business partner and manager, commented: “In my opinion, music will be one of the first industries to be completely and thoroughly disrupted through the blockchain. The artist can now go directly to the public in every single way without the need of middlemen.”
• Meanwhile, the Indian government has yet to announce its policy on cryptocurrency. A bill that seeks to ban cryptocurrencies, such as bitcoin, was scheduled to be introduced during the budget session of parliament but was not. There are now reports that the government is re-examining the proposals in the bill and is setting up a panel of experts to come up with new recommendations. 

SOURCE:BITCOIN NEWS

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Crypto Industry Has Paid $2.5 Billion in Fines Since Bitcoin Inception

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Regulators in the United States have imposed fines of $2.5 billion on the cryptocurrency industry since Bitcoin’s founding.

The Securities and Exchange Commission (SEC) is responsible for issuing a majority of these fines according to analysis from Elliptic. Their penalties amounted to $1.69 billion. The Commodity Futures Trading Commission (CTFC) came in second with fines amounting to $624 million. Most companies incurred these penalties by offering unregistered securities or defrauding investors.

The influence of penalties

The majority of the penalties were paid last year, when Telegram settled SEC charges for violating federal securities laws. As part of the settlement, Telegram agreed to return more than $1.2 billion to investors. They also paid an additional $18.5 million civil penalty. Ultimately, Telegram neither admitted to nor denied any wrongdoing.

While the CFTC  has emerged as a major force imposing fines as well, local regulators are also flexing. For instance, earlier this year Tether (USDT) and crypto exchange Bitfinex reached a settlement with the New York State Attorney General. The agreement required Tether and Bitfinex to cease trading activity with New Yorkers, and pay $18.5 million in penalties. 

Co-founder of Elliptic Tom Robinson notes that these fines are playing a role in helping to shape crypto regulation. He highlights the use of existing laws to limit and penalize illicit use of crypto assets, which can set precedents. “These penalties have not slowed down the crypto industry – in fact, they have helped it to grow,” Robinson said. “They provide comfort to consumers, and regulatory clarity to businesses.”

Overseas targets

Meanwhile, Robinson expects regulators to target overseas exchanges. For instance, the Internal Revenue Service and the Department of Justice recently issued probes investigating Binance. The world’s largest cryptocurrency exchange has also come into the crosshairs of European regulators for its stock tokens.

Robinson also emphasized how ransomware attacks are also honing regulators’ capacities to investigate exchanges. As ransoms paid out to cybercriminals are often cashed out at these exchanges, they leave an immutable digital paper trail. For example, $2.3 million was recently recovered from the Colonial Pipeline ransomware attack.

SOURCE:BEIN CRYPTO

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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400+ Miners Seized in Venezuela Due to Lack of Permits

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Authorities seized more than 400 Bitcoin miners in Venezuela this weekend in two major confiscations. Local reports indicate military personnel seized 332 miners from a transport truck. In another procedure, authorities seized 72 miners hidden in a house. These activities resulted in the apprehension of four individuals. Mining in Venezuela is perfectly legal, but it requires permits and licenses from Sunacrip.

400+ Miners Seized

Authorities in Venezuela seized more than 400 mining machines last weekend in two separate events. In the first, 332 miners were seized at a control checkpoint in the Portuguesa state: 56 Inosilicon T2s, 136 Antminer S9J-14.5Ts, and 140 Aladdinminers. These miners were being transported from one city to another in a truck. The authorities also apprehended the truck holding the cargo.

In another event, authorities seized 72 miners hidden in a home located in Barinas state. Military personnel captured three individuals present at the time. All of the miners seized were found to belong to a criminal organization, reports note. The seized miners are now in possession of Sunacrip, Venezuela’s national cryptocurrency watchdog.

This is not the first time such massive seizures have happened in the country. Authorities also seized 499 Bitcoin miners in the Barinas state five months ago. Military personnel, tipped off by documentation inconsistencies, further seized 76 miners last April.

Lack of Licenses and Permits

While there have been horror stories regarding bitcoin mining in Venezuela, the activity is technically legal. However, this does not mean police and the military play nice with miners.

According to reports from the authorities, the miners lacked the necessary permits to both operate these machines and transport them. Sunacrip, the national cryptocurrency watchdog, issues these permits, and miners need to register their activities and machines with the organization.

Still, some miners prefer to go underground and mine without permits to avoid government oversight. In certain mining communities, there is still a lack of confidence in institutions that makes them avoid registering to remain anonymous. While there are no official numbers, some estimate that most miners still lack these licenses and are prone to face these regulatory problems.

Since the launch of the Petro in Venezuela, the first national cryptocurrency, the government of Nicolas Maduro is attempting to present a friendly face towards cryptocurrency. But on the mining side of the equation, some miners are still hesitant about the idea of operating openly.

SOURCE: BITCOIN NEWS 

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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CANADIAN BASKETBALL LEAGUE TO PAY PLAYERS IN BITCOIN

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The Canadian Elite Basketball League will allow players to receive portions of their salaries in bitcoin, through a partnership with Bitbuy.

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The Canadian Elite Basketball League (CEBL) announced that it will allow its players to receive a portion of their salaries in bitcoin through a partnership with Canadian bitcoin exchange Bitbuy.

“Some of the best players outside the NBA, and some with NBA experience, have joined our league because we make player-first decisions,” said Mike Morreale, the commissioner and CEO CEBL, per the announcement. “Our partnership with Bitbuy speaks to our commitment to players, and also to our forward-thinking approach to how we go about our business. We appreciate Bitbuy’s investment in helping us further grow Canada’s official national pro basketball league.”

According to the announcement, the services provided by Bitbuy will encourage bitcoin self custody. The Canadian exchange will work with the CEBL to convert the players’ Canadian dollar-denominated salaries into bitcoin and help them receive BTC in personal wallets. Additionally, Bitbuy, which has over 300,000 customers, will also become a league sponsor through the partnership.

“We’re proud to support homegrown Canadian sports, and to partner with the league on this first-to-market initiative,” said Charlie Aikenhead, vice president of marketing at Bitbuy, in the announcement. “We think this represents a significant shift in how athletes are thinking about compensation, and we’re excited to help the CEBL’s players protect their long-term wealth by getting paid in bitcoin.”

The partnership was triggered following players in the league voicing interest in getting paid in bitcoin after NFL player Russell Okung became the first professional sports player in North America to receive a portion of his salary in bitcoin. Since then, a trend has formed, with numerous famous players also asking for BTC instead of dollars. In the CEBL, Guelph Nighthawks guard Kimbal Mackenzie will be one of the pioneers to opt-in and protect their purchasing power with bitcoin.

“The opportunity to be paid in bitcoin is something I’m incredibly excited about,” Mackenzie said, per the announcement. “The ability to have part of my salary go directly into an investment that I believe will appreciate greatly over the next 10 to 30 years is a no-brainer. The CEBL continues to provide us as players with forward-thinking opportunities, and the option to be paid in bitcoin further highlights that they are one of the top leagues in the world.”

SOURCE:BEIN CRYPTO

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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MICROSTRATEGY BUYS 13,005 BITCOIN FOR $489 MILLION, NOW HOLDS OVER 105,000 BTC

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MicroStrategy has acquired 13,005 additional BTC for $489 million, now holding an aggregate of 105,085 bitcoin.

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MicroStrategy announced that it has acquired 13,005 additional bitcoin for approximately $489 million in cash, at an average price of around $37,617 per bitcoin, including fees and expenses. The company, headed by Bitcoin bull Michael Saylor, now holds 105,085 bitcoin, acquired at an average purchase price of about $2.741 billion — averaging $26,080 spent per bitcoin.

Saylor spoke at the Bitcoin 2021 conference in early June in Miami and his company owns much more bitcoin than any other publicly-traded company. The only entity known to hold more bitcoin at this point is investment manager Grayscale, with 654,885 BTC held in its bitcoin trust on behalf of investors — currently worth more than $24 billion.

At the conference, Saylor reflected on the fantastic impact that Bitcoin will have on the world.

“For the first time in history, we can grant property rights to seven billion people,” he said.

The proceeds of MicroStrategy’s latest bitcoin purchase came from an offering of senior secured notes that the business intelligence company completed last week. Although the net proceeds of the sale amounted to approximately $488 million after expenses, it reportedly received more than $1.5 billion in orders from institutional investors. The offering, which assures a 6.125% annual interest rate, was announced two weeks ago when the bitcoin price was at a monthly low of around $33,400.

But Saylor has not been involved in Bitcoin only by HODLing the asset. The CEO has become a Bitcoin evangelizer on Twitter, an account which he didn’t use much before falling into “the rabbit hole.”

“#Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy,” Saylor’s pinned tweet reads at the time of writing.

In addition, Saylor has recently been involved in the Bitcoin energy consumption debate. The MicroStrategy CEO met with Elon Musk and some North American bitcoin miners in May. After the closed-door gathering, the Bitcoin Mining Council was announced and launched a couple of weeks afterward. The council, whose initial meeting was heavily criticized by some bitcoiners in the industry, is now open for any bitcoin miner to join. However, those who do are allegedly required to promote Bitcoin’s core principles of a decentralized, peer-to-peer, censorship-resistant and open-source protocol.

MicroStrategy is an independent, publicly-traded analytics and business intelligence company. Its analytics platform, used by many companies worldwide, empowers MicroStrategy’s main corporate goal of growing its enterprise analytics software business. And the company’s second corporate goal is to acquire and hold bitcoin.

SOURCE: BITCOIN MAGAZINE

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Bitcoin Dominance Continues Ascent Towards 50%

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IN BRIEF

• BTCD is following a descending resistance line.

• Technical indicators in the daily time-frame are bullish.

• BTCD is in the process of breaking out from the 46% resistance area.

  Short- and medium-term technical indicators are bullish, supporting the possibility that BTCD will reach the resistance line.

  BTCD bounces towards resistance

  The daily chart shows that BTCD has been decreasing alongside a descending resistance line since the beginning of the year. Most recently, caused a rejection in March, leading to a 39.66% low on May 19.

  
  

  Short- and medium-term technical indicators are bullish, supporting the possibility that BTCD will reach the resistance line.

  BTCD bounces towards resistance

  The daily chart shows that BTCD has been decreasing alongside a descending resistance line since the beginning of the year. Most recently, caused a rejection in March, leading to a 39.66% low on May 19.

  Short- and medium-term technical indicators are bullish, supporting the possibility that BTCD will reach the resistance line.

  BTCD bounces towards resistance

  The daily chart shows that BTCD has been decreasing alongside a descending resistance line since the beginning of the year. Most recently, caused a rejection in March, leading to a 39.66% low on May 19.

  However, it has been moving upwards since, and has nearly reached the resistance line once more. Besides the resistance line, there is no horizontal resistance until 58%.

  In addition to this, technical indicators are bullish. The MACD has yet to confirm the bullish trend, since its signal line is still below 0 and a lower momentum bar has been created. 

  However, both the RSI & Stochastic oscillator are bullish, the former being above 50 while the latter having made a bullish cross. 

  Therefore, it is likely that the trend in the daily time-frame is bullish. For a longer-term BTCD analysis covering the weekly time-frame, click here.

  

  
  

  Cryptocurrency trader @Murfski_ outlined a BTCD chart, stating that alts are not safe. Based on the readings from the daily time-frame, it does seem that the path of least resistance is up.

  Short-term movement

  The shorter-term two-hour chart is also bullish. It shows that BTCD has already moved above the 0.618 Fib retracement resistance level and is currently in the process of breaking out above 46%. 

  Doing so would likely take it to the descending resistance line. 

  Both the MACD & RSI support this possibility. The former has just crossed into positive territory, while the latter has moved above 50.

  

  
  

  Relationship to BTC

  When comparing it to BTC (orange), we can see that BTCD has had a positive relationship with BTC from June 8 to June 14 (highlighted in black). This means that an increase in the former has also caused an increase in the latter.

  However, the relationship might have turned negative on June 21, since the most recent BTC price decrease caused a slight pump in BTCD. Tt remains to be seen if this relationship will continue.

  
  

  

  For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

  
  

  SOURCE:BEIN CRYPTO

  
  

  IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

  
  

  
  

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China and the Changing Face of Crypto

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China is kicking out the Bitcoin miners – and that is just the start of it. Crypto has come a long way and now it is changing.China is kicking out the Bitcoin miners – and that is just the start of it. Crypto has come a long way and now it is changing.

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China is kicking out the Bitcoin miners – and that is just the start of it. Crypto has come a long way, and as we have been telling readers for years, it has a lot further to go.

Nothing has changed – and everything has changed.

Bitcoin was ignored. Like most things in a dictatorship, unless it has the ability to challenge the power of the state – it is ignored. That is why so many Bitcoin exchanges have their roots in China.

The Chinese people are smart and ultra motivated. It didn’t take long for them to figure out that Bitcoin and other cryptos were a hot ticket – and once it became possible to trade fiat currency for crypto – well simple local corruption did the rest.

Now, Xi and the CCP are serious about ridding China of crypto infrastructure.

The cover story is green, as if China cared about its environment. The real story is the Digital Yuan, and as smart as the Chinese people are, the CCP is pretty dumb.

Does Power Make People Stupid?

We are told that power corrupts, but to us, it is far easier to show that it makes people dumb. The CCP is moving to popularizing its Digital Yuan – aka the first major Central Bank Digital Currency (CBDC).

From the perspective of a technocrat, a CBDC makes a lot of sense.

The Chinese government probably thinks that it will gain more control by going over to a fully digital currency – and for the next decade – they may well be correct (big maybe).

However, the power that is gained today by using CBDCs will be lost soon enough.

People all over the world will realize that any digital currency can be used, and there is no reason to use one that is created and controlled by a central bank or government that is both power hungry and obsessed with terrible ideas.

Probably a Move for the Better

Concentrating a large amount of Bitcoin’s network in China wasn’t a great idea to begin with. Free market principles being what they are – there isn’t much we could have done to stop it.

China has loads of cheap energy, and we should allow anyone that wants into a PoW mining system to participate.

Now – that people are starting to wake up to PoS and all the amazing things that make it a far more sustainable system, most of this noise will die down over the next few years.

Bitcoin – and PoW was amazing – but things are changing.

The simple fact is that loads of people are interested in cryptos, and the back end of the operation isn’t really that important.

People want money that is easy to use, and PoS systems create a door for platforms that can compete with the incoming wave of CBDCs.

This is About Power – and Nothing Else

The reason why Bitcoin used electrical energy to create a gateway for the creation and maintenance of the network is simple – resources are scarce.

Now that many, many people understand how flawed the fiat currency system is – there is no need to back a token with the depletion of energy resources.

Cheap power could help the poor – and probably other needy causes as well.

The writer of this piece has done well by cryptos, and they understand that this isn’t just about money. We need better resource allocation – and the throngs of global poor are good evidence of that.

The global elite is working to co-opt the idea of digital currency, and it is happening now. The good news is that we don’t need to use any sort of violence to resist them.

We continue to discredit fiat currency for the trash it is – and if they want to make it 100% digital trash – all the better (we all have a delete key these days).

In the Xinjiang Uyghur Autonomous Region we may not have the same luck.

The CCP is doing things that are beyond anything that can be accepted morally in Xinjiang – and the last time this happened – a major war broke out. For the moment the Uyghurs are at the mercy of a violent, heartless dictatorship.

For the moment.

Perhaps it is best that crypto infrastructure is moving out of the Middle Kingdom.

SOURCE: BLOCKONOMI

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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What Changed in Crypto Markets While You Were Sleeping — June 21

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BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.

Bitcoin update

The weekly BTC chart provides a bearish picture. Bitcoin appeared to have begun a bullish movement two weeks ago after creating a bullish hammer candlestick with a long lower wick. The bounce occurred right at the $32,500 long-term horizontal support area (green icon).

However, it created a bearish candlestick last week, engulfing the previous bullish candle and negating the bullish sentiment.

Despite still trading above support, technical indicators are bearish. The MACD histogram has crossed into negative territory, the RSI has fallen below 50, and the Stochastic oscillator has made a bearish cross.

If a breakdown occurs, the next support would be found at $27,000. This target is the 0.618 Fib retracement support level.

Altcoin movers

The total cryptocurrency market cap has tanked by more than 7% in the past 24 hours to a local low of $1.42 trillion. This is nearly a four-month low point — the last time the market cap was this low was on Feb. 28 when the market cap was just below $1.4 trillion.

Aside from stablecoins, nearly every cryptocurrency in the top-100 have lost value in the past day, Bitcoin (BTC) and Ethereum (ETH) are down by 15% and 19% respectively. The only altcoin in the top-100 that is in the green is Livepeer (LPT). Currently, the #100 ranked altcoin is up 2.6% on the day.

There are multiple altcoins that are experiencing double-digit percentage losses in the past 24 hours, but Stacks (STX) is down the most — 15.1% in the past day and 22% in the past week.

In other crypto news

• Malta has reportedly been singled out by the FATF for its lax oversight on cryptocurrency transactions, according to local media reports.

• A member of the European Central Bank (ECB) said in an interview that the digital euro is more capable of protecting privacy than private alternatives because it will not focus on the commercialization of data.

• The latest decentralized finance (DeFi) protocol to suffer at the hands of bad actors is vault management platform Visor Finance.

SOURCE:BEIN CRYPTO

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Iran government reportedly bans local blockchain association

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A crypto warning list is the main cause of the ban, according to the head of the Iran Blockchain Community.

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The Ministry of Interior of the Islamic Republic of Iran has blocked the activities of the Iran Blockchain Community (IBC), but the association claims they still haven’t received direct notice.

The Social Affairs Organization of the Ministry required reports on IBC’s financial performance and dealings with cryptocurrency exchanges via a notice posted in local newspaper Hamshahri Online last week, according to local sources.

Over the weekend, the ministry blocked the association’s activities, but IBC spokesperson Sepehr Mohammadi, who is also the CEO of one of two crypto exchanges listed as sponsors of the association’s website, said no verbal or written warning was given to the board members.

In an open letter to the Social Affairs Organization, the IBC chairman noted that monitoring the performance of blockchain ecosystem participants is the right of the association. He added that issuing and publishing warning lists for new users to avoid traps is also a mission for the IBC.

High-risk Iranian companies involved in crypto were on the IBC warning list, so Mohammadi believes this is the leading cause of the ban. “Vested interests will do anything to stop IBC's efforts. They managed to publicize the notice before IBA was informed,” he added.

Related: Iran bans crypto mining until September

According to the local media, a member of the parliament accused crypto-related domestic nongovernmental organizations of transferring foreign currency overseas. As one of the NGOs in the crypto and blockchain space, IBC denied the claim and said the association is focused on promoting blockchain technology in the country.

Following a “summer ban” for crypto mining, Iran is seeking healthy regulation for cryptocurrencies. Iranian President Hassan Rouhani said the country needs to legalize cryptocurrency activities to preserve and protect national interests. He called for a joint study between different parties to establish a legal framework for cryptocurrencies.

SOURCE: COIN TELEGRAPH

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Russian Billionaire Oleg Deripaska Urges Bank of Russia to Move to Bitcoin

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Russian Billionaire Oleg Deripaska Urges Bank of Russia to Move to Bitcoin

Russia should follow El Salvador’s example and accept BTC as a payment method, asserted billionaire Oleg Deripaska.

The Russian oligarch Oleg Deripaska blamed the Bank of Russia for its strict regulations imposed on digital assets. In his opinion, the central bank obstructs the citizens from involving in cryptocurrencies like Bitcoin.

Russia Should Add BTC As a Payment Method

One of the wealthiest Russians – Oleg Deripaska – used his Telegram account to criticize the Bank of Russia on its crypto stance. He surmised that the country should add the primary cryptocurrency as a payment method, giving an example with the Latin country of El Salvador, which already laid the foundations:

”Even poor El Salvador, known for being close to oft-mentioned Honduras, has realized the need for digital currencies and taken a simple path, recognizing Bitcoin as a means of payment.”

Furthermore, the oligarch outlined Russia’s need to execute business deals effectively with the rest of the world and urged the central bank to adopt a ”real financial instrument enabling independence in foreign trade settlements.”

Oleg Deripaska, the founder of the largest charitable foundation in Russia – Voloe Delo, was once the richest man in the country but lost the first spot after the financial crisis in 2008. The industrialist is also the founder of Basic Element. As of June 2021, Forbes estimates his wealth at $4.8 billion.

But despite his charity activities and business achievements, Deripaska caught the attention of the United States Department of the Treasury. In April 2018, the US authorities accused him of threatening the lives of business rivals, taking part in extortion and racketeering, and illegally wiretapping a government official.

Oleg Deripaska. Source: Forbes

Crypto Regulation in Russia

As CryptoPotato reported, the officials in the largest country by landmass have decided to legally recognize cryptocurrencies as properties. This legislation would mean that crypto investors with exceeding transactions of 600,000 rubles ($8,184) per year must declare them in front of the authorities.

Another point of the bill would be a 13% tax on gains made from such investments. If implemented, the law will require investors who fail to disclose the necessary information to be slammed with a 10% fine of the undeclared amount.

Furthermore, the bill indicated that a severe 40% penalty would be issued to people who try to escape the stipulated tax or to those who make incomplete payments.

Even though the regulations may sound strict, the initiative would grant Russian crypto owners the right to legal protection.

Featured Image Courtesy of FT

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Source: Cryptopotato.com

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Bitcoin Price Analysis: BTC At 11-Day Low, is $30K Retest Incoming?

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Bitcoin Price Analysis: BTC At 11-Day Low, is $30K Retest Incoming?

Bitcoin is down by a sharp 5% today as the primary cryptocurrency violently breaking down support at $35K. As of now, bitcoin is trading at its lowest price range since June 9.

Just five days after things started to look short-term bullish, as BTC surged above the 20-day MA to reach resistance located at $40,760 (bearish .382 Fib), Bitcoin about to conclude another bearish week.

The bigger picture hadn’t changed – since the May-19 huge liquidation crash, Bitcoin price is trading inside a choppy zone between $30K and $42K. Tuesday’s daily candle, which recorded a high of $41.3k, had quickly turned into a bull trap. Since then, BTC’s price lost almost $8K.

Looking at the smaller timeframe, BTC could not break above the upper boundary of the range ($42K) and quickly lost momentum. On Friday, it broke beneath the 20-day moving average line and then headed beneath $36,000. In doing so, BTC also broke down the lower angle of a rising wedge pattern (mostly textbook bearish) that we were tracking over the past week, and can be clearly seen on the following short-term’s 4-hour chart.

Since breaking beneath the wedge, the bulls attempted to defend the $35,000 support. However, this level couldn’t resist, as of writing these lines, and BTC is trading close to $33k.

What is important to note is that the recent price drops are occurring on lower trading volumes compared to May’s trading volume levels.

According to data from leading exchanges as can be seen below, the commutative volume has steadily remained beneath 50K BTC since the start of June. This is much lower than the ~150K BTC levels that were common around the mid-May capitulation. Low volume – no interest and market that can easily shift.

BTC Cumulative Volume. Source

Looking forwards, the recent breakdown beneath $34,000 might send BTC for another retest of the lower range of the mid-term trading zone, or in other words – toward $30,000.

As mentioned above, BTC has been trading inside the wide trading range between $30,000 and $42,000 for a total of 32 days so far. BTC Is likely to remain choppy until a clear breakout of this range takes place.

BTC Price Support and Resistance Levels to Watch

Key Support Levels: $33,520 – $33,120, $32,465, $31,675, $31,000, $30,000.

Key Resistance Levels: $35,000, $36,000, $36,750, $38,420, $39,500.

Looking ahead, the first support zone lies between $33,520 and $33,120, this range saw a lot of price action over the past month. Beneath $33,000, support is expected at $32,465, $31,675, $31,000, and $30,000.

On the other side, the first resistance now lies at $35,000. This is followed by $36,000, $36,750 (20-day MA), $38,420, and $39,500 (early-June Highs).

The daily RSI is in the bearish favor as it sits deep beneath 50. The momentum is now approaching the most oversold for June, and a break beneath the June low (around 30) is likely to send BTC back to $30K.

Bitstamp BTC/USD Daily Chart

BTC/USD Daily Chart. Source: TradingView.

Bitstamp BTC/USD 4-Hour Chart

BTC/USD 4-Hour Chart. Source: TradingView.

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Source: Cryptopotato.com

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Central Bank of Portugal Grants Licenses to Crypto Exchanges

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Central Bank of Portugal Grants Licenses to Crypto Exchanges

IN BRIEF

• Criptoloja and Mind that Coin are the first exchanges to be granted operating licenses by Banco de Portugal.

• Under the new license, both exchanges are now classified as Virtual Asset Service Providers.

• The exchanges initially registered for the license in September 2020.

The Trust Project is an international consortium of news organizations building standards of transparency.

Banco de Portugal has granted operating licenses to local cryptocurrency exchanges for the first time ever. 

The central bank announced that the Portuguese exchanges Criptoloja and Mind the Coin were now classified as virtual assets service providers. They are currently the only two included on a list the bank issued on their website.

Banco de Portugal’s decision has been nine months in the making. Criptoloja reportedly made their initial registration back in September 2020.

On Portuguese soil, the license permits Criptoloja and Mind the Coin to carry out exchange services between virtual assets and fiat currencies, as well as between different virtual assets. It also covers them for transfer services, safekeeping and administration for those assets. 

Europe embraces crypto exchanges

Portugal has been regarded in the past as one of the most crypto-friendly countries in Europe. Investor and blogger Jean Galea wrote in May that the country is “becoming a haven” for people involved in the crypto space. Cryptocurrency income remains exempt from VAT and capital gains taxes in the country, unless it comes from professional trading activity.

However, Portugal is not the only European nation to look on crypto exchanges and services with favor recently. 

At the end of May, the Malta Financial Services Authority (MFSA) awarded a Class 3 Virtual Financial Asset (VFA) License to XCoins, a leading exchange based in the country. At the time, Rob Frye, XCoins’ founder and CEO commented:

“Being one of the first cryptocurrency platforms to achieve this milestone means that we can keep paving the way for a more secure and regulated industry. Xcoins is leading the way as digital assets gain popularity worldwide.”

This is the second such license the MFSA has granted to a crypto exchange this year. The first ever crypto platform to receive a VFA License of the same class was Crypto.com. Gaining its license a few weeks before XCoins, the company called the milestone “a watershed moment for the cryptocurrency industry.”

In addition, Crypto.com made an application to the MFSA to become a licensed financial institution. However, while reportedly processing, the regulator’s decision is still not finalized. The Maltese authority did approve the platform’s application in principle in November 2020.

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Source: Beincrypto.com

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Rich Dad Poor Dad's Robert Kiyosaki Warns of 'Biggest Crash in World History' — Expects $24K Bitcoin Price

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Robert Kiyosaki, the best-selling author of “Rich Dad Poor Dad,” has predicted the “biggest crash” in world history. He also expects the price of bitcoin to fall to the $24K level.

Robert Kiyosaki Foresees Biggest Crash in History Coming

Famous author and investor Robert Kiyosaki has predicted that the biggest crash in the history of the world is on the way.

Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. Over 32 million copies of the book have been sold in over 51 languages across more than 109 countries.

Kiyosaki tweeted Friday:

Biggest bubble in world history getting bigger. Biggest crash in world history coming. Buying more gold and silver. Waiting for bitcoin to drop to $24K. Crashes best time to get rich.

However, Kiyosaki did not elaborate on how he came up with his BTC price prediction.

When the price of bitcoin began falling substantially in May, the Rich Dad Poor Dad author urged people to buy the dip. “I hear ‘I can’t afford bitcoin.’ Bitcoin is crashing, good news. Now is your chance. Get educated. Buy coins that outperform bitcoin for pennies. Stop whining and take action,” he advised at the time.

When the BTC price fell to the $37K level on May 30, Kiyosaki tweeted: “Bitcoin crashing. Great news. When price hits $27,000, I may start buying again. Lot will depend upon global-macro environment.” He emphasized: “Remember the problem is not gold, silver, or bitcoin. Problems are the incompetents in government, Fed & Wall Street.”

Kiyosaki has long been pro-bitcoin. He believes that the U.S. dollar is dying as the government continues to give people free money. “Do not save. Buy gold, silver, bitcoin. Dollar is dying,” he said in April last year.

While the famous author expects the price of bitcoin to fall to the $24K level in his most recent tweet, he is bullish about the cryptocurrency in the long run. He said in April this year that the price of BTC will reach $1.2 million in five years, noting that money printing by the government, excessive stimulus, and the devaluation of the U.S. dollar have given bitcoin and gold their appeal.

SOURCE: BITCOIN NEWS

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Cornell Economist Says Bitcoin Has 3 Flaws Driving People to Search for Better Alternatives

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Cornell University professor of economics and former head of the IMF’s China division, Eswar Prasad, sees three major flaws in bitcoin. Because of these flaws, the professor says that “bitcoin really has set off something of a search for a better alternative.”

Cornell University’s Professor of Economics Outlines Bitcoin’s Flaws

Cornell economics professor Eswar Prasad talked about bitcoin’s flaws in an interview with CNBC Thursday.

Prasad is the Nandlal P. Tolani Senior Professor of Trade Policy and professor of economics at the Charles H. Dyson School of Applied Economics and Management at Cornell University. He is also a senior fellow at the Brookings Institution. He was previously chief of the Financial Studies Division in the research department of the International Monetary Fund (IMF) and, before that, was the head of the IMF’s China division.

The first flaw concerns the energy usage in bitcoin mining, which Prasad said is “certainly not good for the environment.” The professor pointed out that in contrast Ethereum is coming up with a method “That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver.” He added:

It could also make transactions much cheaper and quicker.

The second point the professor made was that bitcoin is not so anonymous after all. He cited the Colonial Pipeline case where law enforcement claimed to have recovered $2.3 million in bitcoin. He noted that other cryptocurrencies may offer more anonymity than BTC, such as monero and zcash.

The third flaw, according to the professor, is that bitcoin does not work well as a currency. He described BTC transactions as “slow and cumbersome” for use in payments, adding that its market is very volatile and the cryptocurrency has become a speculative asset. Prasad concluded:

So bitcoin really has set off something of a search for a better alternative and people seem to be on the lookout for a medium of exchange that does not require them to go through a trusted institution like the government or a commercial bank — but it’s not quite there yet.

SOURCE: BITCOIN NEWS

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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UK Bank Bans Crypto Purchases From Binance and Kraken, Reports

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TSB is reportedly taking actions to prevent its customers from using Kraken and Binance to buy crypto because of their alleged poor safety measures.

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British banks are making it increasingly difficult for their customers to get involved with crypto, citing particular concerns related to security and exposure to fraud.

According to a report by the British newspaper The Times, TSB bank is reportedly about to ban its customers from buying crypto with funds managed by the bank. TSB is reportedly concerned about an “excessively high” fraud rate related to crypto exchanges operating in the country.

TSB Could Be Cutting Ties With Crypto Exchanges For Safety Reasons

The Times claims to have reliable information that TSB is going to ban the purchase of crypto with cash via Binance and Kraken. Apparently, the low security standards of these platforms facilitate the works of scammers, in particular the setup of e-wallets.

According to the reports, TSB has received at least 849 fraud complaints between March 15 and April 15 by Binance users. The bank claims that all attempts to communicate with Binance have been unsuccessful. However, Binance says it has never received any messages from the bank’s security team.

Without directly referring to TSB, a spokesman for Binance reiterated the exchange’s commitment to working for the security of its customers, assuring that it is company policy to prioritize the issue:

“Binance is very serious about its responsibility to protect users from scams. When we are made aware of these claims, we immediately take action and have an excellent record of working with law enforcement agencies.”

But Kraken was much more direct. Steven Christie, global head of compliance at Kraken, denied TSBs allegations, although he made no reference to the stance they will take on this possible outbreak of new wire fraud:

“We categorically deny the allegation that Kraken does not respond to calls for assistance on incidents of fraud. Kraken responded to well over 1,000 different requests from law enforcement agencies in 2020 alone. Kraken operates in full compliance with law enforcement agencies.”

Investors Are Making Things Easier For Scammers In The UK

Fraud reports are a sensitive issue for the bank as it offers a fraud protection service in which it refunds the money lost in the event that a person has been a victim of a scam. The bank has also asked for caution towards crypto-related scams.

Be extra vigilant when it comes to Crypto investment advisors. If you get a call, e-mail or text from one – bin it, it’s a scam. Never engage with contact out of the blue. Find out more: https://t.co/jfNPCdlkzJ #ThinkTwiceThinkFraud pic.twitter.com/A835A7qJy5

— TSB (@TSB) June 15, 2021

So far, TSB bank has not issued any official statement regarding its stance towards Kraken of Binance, however, the interest of UK regulators in overseeing cryptocurrency-related activity has been on the rise.

Recently, a survey by the UK’s Financial Conduct Authority revealed that the number of cryptocurrency investors had increased from last year, as had the average worth of cryptocurrency holdings by retailers.

However, the FCA also found that the number of people with a poor understanding of cryptocurrencies also increased even though they invested in them.

This is a worrying development for law enforcement and crime prevention agencies, as it provides a breeding ground for scammers and criminals to take advantage of a larger potential pool of victims who are less savvy than in previous years.

SOURCE:CRYPTO POTATO

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Global Nonprofit Operation Smile Opens Its Doors to Crypto Donations

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The global nonprofit Operation Smile has announced the organization is now accepting crypto assets like bitcoin and dogecoin. The nonprofit is a surgical volunteer-based outfit that helps people with cleft conditions improve their lifestyles.

Surgical Volunteer-Based Nonprofit Operation Smile Accepts Crypto Donations

On July 18, one of the largest surgical volunteer-based nonprofit in the world, Operation Smile revealed the group is now accepting digital asset donations. The charitable organization invoked in 1982 leverages donations, volunteers, and public and private partnerships to enhance the lives of people struggling with cleft conditions.

The announcement says cryptocurrency donations will help bolster “Operation Smile’s mission to increase the accessibility of surgical care in underserved communities around the world so that patients can live lives of improved health and dignity.”

The nonprofit also joins the growing list of well known companies and charitable organizations leveraging crypto acceptance. Nonprofits like the Tony Hawk Foundation, The Skatepark Project, and charitywater.org utilize donations made with crypto assets.

“We felt that the time was right to provide cryptocurrency investors with the opportunity to extend their generosity to the children and families we serve,” Operation Smile cofounder and CEO Bill Magee explained. “The need for cleft surgery and ongoing care in our world is significant, but the compassion of these donors can drive the innovation needed to help local health workers provide world-class care to the most marginalized patients.”

Operation Smile uses The Giving Block to accept digital assets as tax-deductible contributions. The Giving Block claims to have created a “bitcoin and cryptocurrency donation solution trusted by 100+ nonprofits, universities and faith-based organizations.” Information on how to donate crypto to Operation Smile’s nonprofit work can be found at the URL operationsmile.org/donate-cryptocurrency.

The surgical volunteer-based nonprofit’s announcement notes the organization is “committed to providing patients with health that lasts—being there to offer patients additional surgeries, dentistry, psychological services, speech therapy, and other essential cleft treatments.” Presently, Operation Smile notes that more than five billion individuals globally do not have adequate access to timely and affordable surgical care.

SOURCE:BITCOIN NEWS

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Hackers Attack Instagram Accounts in Malta and Require Bitcoin Ransom

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Hackers take control of Instagram accounts in Malta and demand to be paid in bitcoin to restore access.



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Instagram accounts of Maltese residents were attacked recently by hackers. The online intruders specifically insisted on a Bitcoin ransom from the users in order to restore their access.

Hackers Insist on Bitcoin

Bitcoin and most of the cryptocurrencies keep their rally as their prices escalated in the past few months. Many companies and influential individuals either invested in them or recognized their potential. However, the skyrocketing value of bitcoin and altcoins also attracted the attention of online hackers who are always on the lookout for victims.

Lovein Malta reported such a scam in the Mediterranean island. According to the information, foreign attackers hacked the Instagram accounts of many small business owners and everyday users of the social platform.

To regain their access back, the hackers demanded to be paid in the primary cryptocurrency.

According to the local authorities, the attackers are based in Turkey and have been on the hunt for Maltese victims over the past few months. Police, on the other hand, have been on the tail of the fraud but so far have not been able to confirm the whereabouts of the criminal operation.

The situation with the current scheme in Malta remains uncertain and highly risky as even Instagram itself has not yet cooperated with the officials of the island nation.

Instagram And Its History with Bitcoin

This is not the first time when the social platform and the primary cryptocurrency have been linked together. As CryptoPotato reported, in March 2021, an Instagram influencer by the name of Jay Mazini got involved in a $2.5 million Bitcoin scam.

According to the information, Jegara Igbara or better known as ”Jay Mazini” used his popularity on Instagram to ”buy” BTC from his followers. The deal was simple and very tempting as he promised to buy the digital asset from the users at premiums of 5% over the market value. However, the money never arrived, and the documents were forged.

In total, Jay, Mazini raked in at least $2.5 million with this scam from Instagram users who literally gave away their bitcoins. Despite the fact that the influencer was famous for giving lots of money to random strangers, he now faces up to 20 years in prison for his criminal act.

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SOURCE:CRYPTO POTATO

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Instagram Influencer Jay Mazini Involved in $2.5 Million Bitcoin Scam

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Jay Manzini was famous for giving lots of money to random strangers… But he was also taking millions of dollars away from Bitcoin hodlers.

The glory days of famous Instagram influencer Jegara Igbara, better known as “Jay Manzini,” seem to be counted, as he was accused by U.S. law enforcement of being the mastermind behind a million-dollar Bitcoin scam scheme.

Jay Manzini was known for his Instagram videos giving away large amounts of money to strangers. Three of his most popular videos involved a massive cash giveaway at a supermarket and collaborations with rapper 50cent and reggaeton singer Nicky Jam to give away money to employees working at a fast-food restaurant.

Jay Mazini is the real deal, he saw me in the hood yesterday so we went tonight and showed everybody some love. pic.twitter.com/4UgvMWFLTk

— 50cent (@50cent) September 9, 2020

How The Nice Instagram Got Involved in a $2.5 Million Bitcoin Scam

However, it wasn’t all good intentions in Jay Manzini’s life. The well-known influencer started posting ads on his Instagram stories, claiming he was buying Bitcoins at premiums of 5% over market value.

But why use Instagram instead of a P2P platform like Localbitcoins and exchange like Binance or Coinbase? His excuse, presumably, is that he wanted to buy large amounts, and the exchanges wouldn’t let him.

And although there are OTC desks expressly dedicated to this type of business, Jay Manzini’s excuses generated little suspicion, and his followers ventured to do business with him.

After agreeing on prices and payment methods, Mazzini would send his followers images and payment media of the transactions. They, in turn, sent the Bitcoin to Manzini’s wallet.

But the money never arrived. The documents were forged. According to an official statement from the U.S. Department of Justice, Jay Manzini’s modus operandi relied primarily on the trust he had earned as an influencer:

“As we allege, Igbara’s social media persona served as a backdrop for enticing victims to sell him their Bitcoin at attractive, but inflated, values. A behind-the-scenes look, however, revealed things aren’t always as they seem. There was nothing philanthropic about the Bitcoin transactions Igbara engaged in with his victims. A quick search of the Interwebs today will reveal an entirely different image of this multimillion-dollar scammer.”

Jay Manzini raked in at least $2.5 million with this scam. If convicted, Jay Manzini faces up to 20 years’ imprisonment.

It’s Not Just Jay Manzini. Crypto Scams Are a Growing Problem

Crypto-related scams are a rising problem. The Covid-19 has just served as a catalyst for these types of scams to flourish. According to the eNational Fraud Intelligence Bureau, in 2021, the amount of money lost in crypto scams has increased by 2X since last year,

 

In the same period, the number of victims (measured by reported cases) has almost tripled:

This does not appear to be the first time Jay Manzini has faced fraud and scam-related accusations. An account dedicated to re-posting complaints and allegations against the influencer revealed that other fans and active members of his community on social media stated on numerous occasions that Jay Manzini is an expert at asking for money without paying it back.

For example, it seems like Jay Manzini was involved in the sales of courses, products, giveaways, and other shady offers that did not end up well —at least not for the victims.

Maybe next time, instead of using his public profile name to engage in a crypto scam and ask for money on the internet, Jay Manzini could try using some of the anonymous, exciting DeFi protocols.

SOURCE:CRYPTO POTATO

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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How a British Teacher Lost £120K in a Bitcoin Scam on Instagram

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A 63-year-old British woman parted with her pension pot and life savings due to a fraudulent Bitcoin investment scheme.

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Teresa Jackson – a retired teacher from Portishead, Somerset – lost her savings in an online scam. A mysterious ”financial advisor” persuaded her to stake £120,000 in a bitcoin investment scheme advertised on Instagram.

Universal Credit Instead of Multiplying Her Money

The UK’s national reporting center for fraud and cybercrime sounded a note of caution that crypto investing could be a hazardous operation.

Action Fraud and Citizens Advice informed about the case of Teresa Jackson. Impressed by a Bitcoin investment plan on Instagram, the retired 63-year-old teacher started contemplating whether to place some of her funds in it.

Subsequently, she was contacted by an individual who claimed to be a financial advisor with outstanding knowledge about Bitcoin. The anonymous man supposedly sounded very thrust-worthy and persuaded Jackson to invest £120,000, which was actually her pension pot and life savings.

Shortly after she sent the money, she tried to contact the ”advisor” and check what happened with her investment, but there was no answer, and the funds were irrevocably gone:

”I felt embarrassed and stupid. My family trusted me to know what I was doing. I am on Universal Credit now, simple as that. I’m comfortable but I can’t have the life I used to have.”

Ms. Jackson received back half of her money from her bank when she informed them about the scam. However, the institution was unable to restore the full amount because she transferred the cash herself.

Action Fraud’s Recommendations

Working together with the City of London Police and the National Fraud Intelligence Bureau (NFIB) – Auction Fraud – the authorities cautioned about the dangers of crypto trading. One of the leading reporting centers for cyber scams revealed that intimidators advertise tempting investments but, in the end, steal the money of the victims:

”Fraudsters will cold call victims and use social media platforms to advertise ‘get rich quick’ investments in mining and trading in cryptocurrencies.”

The hackers would then convince the people caught in the hoax to sign up to unknown cryptocurrency investment websites and open a trading account using their driving licenses or credit cards. But, unfortunately, investing just an initial minimum deposit is never enough, and the intimidators start pushing the victims to put in more and more to gain higher profit.

In many cases, the victims realize they have been conned. Then they see the social media with their investment deactivated, and the fraudsters can not be contacted any more, just like it happened with Teresa Jackson.

SOURCE: CRYPTO POTATO

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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What governments don’t realize is going to happen with Bitcoin

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The news of El Salvador adopting Bitcoin as legal tender fueled disparate reactions from different corners of the world. While supporters of Bitcoin continue to laud this move, several regulators and regulatory bodies have been vocal in their criticism of cryptocurrencies, with many branding them as unreliable and even dangerous.

The latest example of this is the World Bank’s refusal to help El Salvador with its latest plans due to “environmental and transparency shortcomings.”

This was one of the subjects touched upon by Anthony Pompliano on his podcast with Erik Voorhees, the founder and CEO of ShapeShift. According to the exec,

“Governments are generally three to six years behind the industry. They do not realize what is actually going to happen which is that Bitcoin is going to continue emerging as the better form of money and is ultimately going to out-compete fiat all over the world.”

Earlier this month, U.S Senator Elizabeth Warren had doled out severe criticism against the use of cryptocurrencies citing security and environmental concerns. Next, it was the International Monetary Fund that brought up macroeconomic, financial, and legal concerns associated with El Salvador’s adoption of Bitcoin.

Adding to their discussion on adverse reactions from regulators, Voorhees expressed his hope for regulators to see that decentralized technology is closer to achieving “transparency, honest money, lack of fraud, and open systems.” He added,

“They should be very encouraged by a lot of these decentralized applications. What they will have to accept is that they are not going to be able to control money in the degree that they did before and they are not going to be able to have this blanket surveillance network over people’s private financial decisions.”

Pompliano also brought up DeFi and the adoption of Bitcoin by banks and other financial institutions. To this, Voorhees responded,

“There is no way that any financial institution has any conception of what is coming for them. This DeFi stuff is as powerful to financial tooling as Bitcoin was to money.”

A recent report based on a polling of the Chief Financial Officers of 100 hedge funds globally discussed the increasing interest of mainstream hedge funds in digital assets. As per the report, “The overwhelming majority (98%) expect their hedge fund to be invested in cryptocurrencies in five years.”

Ergo, it would seem that despite regulatory resistance in many parts of the world, crypto’s time has surely come.

SOURCE:AMBCRYPTO

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Bitcoin Death Cross 2021 Is Here: The Reasons Why You Shouldn’t Be Worried

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Bitcoin Death Cross 2021 Is Here: The Reasons Why You Shouldn’t Be Worried

The MA-50 line has crossed below the MA-200, resulting in a death cross for BTC. Typically, this indicates that a major sell-off is incoming. However, there are many reasons not to be worried.

The Q4 2019 and Q1 2020 crashes were both preceded by a death cross and signified that the tides in the market are about to shift in a big way.

Why Does a Death Cross Work?

The death cross indicator has been reliable in both the stock and crypto markets – it predicted 4 major crypto crashes, as well as the 1974 and 2008 stock market collapses. When a bull market ends, short-term momentum (indicated by the 50-day moving average line, or 50MA) starts to slow down.

The Death Cross describes a cross between the MA-50 and MA-200, whereas the shorter one, the 50-day, crosses below the 200-day.

BTC/USD death cross of June 2021. Source: TradingView

Long-term moving averages are able to provide a robust trend – a line of best fit, so to speak, creating an idea of baseline demand. In bullish markets, momentum moves higher with time, so on shorter time frames like the 50MA, the market tends to overshoot the long-term mean.

Short-term moving averages falling below long-term ones (especially on high volume) indicate that demand & interest is drying up, and is often followed by a huge drop or a prolonged bear market.

The Death Cross’s Reliability in Crypto

Being far younger than traditional markets, the cryptocurrency market is not always privy to the same rules. We’ve seen time and time again that the death cross often deals a hard blow to individual stocks and broad-based indices. Indeed, for the most part, similar trends have been observed in the Bitcoin market.

However, the death cross indicator isn’t foolproof. 2015’s mid-year Bitcoin death cross, although on much lower volume, was actually followed up by a massive bullish run.

The ultimate thread on #BTC deathcross and cycle data analysis

1) Historical #deathcross until #goldencross time (in days) + largest price swing since deathcross begins:
2011: 180 D, -59%
2014: 90 D, +83%
2014: 390 D, -63%
2018: 360 D, -55%
2019: 105 D, -29%
2020: 50 D, +66% pic.twitter.com/8JmbtnFLGJ

— venturefoundΞr (@venturefounder) June 17, 2021

Death crosses in later years have been more reliably followed up by bearish price action partially due to more accurate price discovery on higher volume. It’s a great indicator that should definitely be taken seriously, but it’s never a lock, as per the above figures, that show the ROI from a death cross until a Golden cross took place, which is the opposite – when the MA-50 line crosses above the MA-200 line.

This might be a function of Bitcoin’s youth, but a death cross has invariably been followed up by massive price action one way or another, so it’s worth gearing up anyway.

Other than pure technical analysis, there are several interesting fundamental factors at play that might push against the death cross’s bearish tilt: El Salvador’s adoption of Bitcoin, Taproot’s signaling completion, miners’ transition into Texas’s world of renewable energy, and more have the possibility of mitigating (or negating) what the death cross has in store for BTC’s price over the end of June.

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Source: Cryptopotato.com

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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BBVA Opens Bitcoin (BTC) Trading Service to Private Banking Clients in Switzerland

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BBVA Opens Bitcoin (BTC) Trading Service to Private Banking Clients in Switzerland

Spain’s giant bank, BBVA, announced that it plans to launch a bitcoin trading service for private banking clients in its Switzerland entity. The services, including bitcoin trading and custody services, will be available as of Monday, June 21.

Better Banking Services for Customers

BBVA’s announcement comes after six months of testing with several users. These new services will currently be offered in Bitcoin, but there are plans to move hands across the sea and include other cryptocurrencies in the future. However, BBVA will not provide any advice to clients concerning the investments mentioned earlier.

BBVA Switzerland’s move has allowed it to perfect its operations in a wide array of areas. Alfonso Gomez, CEO of BBVA Switzerland, said on Friday that the bank was able to test the service operations, strengthen security, and most importantly, it was able to detect a significant desire among investors for crypto-assets or digital assets as a way of diversifying their portfolios, despite their volatility and high risk.

New Beginnings for Crypto Enthusiasts

Users will use the new services much more efficiently; since the bank’s app has a fully integrated bitcoin management system, they can view their performance alongside that of the rest of the customer’s assets, funds and investments.

The bank will offer customers a personalized wallet to convert their bitcoins into fiat currency, and vice versa, spontaneously, much faster, and without the illiquidity that affects other digital wallets or independent brokers.

BBVA can achieve all this because it has partnered with several sources for converting cryptocurrencies that have made it possible to ensure 24-hour investment, processing multiple orders simultaneously, and managing orders of any size.

The CEO of BBVA, Gomez, believes that the bank’s innovative services will position it as a benchmark institution in adopting blockchain technology. He said that the bank would continue to enhance and expand the digital offering over the coming months.

“We are bringing the quality of banking service to the fledgling world of crypto assets,” he adds.

A Big Innovation to Traditional Banking Ecosystem

Since BBVA in Switzerland combines traditional and digital financial assets in the same investment portfolio, the bank is at the forefront of adopting digital assets in conventional finance. Its new services represent a novel offering. It will provide more simplicity to its customers when trading, account statements, tax returns, et cetera.

However, the Switzerland branch, dedicated to international banking services, will limit its cryptocurrency services to Switzerland only; since its ecosystem has relatively comprehensive rules around cryptocurrencies embarked by the country’s Financial Market Supervisory Authority.

On the other hand, it may extend its services to new countries or other new customers depending on whether the markets will meet the appropriate maturity, demand, and regulatory conditions.

This bold innovation is a significant milestone for BBVA and the entire banking ecosystem. As the Bank of New York Mellon, it is a colossal step for banks to expand their crypto offerings. 

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Source: Btcmanager.com

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Dutch finance minister calls for crypto regulations.

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The finance minister of the Netherlands thinks regulating cryptocurrency is a more effective way of tackling the growth in digital currency adoption in the country.

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Instead of completely banning it outright, the finance minister of the Netherlands has called for regulation of digital currency, which he thinks is a more effective way of tackling the growth in digital currency adoption in the country. Finance minister Wopke Hoekstra said the Netherlands should not prohibit citizens from using crypto entirely despite the risks but should instead take a supervisory approach, both at a national and European level.

 

Regulating is a better option than banning cryptocurrency. 

The finance minister’s comments come following remarks from local officials calling for a ban on cryptocurrency used in the country, citing the volatility and risks inherent in digital currency transactions. Responding to the suggestion, Hoekstra said government supervision and proper regulation would provide a more effective solution for addressing the needs of the Dutch cryptocurrency sector. “My observation is now that supervision is more effective than a total ban in the Netherlands,” the finance minister added. Several countries worldwide are currently working on regulating the crypto sector. 

 

Governments keen on regulating cryptocurrencies. 

The finance minister also referred to a prior warning issued back in 2017 just a matter of weeks before BTC hit $20,000 for the first time, where he warned of the risks of trading in digital currency, which he said was “entirely at their own expense and risk.” “That’s going very well now, but we’ve also seen big dips and peaks along the way,” he added. Earlier, the Dutch Bureau for Economic Analysis director, Pieter Hasekamp, said that the government should immediately outlaw all dealings in BTC, including mining, trading, and holding BTC tokens. Governments around the world are very keen on regulating cryptocurrencies. 

SOURCE:COIN NOUNCE

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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BITCOIN TO $10 MILLION BY 2030

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It might seem hyper-bullish, but there is real reason to believe such an ascension in price could occur.



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Bitcoin will experience three halvings this decade, the first in 2020, the second in 2024 and the third in 2028. Counting the 2020 halving that already occurred last year, Bitcoin has experienced a total of 3 halvings since its launch in 2009. Historically, in the year following each halving, the bitcoin price shoots up exponentially due to an increase in demand and decrease in supply in the market.

But there is a new type of demand in the market, one that weighs far heavier than the original demand by retail investors who have been buying for the past 12+ years. This demand mixed with the decrease in supply issuance andBTC being taken off the market is the perfect formula for wild price swings. I’ll get into what that new demand is later in this article, but for now let’s look at the past performance of halvings to see what we’re dealing with.

On Nov. 28, 2012, the first ever halving occurred, dropping the mining reward from the base start of 50 to 25 BTC. 365 days before the halving, the price of bitcoin was $2.54. Over the following year, as the supply shock took place, bitcoin rose all the way to $1,007 before cooling off a little, for an increase of over 8,000%.

On July 16, 2016, the second halving occurred, dropping the mining reward from 25 to 12.5 BTC. 365 days before the halving, the price of bitcoin was $269.68. Over the following year, as the supply shock took place, bitcoin rose all the way to $2,506 before cooling off a little, for an increase of 284%.   

Image source

On May 18, 2020, the third Bitcoin halving occurred, dropping the mining reward from 12.5 to 6.25 BTC. 365 days before the halving the price of bitcoin was $7,300. Over the following year as the supply shock took place, bitcoin rose all the way to $64,840 for an increase of 788%.

At the time of writing, it is estimated thBitcoin will undergo its fourth halving, dropping the mining reward from 6.25 to 3.125 BTC. And sometime in the spring of 2028, Bitcoin will undergo its fifth halving, dropping the mining reward from 3.125 to 1.5625 BTC.

It is impossible to predict the exact amount of demand for bitcoin. Therefore, how much it will increase in price after these halvings is difficult to predict, but it’s safe to assume that price outlook is mega bullish and that the next nine years could look something like this (or better):

“B-b-b-but Nik, past performance does not guarantee future price gains!”

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29% of Crypto Investors in the UK Check Their Balance Every day, Study Finds

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According to the FCA, every day, more and more people invest in crypto. Still, fewer and fewer people understand what they are investing in.

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People in the UK are more interested in Bitcoin and crypto today than in any other year, including 2017, when the digital asset boom was at its peak.

According to a UK’s Financial Conduct Authority survey, about 78% of adults have now heard of cryptocurrencies, and more than 2.3 million people in the UK hold or have owned cryptocurrencies at some point.

Crypto is a Serious Investment

The way British people think about crypto has changed dramatically. The FCA mentions that investors no longer see cryptocurrencies as a gamble but rather a serious investment or alternative to traditional investments. The gambling option dropped 9% to 38% in popularity.

Also, people are more aware of fluctuations. The number of investors who check their balances daily increased to 29% – more than double from 13% in 2020.

The British are long-term bullish. The survey revealed that about half of cryptocurrency hodlers plan to increase their exposure trusting that “they’ll make money at some point.” However, in the face of all the new options to invest, the FCA warns that the “overall understanding of cryptocurrency has declined.”

This figure represents an increase in the number of hodlers compared to 1.9 million last year. The FCA data is also consistent with an apparent rise in searches for information related to cryptocurrencies in the country.

Although interest in the keyword “Cryptocurrency” has dropped considerably over the past two weeks, searches for this term reached an all-time high in May, and interest is well above that of 2020 and previous years.

 

The FCA also found an increase in the average investment, which went from £260 to £300 in one year. That is, in theory, about $1 trillion is in the portfolios of small retail investors in Britain – leaving aside institutional investors.

One thing that remains the same is the typical profile of the cryptocurrency investor: Almost 70% of the respondants were male millennials of around 35 years old.

Bitcoin is Still The King

Bitcoin remains the favorite cryptocurrency investment for Brits, up 3% from last year. Some 66% of respondents said they held Bitcoin, compared to 35% for Ethereum, 21% for Litecoin, 18% for XRP, and 15% for Bitcoin Cash.

The FCA has been closely following the topic of cryptocurrencies for several years now. In the study, the FCA concludes that this increased interest in digital assets has been strongly influenced by the price volatility and the bullish behavior of Bitcoin over the years. Something that the rest of the cryptocurrencies tend to replicate.

Since 2020, interest in cryptoassets has reached beyond retail consumers, as institutional investors and traditional financial services firms have shown an increased appetite for engaging in the market. (…) This rise is reflected in other cryptoassets. We think this recent momentum influenced consumer responses to our research questions.

But the interest of the FCA goes beyond retail investors. The agency is also studying many aspects related to the impact and potential of CBDCs. It is also involved in the supervision of endeavors oriented to prevent and combat money laundering and terrorism and is also one of the most important public agencies involved in providing guidance to small and institutional investors that get involved with crypto.

SOURCE: CRYPTO POTATO

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Paraguayan Official Confirms: In July We Legislate Bitcoin

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After hinting at potential cryptocurrency legislation last week, a Paraguayan official has confirmed that the rule is coming in July.

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Paraguay’s Deputy of the Nation, Carlos Antonio Rejala Helman, has confirmed that new legislation in regards to Bitcoin will arrive in July. This comes amid growing adoption in Latin America led by El Salvador, which could be followed by Panama as well.

• CryptoPotato reported last week when Rejala Helman said his country planned to start working on an “important project” that included Bitcoin and PayPal
• Although he provided little-to-no information at the time about the precise nature of the project, the official confirmed it’s coming in a more recent tweet.
• Commenting on news indicating that one of Paraguay’s largest entertainment organizations has started to accept various digital assets, Rejala Helman emphatically asserted, “This is Paraguay. July we legislate! #Bitcoin.”
• This comes shortly after Gabriel Silva, a Panamanian congressman, laid out plans to present a bill on cryptocurrency adoption as a legal tender as well.
• He believes Panama should not trail other nations from the region that have already taken steps to legalize Bitcoin.
• Naturally, he meant El Salvador. The small country located in Central America has been the leader in terms of BTC adoption.
• As reported recently, the nation officially voted in favor of a new rule making Bitcoin a legal tender within its borders. El Salvador’s President, Nayib Bukele, further outlined his support for the asset and even urged miners to mine BTC with the thermal energy of the country’s volcanoes.

SOURCE:CRYPTO POTATO

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Another Week Another Failed Attempt For Bitcoin at $40K: The Weekly Crypto Recap

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In yet another week, Bitcoin’s price was unable to conquer the coveted $40K mark. Altcoins had it even worse.

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Over the past seven days, we saw yet another unsuccessful attempt of Bitcoin to breach the coveted $40K mark definitively.

Let’s roll back a little. Last weekend, the price was rather indecisive as it was struggling beneath $36K. All this changed on Sunday, however, when bulls stepped in and took control over the market. By Monday, BTC was trading above $40K, and it actually managed to stay there for a few days.

This saw the community rather enthusiastic as the price was seemingly ready to continue with its recovery. Unfortunately, bears had other plans. On Wednesday, BTC’s price started trending downward and dropped to about $38,000. Yesterday was no better as we saw the market dropping even further. At the time of this writing, BTC trades at around $35,000 for a 4% loss on the weekly.

While bitcoin’s price is just 4% down over the past seven days, altcoins had it much worse. Ethereum crashed by almost 14%, ADA by 10%, DOGE by 13.6%, XRP by 11%, and so forth. In other words – Bitcoin continues to establish and recover its dominance over the market, which currently sits at above 45%.

Elsewhere, we had quite a few bullish news. MicroStrategy – the tech giant, spearheaded by Michael Saylor revealed its plans to sell Class A common stocks for as much as a whopping $1 billion, with part of the proceeds potentially used for making more bitcoin purchases. If history and Saylor’s preferences are any indicators – this is likely to become a reality.

A report conducted by FT also showed that hedge funds plan to allocate up to 7% of their portfolios in cryptocurrencies over the next five years, highlighting the long-term potential of the industry.

It wasn’t all good news, though. The United States Securities and Exchange Commission (SEC) once again postponed its decision on the Bitcoin ETF proposition made by investment manager VanEck, which shows that regulators are not yet ready to take a decisive step of the kind.

Price-wise, the market is pretty much range-bound, and it remains very interesting to see if we’ll see a breakout in any direction soon.

Market Data

Market Cap: $1472B | 24H Vol: 79B | BTC Dominance: 45.2%

BTC: $35,360 (-4%) | ETH: $2,153(-13.8%) | XRP: $0.777 (-11.1%)

The Crypto Headlines You Better Not Miss

Spanish Banking Giant BBVA to Launch Bitcoin Trading and Custodial Services in Switzerland. The Spanish banking giant Bilbao Vizcaya Argentaria (BBCA) will be launching a bitcoin trading and custody service for private clients in Switzerland starting June 21st. However, the entity has no plans to actively manage any funds related to crypto investment.

Paraguayan Official Confirms: In July, We Legislate Bitcoin. After hinting that they would draw out cryptocurrency legislation last week, an official from Paraguay has now confirmed that the laws are coming in the month of July.

VanEck’s Bitcoin ETF Application Further Delayed by the SEC. The United States Securities and Exchange Commission (SEC) has decided to postpone its decision on the Bitcoin ETF proposition made by the investment manager VanEck for yet another time.

Rep. Maxine Waters Announces a Task Force to Study Crypto and CBDCs. Trying to stay on top of cryptocurrency regulations, Representative Maxine Waters announced a task force on Financial Technology that will be studying crypto and CBDCS, as well as their impact on US politics.

Hedge Funds Plan to Allocate 7% of Portfolios in Cryptocurrencies by 2026: FT Survey. According to a recent survey conducted by FT, hedge funds plan to allocate up to 7% of their portfolios in cryptocurrencies in the next 5 years. This signals their confidence in the long-term potential of the industry.

MicroStrategy Could Buy More Bitcoin With $1 Billion Stock Offering. The technology company MicroStrategy, spearheaded by one of Bitcoin’s biggest proponents – Michael Saylor – revealed its plans to sell Class A common stocks worth $1 billion. It also plans to buy more BTC with some of it.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Cardano, and Solana – click here for the full price analysis.

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SOURCE: CRYPTOPOTATO

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Popular Chinese Investor Dismisses Warren Buffet’s Stance on Bitcoin, Says his Knowledge Is “Too Old”

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Popular Chinese Investor Dismisses Warren Buffet’s Stance on Bitcoin, Says his Knowledge Is “Too Old”

Yan  Yan, a Chinese  investor  with  ties  to  the  SoftBank  Asia  Investment ,  thinks  bitcoin  is   better  than  gold,  and  Warren  Buffet's  knowledge  of  the  currency  is  ''too old.''

Bitcoin is Better than Gold

As per sources, Yan said he has been accumulating Bitcoin since 2015, banking on a global network suitable for the “rich and knowledgeable.”

His comments come when Bitcoin finds itself in a storm, being bombarded on several fronts by critics and governments. Nonetheless, Bitcoin remains resilient, absorbing the selling pressure as the ship steadies, waving around the $40k zone.

Still, it should be noted that Warren’s Berkshire Hathaway recently invested $500 million in a Brazilian digital bank, Nubank. This was part of the Series G funding that began in January 2021.

Nubank has over 40 million customers and is the largest digital bank by client count.

It acquired Easynvest and now offers Bitcoin investment via a Bitcoin ETF approved by Brazil’s regulator.

Bitcoin and Cryptocurrencies are Internet Native, Face Resistance

Cryptocurrencies like Bitcoin are private currencies presented as alternatives to the traditional finance system.

Existing purely in the digital realm, proponents think the coin is internet native. As such, they argue that it suits their digital needs of trustless operations, ultra-low fees, and instantaneous confirmation.

Besides, the ability to store value and safeguard against censorship appeals to most supports.

However, authorities and environmentalists are concerned about Bitcoin’s energy use. Their carbon footprint and energy inefficiency have forced officials to intervene, switching off rigs in China.

At the same time, cryptocurrency trading of any form is banned.

The same wave seems to be expanding to South Korea. Following confirmation of new laws, the country’s regulator is enforcing more stringent rules in a shifting crypto regime.

It is a dispensation that regulators—unlike in China—make trading safer.

PBoC Advancing the Digital Yuan

Amid this crackdown, especially in China, the PBoC is accelerating their CBDC development, the digital yuan. The legal currency will be operated in two tiers.

Reports indicate that Xi’an Bank and Hainan Bank—two second-tier commercial banks without direct access to the digital yuan–are the latest to participate in trials.

As BTCManager reported, the PBoC is expanding the scope of the digital yuan that’s currently in test. Following a partnership between the Hebei Xiong’an branch of the Bank of China and the China Xiong’an Group Digital City Technology, workers in the Xiong’an New Area received their salaries in digital yuan.

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Source: Btcmanager.com

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Bitcoin (BTC) Falls to Support Following Breakout Failure

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Bitcoin (BTC) Falls to Support Following Breakout Failure

IN BRIEF

• Bitcoin is facing resistance at $41,250.

• BTC broke out from a descending resistance line.

• BTC is in wave four of a bearish impulse.

The Trust Project is an international consortium of news organizations building standards of transparency.

Bitcoin (BTC) is trying to hold on to support after being rejected by the $41,250 resistance area.

It has reached a confluence of Fib and diagonal support levels, which could potentially help it to rebound.

Failure to break out

Bitcoin reached a high of $41,330 on June 15 and has been decreasing since. The high was made inside a crucial resistance area made up of the $41,250 horizontal area and the 0.382 Fib retracement resistance level. Bitcoin has not reached a close above this level since falling below it on May 19.

A breakout above this level could trigger a sharp increase. 

However, despite the rejection, technical indicators are still bullish. The MACD histogram is positive and increasing and the RSI is increasing towards the 50-line. In addition to this, the Stochastic oscillator has been moving upwards after making a bullish cross.

A breakout above this level could likely take BTC towards $44,755, which is the 0.5 Fib retracement resistance level.

BTC Chart By TradingView

BTC attempts to find support

The six-hour chart shows that Bitcoin has broken out from a descending resistance line that had previously been in place since May 19. 

The ongoing decrease caused a validation of the line as support (green icon).

The validation also coincides with the 0.382 Fib retracement support level, further increasing its significance.

BTC Chart By TradingView

The two-hour chart provides a similar assessment. 

BTC has bounced at the support line of a descending parallel channel in place since the aforementioned high. In addition, it has created a bullish hammer candlestick. 

Also, the previously outlined 0.382 Fib retracement support level (black) coincides with the  0.618 Fib retracement support level (white) when measuring only the most recent portion of the increase. 

There are some bullish reversal signs, but not enough to confirm the trend reversal.

However, the current level is very suitable for the initiation of a rebound.

BTC Chart By TradingView

 

BTC wave count

The wave count suggests that the current movement is part of the fourth wave (orange) of a bearish impulse that began with the all-time high price on April 14. After wave four is completed, a significant fall is normally expected.

A movement towards $44,000 would complete a fourth wave pullback while an increase above the $47,005 low (red line) would invalidate this wave count.BTC Chart By TradingView

The sub-wave count (red) shows that the most recent portion of the movement could form an ending diagonal, gradually taking the price towards the proposed target.

 However, BTC would have to make a low very close to the current level in order for this count to be valid.

BTCChart By TradingView

The alternate count indicates that the current movement is a fourth wave triangle instead. In this case, the price could drop towards the support line at $33,000 once more before making another upward movement toward the current level. 

Afterward, a similar decrease could follow.

BTC Chart By TradingView

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Source: Beincrypto.com

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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President of Tanzania urges the central bank to explore digital currency use cases.

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The President of Tanzania has asked the country's central bank to explore the role digital currencies could play in the country's economy.

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Tanzania President Samia Suluhu Hassan urged the country’s central bank to explore the role digital currencies could play in the country’s economy in a move that could see Tanzania on course to introduce greater support for digital assets. President Samia Suluhu Hassan highlighted the growing importance of digital currencies in global finance, suggesting a role for digital currency in developing Tanzania’s economy.

 

“We have witnessed the emergence of a new journey through the internet.”

President further highlighted the lack of support throughout the East African region for digital currency so far. She said there was an opportunity for the country’s central bank to get ahead in setting out its approach towards digital currencies. “We have witnessed the emergence of a new journey through the internet,” President noted. “Throughout the region, including Tanzania, they have not accepted or started using these routes. My call to the Central Bank is that you should start working on that development. The Central Bank should be ready for the changes and not be caught unprepared,” Tanzania’s President added. 

 

Digital currencies continue to gain mainstream exposure and acceptance. 

Tanzania’s President’s comments come at a time of increasing interest in digital currency and digital assets from the world’s emerging economies. Several countries have warmed up to digital currencies in the last few months. Earlier, the Central American country El Salvador authorized bitcoin as legal tender in the country in a historic move. El Salvador is also working to allow bitcoin mining in the country using volcano-powered clean energy. Though the Central American country received praise from the crypto community, global regulators did not welcome its move to authorize bitcoin as legal tender. 

CREDIT: COIN NOUNCE

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Bulk of UK Independent Financial Advisors Wary of Crypto

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• 93% of advisors show negative sentiment toward space as 34% say more clients ask about crypto
• The Financial Conduct Authority reports that fewer crypto users view it as a gamble than a year ago

Of the 200 independent financial advisors in the United Kingdom recently surveyed by research firm Opinium, 93% said they would never recommend for their clients to invest in cryptocurrencies.  

The findings come as 34% of these advisors have seen an increase in clients asking about cryptocurrencies this year, according to the report. 

Advisors’ concerns increase as client portfolio size goes up, Opinium found. While 84% of the UK advisors would be worried if a client with a portfolio under 100,000 Euros was investing in cryptocurrencies, that number goes to 95% for clients with portfolios of more than 200,000 Euros.

Opinium did not ask advisers to share their specific reasoning, a spokesperson said. 

“There is clearly uncertainty and concern in the industry, and advisors with clients of all sizes would be wary if their clients were investing in these products,” Opinium Research Director Alexa Nightingale said in a statement. “However, these sorts of investments are becoming more mainstream, so it will be interesting to see how advisors navigate this in future.”

Despite the concerns, a third of the advisors said they believe cryptocurrencies will become a legitimate investment vehicle in the future.

Separately, a recent study by fund administrator Intertrust Group found that all hedge fund senior professionals surveyed in North America, Europe and the UK plan to invest at least 1% of their portfolios in cryptocurrencies in the next five years. About one in six hedge funds plan to invest more than 10% in crypto in that timeframe.

Meanwhile, ownership and awareness of cryptocurrencies continues to rise in the UK, according to the Financial Conduct Authority, the conduct regulator for 58,000 financial services firms and financial markets in the region.

Estimated ownership in cryptocurrency has grown from 1.9 million in 2020 to 2.3 million this year, FCA wrote in a research note published on Thursday. The current figure represents about 4.4% of the UK’s population.

“The level of understanding of cryptocurrencies is declining, suggesting that some crypto users may not fully understand what they are buying,” FCA explained. “However, we find that attitudes have shifted, as cryptocurrencies appear to have become more normalized.”

About 38% of crypto users regard the assets as a gamble, down from 47% last year, and more view them as alternative or complement to mainstream investments, the note added. Half of crypto users say they plan to invest more.

SOURCE: BLOCK WORKS

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Is Bitcoin losing market traction or gaining momentum

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Bitcoin is one of the biggest store of value assets existing at the moment. Naturally, it also becomes the point of focus for the majority. While in most cases such attention would be for the better of the coin, in the case of BTC, the last few months have been rather unpleasant. In the span of 2 months, BTC rallied to its ATH above $60k and also crashed back down to $33k. At the time of writing the Bitcoin was trading at $38,759. 

What about investors?

That is exactly what needs to be addressed as short-term metrics and community sentiment at present seem bullish for Bitcoin. It is necessary to observe long-term metrics and understand price movements. 

Bitcoin stands undervalued due to negative deflection | Source: Glassnode

The rise and fall of profitable supply | Source: Glassnode

According to the Stock-to-Flow Deflection model, presently Bitcoin is quite undervalued as the negative deflection on the model has been the highest ever. Similarly, BTC’s total supply in profit has jumped twice in the last 10 days. First owing to El Salvador’s adoption on June 8 and the second time during the Sunday, June 13 rally. Furthermore, Microstrategy just announced the sale of $1 billion of its shares in order to acquire more Bitcoin. This comes just a few days after the company finished its $500 million funding round which was already targeted towards purchasing Bitcoin. 

Is it about to rain money?

No. While all of this sounds pretty convincing that BTC will provide huge ROIs, one should remember that all that glitters is not gold, or digital gold in this case. In the long-term analysis, BTC has been performing rather weakly. The coin has set record lows in:- ( As of June 16 )

1. Exchange Outflow Volume  – 17-month low of 1,255.315 BTC.
2. Miners Outflow Volume – 5-month low of $1.72 million.
3. Miners’ Outflow Volume – 1-month low of 47.163 BTC.

Even BTC’s profitable supply fell down as soon as the Sunday rally came to an end (ref. Total Supply in Profit chart). At the time of writing, Bitcoin’s price movement displayed very clear signs of a downtrend (White dotted line of Parabolic SAR forming above the candlesticks). More so, a bearish crossover has been dominating MACD indicator on the 4-hour chart.

Bitcoin’s price movement at press time | Source: BTC/USD – TradingView

All these indicators show that for the while Bitcoin will remain consolidated under the $41,500 resistance level. Besides, the coin has way too many resistance levels to break in order to get close to its ATH. Thus, investors should be wary about any immediate investment as they may not gain back as much ROI as they expect.

SOURCE: AMBCRYPTO

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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BANNING BITCOIN IS LIKE HERDING CATS

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If the U.S. attempted to ban bitcoin, an endless digital game of whack-a-mole would ensue.

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In the world of media, “If it bleeds, it leads,” is still very much a fashionable trope. However, when it comes to Bitcoin, there’s a new trope in town: “If it misleads, it leads.”

In a recent article for The New Republic, Jacob Silverman, a highly talented writer, discusses the recent ransomware attack on JBS Foods. On Sunday, May 30, the world’s largest meat processor suffered a massive cyberattack, shutting down a number of its operations in the United States and Australia. The attackers demanded payment via cryptocurrency. The JBS attack occured shortly after Colonial Pipeline, one of the largest pipeline operators in the U.S., admitted to paying a ransom of about $4.4 million in bitcoin.

What is Silverman’s solution to the problem of ransomware attacks? The banning of bitcoin. By identifying a very real problem but offering a false solution, Silverman commits a basic error in reasoning.

WHY REGULATING BITCOIN IS LIKE HERDING CATS

The irascible biologist Richard Dawkins once compared the atheist movement to the herding of cats. Atheists, he argued, “tend to think independently and will not conform to authority.” This tendency can also be applied to the world of Bitcoin. If fiat currencies represent domesticated dogs, who are relatively predictable and very much controlled by their owners (i.e. central banks), bitcoin is more like a group of wildcats roaming the hills: highly volatile, explosive in nature and beholden to no one, not even Elon Musk.

How do you herd cats? How do you go about banning bitcoin? The previous sentence may indeed be grammatically sound, but that’s about where the soundness ends. After all, for a ban to be truly effective every single one of the 195 countries in the world would need to sing from the same hymn sheet. One needn’t be a scholar of international relations to realize one simple fact: the chances of this occurring are all but non-existent. And as recent developments in El Salvador, Paraguay and Mexico show, more countries are warming up to the idea of adopting bitcoin as legal tender.

Furthermore, although the recent ransomware attacks primarily affected Americans, it’s best not to view Bitcoin through an American lens. There are tens of millions of bitcoin users worldwide, from New York to New Delhi, Bogota to Baghdad. So what would happen if the Biden administration decides to ban bitcoin?

In the United States alone, according to a new report by the Atlantic Council, 46 million Americans now own bitcoin. Also, the Satoshi Nakomoto created cryptocurrency is much more than just a coin: it is a movement, an idea, and a powerful one at that.It’s an idea that resonates around the world. You can’t ban an idea.

Calling for a ban on bitcoin is like calling for a ban on the internet. It’s neither logical nor feasible. Also, ask yourself this, even if a ban on bitcoin was instated, how would it stop ransomware attacks?

Such types of attacks are just an ever-evolving form of ransom, where a sum of money is demanded in exchange for someone or something that has been stolen. There are plenty of reasons to believe that ransomware attacks will continue to occur even if bitcoin is banned — which it won’t be. Such attacks have been occurring with increasing frequency for well over thirty years. Bitcoin may very well give an added incentive to engage in these styles of attacks but to assume that a ban will magically bring an end to ransomware attacks seems misplaced, if not downright idiotic.

As the aforementioned Atlantic Council report notes, “in 1989 a large-scale ransomware attack against scientists required them to send a cashier’s check or money order to a P.O. box in Panama. People sometimes do bad things with paper cash, including using it for ransom payments.”

With Bitcoin, there is always the danger of all-or-nothing thinking and of getting wrapped around the axil of absolutism. When this happens, nuance is lost and emotions override judgement. For those who already had an aversion to Bitcoin, the recent cyberattacks provided a perfect opportunity to point the finger, albeit in the wrong direction.

Instead of the United States opting to ban cryptocurrencies, how about doing more to protect American infrastructure from hackers? How about investing more in cybersecurity? How about training more personnel to detect and combat such attacks? When it comes to protecting businesses from further acts of cyber-crime, focusing on the real issues, like the chronic underfunding of cybersecurity, makes far more sense than targeting bitcoin.

Misinformed views on Bitcoin create more misinformed views, thus creating a never-ending loop of misinformation. This explains why so many individuals, well-intentioned or otherwise, seem all too eager to comment on something they clearly don’t understand. A ban on bitcoin will not address the real problem. In fact, it won’t address anything, because a ban on bitcoin is not really possible.

There is a reason why hackers target American businesses and American infrastructure with such alarming frequency. It’s because they are able to expose glaring weaknesses that the current administration is failing to address. The United States is busy investing in machinery that was used in the wars of yesteryear. But times have changed, and considerably so.

In this new age of war, the battlefields of tomorrow will be found not in the rural backwaters of Syria or Afghanistan but in cyberspace. Addressing the problem of inadequate cyber defense systems would serve the Biden administration well. More attacks are inevitable. It’s much easier to use bitcoin as a scapegoat than it is to address the real elephant in the room. Critics of bitcoin would do well to remember this.

SOURCE:BITCOIN MAGAZINE

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Bitcoin slips below $39K as Fed sends gold to 6-week lows

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Bitcoin slips below $39K as Fed sends gold to 6-week lows

It's been a bad 24 hours for the precious metal, which shed $100 per ounce thanks to the Fed's outlook.

Bitcoin (BTC) edged closer to $38,000 support on June 17 as comments from the United States Federal Reserve sparked a mass sell-off for gold.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin escapes gold's fate

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it bounced at $38,400 during Thursday, failing to regain $39,000 in what could shape up to be its anticipated "leg down."

Wednesday's Fed meeting and subsequent comments from Chair Jerome Powell stopped Bitcoin from drifting higher, taking its toll on progress across cryptocurrency.

At the time of writing, $38,900 formed a focus as resistance set in but a tight wedge of support remained nearby. Data from Binance showed a large wall of bids lined up at $37,000 and above.

BTC/USD buy and sell orders on Binance as of June 17. Source: Material Indicators/ Twitter

More conspicuous losses on the day came from gold, however, which sank to a six-week low after the Fed's inflation message.

The dollar saw a major boost, but the combination of predicted higher interest rates combined with future tapering of coronavirus measures formed a perfect storm for the precious metal. 

At the time of writing, XAU/USD traded below $1,800, having lost almost $100 over the past 24 hours.

XAU/USD 1-hour candle chart. Source: TradingView

Fighting all the way dow

While traditionally adversaries, Bitcoin and gold remain part of the portfolio recommendations for many major investment names. Last week, it was Paul Tudor Jones giving tip-offs to the public, telling mainstream media that a 5% Bitcoin and gold allocation respectively was what he "wanted" currently.

Related: Bitcoin sell-off likely played a key role in boosting gold's appeal

Gold bugs nonetheless held their ground. Peter Schiff, founder of SchiffGold, accused the Fed of misunderstanding macroeconomic forces.

"The only thing transitory about these prices is that they’re getting worse," he said in a new episode of his Peter Schiff Show. 

"We’re transitioning from bad inflation to horrible inflation and the Fed is completely oblivious to what’s going on.”

For Tudor Jones, Schiff, ever the Bitcoin opponent, had a classic warning.

"Based on the extremely dovish statements made by Powell during his press conference and recent statements made by Paul Tudor Jones... should now go 'all-in on the inflation trade,'" he tweeted.

"Welcome to the party Paul. But you won't truly be all-in until you sell your Bitcoin."

Source: Cointelegraph.com

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Mirror Protocol silently rallies 30% overnight despite crypto market slump

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Mirror Protocol silently rallies 30% overnight despite crypto market slump

The decentralized finance protocol's native token MIR jumps over 30% overnight as traders' attention shifts to its protocol upgrade and Gemini listing.

Mirror Protocol (MIR) emerged as one of the best performing tokens in the cryptocurrency market on May 17, even as its top trading rivals Bitcoin (BTC) and Ether (ETH) struggled to find direction after a depressive previous daily session.

The MIR/USD exchange rate surged by up to 26.71% to reclaim its two-week high of $4.974. The pair's move uphill came as a part of a broader upside correction that started on Wednesday after the Federal Reserve revealed its intention to hike benchmark interest rates by the end of 2023.

Bids for MIR/USD were as low as $3.971 ahead of the Fed announcement. The pair trended near the weekly low even hours after the US central bank's hawkish signal. Meanwhile, Bitcoin (BTC), Ether (ETH), XRP, and other high-cap tokens fell against the U.S. dollar.

MIR started rallying in the late U.S. session on Wednesday, shortly after Gemini announced support for a new set of decentralized finance (DeFi) projects, including Mirror Protocol. As of 1102 New York time Thursday, MIR was up 31.82% from its previous session's low of $3.971. Mirror Protocol rallies after Gemini announces support for its MIR token. Source: TradingView.com

The dramatic jump in MIR prices accompanied higher volumes, indicating the vitality of the token's uptrend in the short term. Meanwhile, MIR also spiked wildly against Bitcoin —more than 27% on a 24-hour adjusted timeframe — hinting that traders decided to park their BTC proceeds in the Mirror Protocol market as the flagship cryptocurrency reacted negatively to the Fed's rate hike plans.

Mirror Protocol V2

Traders also picked their bullish cues for MIR from the Mirror Protocol testnet launch on Tuesday.

the testnet for the imminent launch of V2 @mirror_protocol is not affecting the price of $MIR at all

THIS IS NOT ALPHA

The 30% increase in a few hours is probably nothing pic.twitter.com/QhCYMbd3sl

— Peter The Terran (@in_Kauto) June 17, 2021

In detail, Mirror Protocol is a Terra-blockchain-based protocol to create synthetic assets called Mirrored Assets (or mAssets). These fungible tokens mimic the price behavior of traditional and digital financial assets. Therefore, traders can use Mirror to gain exposure in conventional markets without holding the actual stocks, commodities, and whatnot.

Messari, in its February analysis, compared the vision of Mirror Protocol to that of Robinhood, a popular retail stock brokerage app that intends to democratize finance for people across the globe. But Mirror Protocol, with its advantage of being a DeFi project, can eliminate several inefficiencies related to centralized services like Robinhood.

"By tokenizing assets on a blockchain, the information for all historical transactions of an asset become public and immutable, removing the need for trust between parties located in the same physical area," Messari researcher Ty Young wrote.

The early enthusiasm helped Mirror Protocol become one of the trendiest DeFi projects after its launch in December 2020. In May 2021, the project had accumulated more than $2 billion in total value locked. It currently holds about $1.79 billion. 

Mirror Protocol statistics. Source: DeFi Llama

V2, first introduced in April 2021 for a governance vote, expects to bring a new set of features to Mirror's emerging protocol. They include governance participation incentives, new MIR-enabled collateral options, and the whitelisting of pre-IPO assets.

1/ The Mirror V2 Testnet is live! https://t.co/7u4UGR6yBY

Mirror V2 builds on the best of V1, incorporating invaluable community feedback to deliver a number of innovative key features. pic.twitter.com/pnSgdeeYBs

— Mirror Protocol (@mirror_protocol) June 15, 2021

The next level of resistance for MIR lurks near its May 24-June 6 price ceiling of $5.2.

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Source: Cointelegraph.com

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Bitcoin (BTC) Searches for Support After Failure to Break Out

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Bitcoin (BTC) Searches for Support After Failure to Break Out

IN BRIEF

• Bitcoin is facing resistance at $41,250.

• BTC is following an ascending support line.

• There is support at $38,000.

The Trust Project is an international consortium of news organizations building standards of transparency.

Bitcoin (BTC) resumed its descent yesterday following a rejection from resistance on June 15. 

It has reached a short-term horizontal and diagonal support level that could push the price higher. 

Bitcoin fails to break out.

On June 15, BTC reached a high of $41,330. The high was made inside the 0.382 Fib retracement resistance level at $41,250. Bitcoin has been moving downwards since. On June 16, it created a bearish candlestick and fell to a low of $38,116 in the process

Regardless of the drop, technical indicators are providing a bullish outlook. The MACD’s momentum bar has created three bars in the positive territory. Both the RSI and Stochastic oscillator are increasing; the former is above 50 while the latter has made a bullish cross. 

These signs point to an eventual breakout above the aforementioned resistance area. If this occurs, the next resistance would likely be found at the 0.5 Fib retracement level at $44,755.

BTC Chart By TradingView

Potential bounce

The two-hour chart shows an ascending support line that has been in place since July 8. Yesterday’s drop caused the third validation of this line (green icon). 

In addition, the low coincided with the $38,000 horizontal support area, making it a very suitable level for a bounce. 

However, the MACD and RSI have yet to confirm the bullish reversal, though the former is showing signs of doing so.

BTC Chart By TradingView

BTC wave count

The movement since the May 19 low can be contained inside an ascending parallel channel. Therefore, it’s likely that this is an A-B-C corrective structure. 

A high near $43,950 would give waves A:C a 1:1 ratio and cause BTC to move all the way to the resistance line of the channel.

The sub-wave count (red) shows that the most recent portion of the movement could form an ending diagonal, after which a downward movement would be likely.

BTC Chart By TradingView

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Source: Beincrypto.com

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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World Bank refuses El Salvador’s request for help in Bitcoin transition.

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The World Bank has refused to support El Salvador's request for help in the transition to use Bitcoin as legal tender.

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The World Bank has refused El Salvador’s request to help the Central American country’s transition to adopt Bitcoin as legal tender. El Salvador recently passed a law authorizing the world’s leading cryptocurrency bitcoin as legal tender in the country. The Central American country’s move into bitcoin received praise from the crypto community, but it did not impress global regulators. El Salvador is the first country in the world to officially recognize bitcoin as legal tender. 

 

World Bank cites Bitcoin’s environmental and transparency shortcomings for refusing to help. 

The World Bank cited issues with Bitcoin’s environmental impact and transparency as reasons why it will not support El Salvador’s move to adopt Bitcoin as an officially accepted currency. “While the government did approach us for assistance on Bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings,” a World Bank spokesperson said. However, the World Bank noted that it could help El Salvador in other ways, including “currency transparency and regulatory processes.”

 

Global regulators are not impressed with El Salvador’s decision. 

Earlier, Salvadoran Finance Minister Alejandro Zelaya said they sought technical assistance from Banco Mundial (the World Bank). Many from the crypto community criticized World Bank’s decision to deny El Salvador’s request. While El Salvador has received praise and applauds from the crypto community, global regulators have criticized the Central American country for its move into bitcoin. Earlier, an IMF spokesperson Gerry Rice noted the adoption of Bitcoin presents many financial, legal, and macroeconomic concerns that require a “very careful analysis.” As reported earlier, economist Steve Hanke said that El Salvador using Bitcoin as a legal tender could potentially “completely collapse the economy.”

SOURCE: COIN NOUNCE

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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El Salvador feels confused over salary payments in Bitcoin

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After speeding ahead to approve Bitcoin as legal tender, El Salvador is now sorting through the messier details of how having BTC as an official national currency would work in real life. El Salvador’s Department of Labor and Social Welfare has clarified that it is not within its authority to determine whether salaries can be paid in Bitcoin, according to Yahoo Finance. The clarification was offered after a minister of the department, Rolando Castro, was reported in local media to have said “it was too premature” to consider changing how government employees get paid.

Fast facts:

• In the clarification, Castro said it is a matter for the Ministries of Finance and Economy, and the full implications of adopting BTC would be addressed in time.

• El Salvador became the first nation in the world to pass legislation to make BTC legal tender earlier this month after President Nayib Bukele announced the plan at the Bitcoin 2021 conference in Miami. This means BTC can be used to pay taxes and must be accepted by all businesses — hence the need for clarification on how wages can be paid.

• The Latin American nation — which has a population of 6.5 million and in 2016 was deemed the most violent country in the world — may have to figure things out alone. On Wednesday, Reuters reported the World Bank, citing environmental and transparency issues regarding Bitcoin, declined to help El Salvador with its BTC implementation despite the country’s request for technical assistance.

• Following El Salvador’s lead, Panamanian opposition politician Gabriel Silva says he is also seeking to make cryptocurrency legal tender in his country. Silva tweeted: “If we want to be a true technology and entrepreneurship hub, we have to support cryptocurrencies.”

• President Bukele has said using BTC as legal tender would help El Salvadorans by reducing remittance fees and will help address the country’s significant unbanked population.

SOURCE: FORKAST

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Bitcoin explained: all you need to know about the crypto frenzy

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Adriana Belotti is a "true believer" when it comes to bitcoin, and invests $100 into the volatile cryptocurrency each month .

The Sydney-based tech consultant says it's mainly because of her painful experiences growing up in Brazil in the 1980s, as it transitioned from military dictatorship to democracy.

Hyperinflation was in full swing as food, electronics and all types of consumer goods shot up more than 2,000 per cent each year. Shopkeepers were lifting their prices every week (or even several times a week).

"I remember going to the supermarket with my dad, and having to run in front of the guy who was re-marking the prices in the supermarket because you could get it for a few dollars cheaper," she said.

For that reason, Ms Belotti regards bitcoin as "digital gold" — or an asset to protect her from the debilitating experience of watching her hard-earned money lose all its value almost instantly.

Although Ms Belotti acknowledged this was a "very high risk strategy", she has no regrets because her overall investment has tripled in value (since buying her first bitcoin years ago).

Despite its extreme price swings, she says bitcoin is a lot more stable compared to the Brazilian currency she used to be paid in.

Bitcoin's wild ride

When you you look at a bitcoin price graph, stability is probably not the first thing that springs to mind.

Bitcoin was created in 2009, amid the global financial crisis, by mysterious coder under the alias "Satoshi Nakamoto" – whose identity remains unknown to this day.

Back then, it was worth practically zero. But in the last five years, its value has surged more than 5,700 per cent.

Its price has been on a rollercoaster ride, with several booms and crashes along the way – and many argue that it's a massive bubble.

There are now more than 5,000 cryptocurrencies in the world – including ethereum, XRP, litecoin and "joke" currencies like dogecoin.

Most cryptos in that long list are considered highly speculative, and regulators have warned people not to put in more than they can afford to lose.

Bitcoin surged to its most expensive level ever ($US64,900) on April 14.

It certainly helped that trillions of dollars worth of COVID-19 stimulus was being pumped into the world economy — which boosted the price of cryptocurrencies, shares, property and even second-hand cars.

There was also the idea that bitcoin was increasingly becoming mainstream after payments giant PayPal announced, in October, that it would let users buy and sell cryptocurrency on its platform.

In early June, El Salvador became the first country to take bitcoin as legal tender, which has led to predictions that other nations (particularly with less stable economies) may follow suit.

As new investors saw the price of bitcoin climb to a then-record high ($US20,000) in December, and continued to watch it scale new record almost every week, FOMO (fear of missing out) spurred them to pile in.

The frenzy was also driven by optimistic forecasts from investment banks like Citi (which predicted it could hit $US318,000 by year end).

The Elon factor

Cryptocurrency analysts say a major force behind the bitcoin rally was electric carmaker Tesla – particularly its billionaire boss Elon Musk.

In early February, Tesla surprised the world by revealing that it had purchased $US1.5 billion worth of bitcoin, and planned to offer it as a payment method.

But three months later, the world's second-richest man had a change of heart.

Mr Musk tweeted, in mid-May, that his company had "suspended vehicle purchases using bitcoin" due to environmental concerns (specifically, its carbon footprint) – which sparked rumours that Tesla had sold its bitcoin holdings.

The process of creating new bitcoin mining uses 96.6 terawatt-hours (TWh) of power annually, according to estimates by the Cambridge Centre for Alternative Finance.

That's more energy than what countries like the Philippines and Finland consume each year.

It also didn't help that, shortly after, China banned its banks and financial institutions from providing services related to cyrpto transactions.

This led to a massive correction as the volatile cryptocurrency lost half its value in just over a month. It crashed as low as $US30,000 on May 19.

Tesla & Bitcoin pic.twitter.com/YSswJmVZhP

— Elon Musk, the 2nd (@elonmusk) May 12, 2021

Mr Musk's latest backflip happened on June 14, when he tweeted that Tesla would take bitcoin as payment again if more miners used clean energy. He also confirmed that Tesla had sold about 10 per cent of its bitcoin holdings.

That sent its price back above $US39,000 (late on Wednesday evening).

How does it work?

The idea behind cryptocurrencies was to create an alternative payment method which cuts out the middleman.

In conventional finance, banks are the gatekeepers keeping track of when money leaves your account and reaches the other. So buyers and sellers are putting their trust in a single authority.

For those who value privacy — or have issues trusting the government, banks or other authorities — bitcoin is appealing because of its de-centralised system.

China is where most of the world's #bitcoin mining happens (by far)!

This chart is from the University of Cambridge -- its #Bitcoin electricity consumption index. shows the "average monthly hashrate breakdown by country".

Full data can be found here: https://t.co/5cIgd0YFmE pic.twitter.com/thuw5YJGWV

— David Chau (@ChauDave) June 16, 2021

Basically, that means instead of one bank verifying the transfer, thousands of computers across the world are doing that same job.

All these computers are known as "miners", who have access to the blockchain – which is a ledger or public record which lists all the transactions ever made using the cryptocurrency.

These miners are racing against each other to verify the purchase by solving a complex mathematical problem. The first of these miners to solve it gets rewarded with newly-minted cryptocurrencies like bitcoin.

At least half of this huge computer network needs to verify your transaction before it gets approved.

Much of the world's bitcoin mining happens in China (65.1 per cent), the United States (7.2 per cent) and Russia (6.9 per cent), according to Cambridge's analysis.

One advantage of bitcoin transactions is that they're considered relatively anonymous – which has made it popular with organised crime.

More recently, hackers targeted Colonial Pipeline (which supplies nearly half of the US east coast's fuel supply) and meat processing giant JBS Foods with ransomware.

All up, both companies paid their ransoms in bitcoin — about $20 million all up.

Energy intensive and too secure?

It's a deliberately complex, inefficient process which consumes more power every year.

In the case of bitcoin, its blockchain is programmed in such a way that the problems get harder to solve every two weeks, while the reward for mining "halves" every four years.

On 21 April 2021, the average #bitcoin transaction fee surged as high as $AU81.42 — or $US62.78!

Data is from BitInfoCharts - https://t.co/mtY3L5Ihqa#Cryptocurency #Crypto pic.twitter.com/5kg2tAzM9H

— David Chau (@ChauDave) June 16, 2021

On the plus side, that makes it practically impossible to hack. It would be insanely expensive to interfere with all those thousands of computers on the blockchain – worldwide, at the same time.

Another downside with bitcoin is they can actually be too secure in some cases.

It's estimated that around 4 million bitcoin (worth $US160 billion) are lost forever.

Many people don't have their private key anymore, or the secret code that gives them access to their digital wallet. 

There are stories about people who wrote it down on a piece of paper and misplaced it, while others have thrown out the hard drive containing their private key – and there's no way to recover it. 

Meanwhile, not many businesses take bitcoin or cryptocurrency as payment given its extreme volatility.

Transaction fees and speed are other issues raised by bitcoin sceptics. Earlier this year, the average transaction cost surged as high as $81.42.

While bitcoin can only handle seven transactions per second, traditional systems like Visa can process thousands.

So instead of spending their bitcoin, most people are buying it to hold onto it like gold (hence it is often described as "digital gold").

Some see it as a safe haven asset to protect their wealth in uncertain times. But unlike gold, it's not such a reliable store of value given its price rises and falls by thousands of dollars each day.

Despite that, bitcoin supporters believe it has a bright future.

That's particularly if record low interest rates persist for years – driving more people to take riskier bets to find a return (whether it be in stocks, property or less well-known cryptocurrencies).

SOURCE: ABC NEWS

MPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Central American Bank for Economic Integration to Help El Salvador Implement Bitcoin as Legal Tender

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The Central American Bank for Economic Integration (CABEI), which has 15 member countries, will help El Salvador implement bitcoin as legal tender. The CABEI president has expressed his support. “We’re very optimistic,” he said.

Central American Bank for Economic Integration Supports El Salvador’s Bitcoin Law

The head of the Central American Bank for Economic Integration (CABEI) expressed his support for El Salvador’s bitcoin law Monday. CABEI Executive President Dante Mossi said that the bank will give El Salvador technical assistance to implement bitcoin as legal tender. Last week, El Salvador became the first country in the world to pass a law making the cryptocurrency legal tender.

The CABEI has 15 member countries: Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama, Dominican Republic, Belize, Mexico, Republic of China (Taiwan), Argentina, Colombia, Spain, Cuba, and Korea. The bank’s objective is to “promote the economic integration and the balanced economic and social development of the Central American region,” its website details.

Mossi said his organization will work with El Salvador’s finance ministry and central bank to select a team to work on the implementation, Reuters reported.

Mossi believes that the move to make bitcoin legal tender would offer many benefits to people in El Salvador. For example, it would lower the cost of remittances for relatives of Salvadorans living abroad, he explained, adding:

We’re very optimistic.

The CABEI executive president also called on El Salvador’s government to develop a regulatory framework for bitcoin in order to prevent “bad actors” from taking advantage of the system’s anonymity, the publication conveyed.

Following El Salvador’s move to make bitcoin legal tender, lawmakers in a number of Latin American countries have expressed their interest in bitcoin. The countries include Paraguay, Argentina, Panama, Brazil, and Mexico. Moreover, Tonga and Tanzania have also reportedly expressed interest in bitcoin.

SOURCE: SBITCOIN NEWS

MPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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BTC At Critical Decision Point As $40K Being Tested (Bitcoin Price Analysis)

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BTC At Critical Decision Point As $40K Being Tested (Bitcoin Price Analysis)

Bitcoin is up by a total of 20% this week and it’s back at the $40K mark range.

Quick recap: BTC bounced from $34,760 on Sunday and surged even more on Monday to break the early June significant highs at $39,500 and even reach resistance at $40,760 (bearish .382 Fib Retracement).

The bullish momentum stalled slightly since reaching the resistance at $40,760 but manages to remain above $39,500 (early-June highs) and created a short-term tight trading range.

In addition, BTC is trading above a short-term rising trend line and is also trading inside a rising wedge formation, which is all best seen on the following 4-hour chart. Rising wedge tends to be a bearish formation, but often in bull markets we see a bullish breakout of the pattern.

Another way to look at it is the short-term rising trend line and the resistance at $40,760 are creating the formation of a short-term ascending triangle pattern.

From the bullish side, there are small hints that BTC should push higher and finally break $40,760 soon as there is hidden bullish divergence on the 4-hour RSI, with the RSI making lower lows and price action making higher lows. Despite that, Bitcoin still marks $42K zone as the next major level of resistance, which includes previous January 2021 highs and the 200-days moving average line.

BTC Price Support and Resistance Levels to Watch

Key Support Levels: $40,000, $39,500, $38,430, $36,750, $34,760.

Key Resistance Levels: $40,760, $42,000, $42,720, $43,600 – $44,000, $44,750.

Looking ahead, if the buyers break resistance at $40,760 (bearish .382 Fib), the first resistance lies at $42,000 (Jan 2021 highs). This is followed by $42,720 (1.272 Fib Extension & 200-day MA), $43,600 (1.414 Fib Extension), $44,000 (50-day MA),and $44,750. Added resistance lies at $46,000 and $47,360 (bearish .618 Fib).

On the other side, the first major support lies at $40,000. This is followed by $39,500 (early-June highs), $38,430 (4-hour’s MA-200 line), $36,750 (.786 Fib & 20-day MA), and $34,760 (downside 1.414 Fib Extension).

As mentioned, the 4-hour RSI is showing hints of hidden bullish divergence. Additionally, the RSI is now showing the highest level of bullish momentum since mid-May 2021 – before the market crash. This suggests that the buyers might be starting the recovery.

Bitstamp BTC/USD Daily Chart

BTC/USD Daily Chart. Source: TradingView.

Bitstamp BTC/USD 4-Hour Chart

BTC/USD 4-Hour Chart. Source: TradingView.

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Source: Cryptopotato.com

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Estonian IT company inks $26M crypto mining deal with Bitmain

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Estonian IT company inks $26M crypto mining deal with Bitmain

Burfa intends to purchase new cryptocurrency mining equipment from Bitmain to boost its data-center capacity.

Estonian technology conglomerate Burfa is turning to Bitmain to supply key cryptocurrency mining infrastructure to its Narva-based data center, offering a glimpse into the arms race underway for high-performance computing resources. 

The $26-million agreement will allow Burfa to double its data center capacity and secure a steady supply of processing equipment over the coming months. The industrial sector is facing an acute shortage of specialized GPUs and SSDs as more of these resources get gobbled up by crypto-intensive firms that have ramped up Bitcoin (BTC) mining during the bull market.

Burfa will start receiving the new equipment as early as summer, the company announced Wednesday.

"There are clear limits to hardware production and this contract places us among a dozen or so major clients in the world who could secure such a large volume of additional resources,” said Ivan Turygin, chairman of the board at Burfa. “All others will have to wait until the supply chains are restored back to normal or pay a lot more for the equipment on the secondary market.”

He also said that growing cryptocurrency adoption, as evidenced by the now $1.7 trillion digital-asset class, will serve as a boon to Burfa’s expansion plans moving forward.

Burfa was founded in 2013 as a developer of cryptocurrency mining equipment. The company pivoted to high-performance data centers in 2017 before migrating its operations to the Enefit Technology Park in Narva.

Related: Riot Blockchain purchases 42,000 Antminers from Bitmain

Du Shisheng, vice president of Bitmain’s mining division, spoke about the company’s long-standing partnership with Burfa:

"The Burfa Group companies have been our long-term and trusted customers. This is also the basis for the current contract, ensuring that Burfa gets state-of-the-art and most efficient technology for developing their high-performance data centers.”

Bitmain is one of the world’s largest makers of crypto mining equipment. The company filed for a public listing in September 2018 but didn’t follow through with its plans. At the time, a publicly listed Bitmain was earmarked to be worth up to $50 billion.

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Source: Cointelegraph.com

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Microstrategy plans to sell up to $1 billion of its shares to invest more in bitcoin.

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Microstrategy plans to sell up to $1 billion of its shares to invest more in bitcoin.

In a recent announcement, Microstrategy indicated through an SEC filing that it had planned to sell up to $1 billion of its shares.

In a recent announcement, Microstrategy indicated through an SEC filing that it had planned to sell up to $1 billion of its shares.

Since Microstrategy’s $500 million sales in debt offerings, the publicly-traded software company has taken further steps to fuel its Bitcoin hoarding. In an announcement earlier this week, Microstrategy indicated through an SEC filing that it is planning to sell up to $1 billion of its shares to increase its holding of the leading cryptocurrency bitcoin. 

Investment bank Jefferies was the underwriter for the deal.

The specifics of the offering were all detailed in the firm’s S-3 filing, which was published on Monday. The filing showed that investment bank Jefferies was the underwriter for the deal. The filing stated, “We intend to use the net proceeds from the sale of any class A common stock offered under this prospectus for general corporate purposes, including the acquisition of bitcoin, unless otherwise indicated in the applicable prospectus supplement. We have not determined the amount of net proceeds to be used specifically for any particular purpose. As a result, management will retain broad discretion over the allocation of the net proceeds of any offering.”

Microstrategy continues to accumulate cryptocurrency holdings.

Since Bitcoin’s nearly 40% decline a few months ago, Microstrategy has continued accumulating more of the cryptocurrency. The company now holds more than 92,000 BTC on its balance sheet — worth approximately $3.68 billion, with the leading cryptocurrency trading at $40,000. Microstrategy (MSTR) shares rose 5.36% following the announcement on Tuesday. Its shares gained more than 21% in the past month, thanks to a combination of factors, including Bitcoin bouncing 20% from June lows and the firm’s private debt offering sale. Several major institutions have recently shown interest in bitcoin. 

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Source: Coinnounce.com

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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As Bitcoin tops $40,000 again, analysts eye $50,000

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Bitcoin gained as much as 4.5 percent on Monday to hit $41,020.

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After a volatile weekend, Bitcoin has once again surpassed $40,000, reaching its highest level in more than two weeks.

The world’s largest crypto gained as much as 4.5% Monday to $41,020, extending its rally to a second day. The coin has rallied roughly 9% since Friday. The wider Bloomberg Galaxy Crypto Index, which tracks some of the major cryptocurrencies, also advanced, adding as much as 7.7% at one point.

With Bitcoin crossing the $40,000 threshold, many chartists are looking at $42,500 as its next important level to breach. That number roughly represents its 200-day moving average and topping it could mean the coin rallies toward $50,000.

“Bitcoin is always going to be volatile and the manic run-up we had was never sustainable. The question is where do we settle? What is the new floor in Bitcoin?,” said Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. “In order for Bitcoin to resume that rally, I think you’re going to need to see more widespread legitimate adoption.”

Cryptocurrencies have been under pressure in recent weeks, with Bitcoin losing about 30% since mid-April, when it hit a record of almost $65,000. The recent selloff has been exacerbated by a public rebuke from Tesla Inc.’s Elon Musk, who criticized the amount of energy used by the servers underpinning the token and reneged a previous offer to allow customers to buy his cars using the cryptocurrency. Increased Chinese regulatory oversight has also soured the mood.

But prices got a boost at the start of the week after veteran hedge fund manager Paul Tudor Jones – who said last year Bitcoin could be a good hedge against inflation – re-endorsed the coin in a television interview.

“I like Bitcoin as a portfolio diversifier,” Tudor Jones of Tudor Investment Corp. said in an interview with CNBC. “Everybody asks me what should I do with my Bitcoin? The only thing I know for certain, I want 5% in gold, 5% in Bitcoin, 5% in cash, 5% in commodities.”

Meanwhile, over the weekend, Musk once again roiled the market, saying via tweet that Tesla would allow transactions in Bitcoin once it is mined with more clean energy. The mogul said he wants miners, who have come under the spotlight in recent months, to use about 50% clean energy. The Cambridge Center for Alternative Finance has estimated that 39% of crypto mining is powered by renewable sources, mainly hydroelectric.

Bitcoin’s peers, including Bitcoin Cash, Dash, and Ether also gained on Monday.

–With assistance from Kenneth Sexton.

SOURCE:ALJAZEERA

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Economist Steve Hanke says Bitcoin’s adoption as legal tender could completely collapse El Salvador’s economy.

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Steve Hanke, a professor of applied economics at Johns Hopkins University, has warned that El Salvador's adoption of Bitcoin as legal tender has the potential to "completely collapse the economy."

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Steve Hanke, who served as a senior economist under President Ronald Reagan’s administration from 1981 to 1982, has warned that El Salvador’s decision to authorize bitcoin as legal tender has the potential to “completely collapse the economy.” The economist had previously described BTC as a speculative asset “with a fundamental value of zero,” and in April, the 78-year-old tweeted, “cryptocurrencies are the future of money. Bitcoin is not.”

BTC holders from other regions could target El Salvador to cash out their holdings.

During an interview with financial news provider Kitco News on June 15, the university professor said that BTC hodlers from regions such as Russia and China could now target the Central American country to cash out their holdings and draining the country of its U.S. dollars. “It has the potential to completely collapse the economy because all the dollars in El Salvador could be vacuumed up, and there’d be no money in the country. They don’t have a domestic currency,” Hanke noted.

Steve Hanke calls El Salvador’s new bitcoin law “stupid.”

Steve Hanke described the elected representatives in El Salvador who voted in favor of president Nayib Bukele’s Bitcoin law as “in a word, stupid.” He also questioned how bitcoin could function as a legal tender in day-to-day transactions in a country where most citizens rely on cash. As reported earlier, JPMorgan echoed similar sentiments but in more measured language, with the firm stating in a client note that it was difficult to see any “tangible economic benefits associated with adopting Bitcoin as the second form of legal tender, and it may imperil negotiations with the IMF.” An IMF spokesperson also criticized El Salvador’s decision to adopt BTC as legal tender. 

SOURCE:COIN NOUNCE

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Bitcoin, Dogecoin Price Analysis: June 16, 2021

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IN BRIEF

• Bitcoin remains pivotal at $40,000 as bulls run out of steam for higher gains.
• Dogecoin is stuck in consolidation as bulls battle the immense selling pressure at the 50 SMA on the four-hour chart.

The cryptocurrency market is back in red, with coins posting minor losses across the board. Bitcoin hit a barrier slightly above $41,000, curtailing the bid for gains toward $50,000. Meanwhile, Ethereum failed to break the hurdle at $2,650, settling for the short-term support at $2,500. On the other hand, Ripple is stuck in the range between $0.8 and $0.9.

Bitcoin:-

The flagship cryptocurrency is having a challenge holding above $40,000. Hence, overhead pressure is intensifying amid a dwindling tail force.

Many investors expected a quick rise to $50,000 after Bitcoin broke the hurdle at $40,000 for the first time in June. Nonetheless, exhaustion seems to be creeping back as BTC delays the expected upswing.

If support at the 200 Simple Moving Average (SMA) on the four-hour chart fails to hold, we foresee BTC dropping to $36,000 before another recovery mission comes into play. Note that the MACD may flip bearish soon, thus adding weight to the bearish outlook.

BTC/USD four-hour chart

Read more

A golden cross pattern may appear with the 50 SMA crossing above the 100 SMA on the brighter side. This is a bullish signal that could turn the trend upward in the short term.

Dogecoin:-

Dogecoin teeters at $0.31 after running into acute resistance at the 50 SMA on the four-hour chart. Unless this sellers’ congestion zone comes out of the way, recovery will not happen quickly.

Realize that the MACD has no defined direction, implying that consolidation may last longer. On the downside, immediate support is provided at $0.3 and must hold to ensure that losses toward $0.24 are avoided.

DOGE/USD four-hour chart

Read more

A daily close above the 50 SMA could encourage buyers to return to the market. An increase in buying pressure will likely bolster the meme coin higher up. Some resistance is anticipated at $0.35, but if broken, gains may extend to $0.4.

SOURCE:COIN GAPE

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Everybody Will Accept Bitcoin and its Price Will Reach $250K in 2022, Says Tim Draper

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Tim Draper surmised that Bitcoin (BTC) will trade at $250,000 by the end of 2022, and many corporations will accept it as a payment method.

The American billionaire Tim Draper predicted that bitcoin’s value would reach $250,000 by the end of 2022. He further opined that the primary cryptocurrency would be the core of all financial activities for the next 20-30 years.

BTC Is The Future

Tim Draper – an American venture capital investor – shared with CNBC his bullish view on BTC’s future value. He forecasted that despite the volatility in the crypto market, the primary digital asset would hit $250,000 by the end of next year.

Additionally, Draper said numerous large companies would follow the example of Microsoft, Starbucks, PayPal, Home Depot and accept bitcoin as a means of payment:

”Give it about a year and a half and retailers will all be on Opennode [bitcoin payment processor], so everybody will accept bitcoin.”

The investor pointed out that only 21 million bitcoins can exist in circulation and this is another reason that will drive up its fiat value. He predicted that the asset could turn into the world’s main financial instrument, and it has the potential to become as dominant as giants like Microsoft and Amazon.

Draper is a renowned bitcoin HODLer but refused to answer the host’s question of how much he owns or whether he has located some of his funds in other cryptocurrencies.

Additionally, the billionaire noted that Elon Musk is a ”brilliant man” but disagreed with his opinion on Dogecoin. Draper joined many other critics of the meme coin who think its only quality is to bring joy to the crypto community:

”There must be something to Dogecoin because it makes us all smile but no engineers are working on it.”

He Said It Again

It seems like Draper stands behind his words as he initially outlined such a price forecast at the beginning of 2020. However, the only difference is that back then, he claimed that BTC’s value would reach $250,000 in early 2023.

At the time, he revealed that the stock market is not that emerging anymore and intended to allocate his portfolio to the crypto market instead. Bitcoin will be the big player there, and even though it still has a long way to go, it will attract the attention of the masses due to its positive features:

”Bitcoin will be the currency of choice. Bitcoin is not as easy to move around, but eventually, it will be. Then you will have a choice, and you will say: “hey, do I want to pay the banks 2.5% to 4% every time I swipe my credit card, or do I want a currency that’s frictionless, open, transparent, global, and not tied to any political force.”

SOURCE:CRYPTOPOTATO

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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4 Reasons to Be Bullish as Bitcoin Breaks Back Above $40K

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4 Reasons to Be Bullish as Bitcoin Breaks Back Above $40K

With BTC’s price regaining traction and heading towards $40,000, it’s worth reviewing four (ok, five) reasons why you should be more bullish.

Although bitcoin has already added $10,000 of value in a week to $40,000, some on-chain features suggest even more bullish developments awaiting right around the corner. From the Stablecoin Ratio to increasing active addresses to corporations buying and holders still holding.

Reason 1: Bitcoin to Stablecoin Ratio

According to data from CryptoQuant, the Bitcoin to stablecoin ratio oscillator has gone into bullish territory. This metric highlights the ratio of the number of bitcoins to stablecoins stored on all exchanges.

The analytics company said this metric has a “perfect BTFD hit rate since 2019.” CryptoQuant encouraged BTC bulls by adding, “it just printed another buy signal,” as the stablecoins sitting on exchanges have far superseded the bitcoins, suggesting more potential purchases.

Bitcoin to Stablecoin Ratio Oscillator. Source: CryptoQuant

It’s worth noting that the Bitcoin Stablecoin Supply Ratio, which works similarly, has also been declining in the past few months.

Reason 2: The Bottom Is In?

Jurrien Timmer, the Director of Global Macro at Fidelity Investments, also opined about BTC’s recent price developments. In fact, he believes the massive price slump towards $30,000 was actually the bottom.

He came to this conclusion by comparing the BTC/USD chart with the GS Retail Favorites Basket. History shows that the correlation between the two has been relatively high, suggesting that bitcoin could indeed mimic the basket’s performance.

Bitcoin Price Compared to GS Retail. Source: Twitter

Reason 3: Corporations Keep Buying, Institutional Praise

While some reports suggested that short-term investors had sold off their BTC holdings during the recent crash, others have only doubled down. Such is the case with MicroStrategy.

Michael Saylor’s NASDAQ-listed business intelligence giant plans to allocate another $1 billion in the primary cryptocurrency after a new stock offering.

The executive, who became among the most prominent BTC bulls in the past year, took it to Twitter to advise those who plan to have 5% of their portfolios in the asset that the remaining 95% will be “demonetized by bitcoin.”

If you invest 5% of your portfolio in #bitcoin, you have made the decision to invest 95% of your portfolio in assets getting demonetized by bitcoin.

— Michael Saylor (@michael_saylor) June 14, 2021

Interestingly, he was referring to Paul Tudor Jones III. The prominent hedge fund manager, who outlined BTC’s benefits over a year ago after the COVID-19 pandemic broke out, praised the cryptocurrency once again during a more recent interview.

He compared it with math, which has been here for thousands of years and will be here for thousands more. Consequently, Jones wanted to increase his BTC holdings to represent 5% of his portfolio. Such compliments coming from one of the most successful investors of this generation could indeed be viewed as a bullish signal.

Reason 4: Hodlers Keep on Hodling

In its weekly review on the market, Glassnode touched upon the role of so-called HODLers – investors who have purchased their assets before a specific date and refuse to sell or even trade them.

In this case, the analytics firm looked at long-term holders who “include all buyers of coins prior to January 10th, 2021.”

Glassnode’s chart below shows that “a very large volume of coins were purchased in the early bull market, and have remained largely unspent. The current rate of maturation is over 400k BTC/month, which is much larger than the 160K BTC we estimated were sold, mostly by short-term holders, during the May capitulation event.”

Bitcoin Long-Term Holders’ Behavior. Source: Glassnode

And, perhaps a bonus reason is the active addresses on the Bitcoin network. This activity is typically linked with BTC’s price, with the general rule of thumb suggesting the more users utilizing the blockchain, the more bullish performance transpires.

The active addresses have bounced off from the early June low of 715,000 such wallets to just shy of one million. It’s still well below the mid-April high of 1.4 million (interestingly, BTC went towards its latest ATH at that point), but the ten-day increase could still be considered bullish.

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Source: Cryptopotato.com

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Within five years, US hedge funds expect to hold 10.6% of assets in crypto

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Within five years, US hedge funds expect to hold 10.6% of assets in crypto

North American hedge funds are at the vanguard of crypto-curious investors, although EU and U.K. funds are not far behind, expecting to hold 6.8% of their assets in crypto within five years.

A new survey of 100 chief financial officers at hedge funds worldwide has indicated that the sector is planning a significant increase in its exposure to crypto assets in the near term.

The survey, conducted by Intertrust, suggests that if the respondents’ forecasts were broadly mirrored across the sector, assets in crypto held by global hedge funds could hit $312 billion. United States-based funds were most bullish about the new asset class, expecting to raise their portfolio exposure to crypto to 10.6% on average within five years.

Their European Union- and United Kingdom-based counterparts gave a slightly more modest figure, although still significant: 6.8% on average. Intertrust’s sample included chief financial officers of funds that each manage an average of $7.2 billion in assets. The CFOs themselves personally expected to have a minimum of 1% of their portfolios in crypto.

High-profile hedge fund managers such as Paul Tudor Jones have been vocal advocates of Bitcoin (BTC) amid concerns about inflationary tendencies in the economy. SkyBridge Capital CEO Anthony Scaramucci takes a similar view of Bitcoin’s potential as a store of value, considering it superior to gold. 

Related: Scaramucci’s SkyBridge BTC fund launches with $25-million investment 

Another big name in the sector that is backing cryptocurrency is Alan Howard, co-founder of major asset manager Brevan Howard. Just this week, Howard invested in two digital asset startups following his earlier investment in a digital asset custody services provider created by Nomura in partnership with Ledger and CoinShares. He also owns a 25% stake with One River Digital Asset Management. There have also been reports of Brevan Howard’s plans to directly invest in crypto.

Aside from traditional hedge funds’ increasing confidence in the asset class, there are also a number of attempts to launch new crypto funds in the hope of replicating the successes of Bitwise and Grayscale.

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Source: Cointelegraph.com

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Analyst Claims Bitcoin Will Break $40K Threshold, S2F Audit Shows BTC Could Tackle $85K by Year's End

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Bitcoin prices have been range-bound and consolidating for quite some time but jumped over 9% in the last 24 hours after Elon Musk’s tweet on Sunday. A number of crypto analysts are still unsure about bitcoin’s future price while a few expect a rebound from last month’s lows. One market report notes that bitcoin will likely climb back up “the stock to flow line in the coming months” leading to a price of around $85K before the year’s end.

Financial Analyst: Bitcoin Will Likely Cross the Psychological $40K Threshold Again

Elon Musk’s tweet — that said Tesla would accept bitcoin again if the energy used to process transactions was at least 50% renewables — lifted bitcoin’s (BTC) price over 9% as the crypto asset neared the $40K range again. Alex Kuptsikevich, Fxpro senior financial analyst explained in a note to Bitcoin.com News that there’s been a lot of newfound excitement in the world of cryptocurrency lately.

“The crypto market is experiencing another phase of excitement following the positive decision by El Salvador’s parliament to include Bitcoin in the country’s official options of payment,” Kuptsikevich stressed in his note. “It is hard to underestimate this precedent on a global scale, which is why we are now witnessing such strong positive price momentum. Investors, who until recently had been putting off their purchases, are entering the market.” Kuptsikevich continued by adding:

Over the past 24 hours, Bitcoin has been adding 13% and changing hands for $39,500. Thus, the benchmark cryptocurrency is once again trying to rush the $40K threshold. The success of this test of local highs will define the short-term prospects of the crypto market as a whole. The total capitalization of cryptocurrencies in the last 24 hours increased by $126 billion. It is very likely that if the threshold is successfully overcome, we will see a new buying momentum, which will push the first cryptocurrency to the area of $42-$44K.

Decentrader Analysis: ‘New All-Time Highs for Bitcoin Before the End of This Year’

Another market update authored by Decentrader sees the leading crypto asset attempting to turn things around. There’s also a chance BTC could smash new all-time highs this year according to Decentrader’s analysis coupled with the stock-to-flow (S2F) price model.

“The fact that price has now spent several weeks below the 200DMA is not a bullish sign,” Decentrader’s analysis notes. “However, [closing] above the 200DMA and 128DMA would bring a lot of confidence back into the market,” Decentrader researcher Philip Swift added.

Decentrader leverages a few indicators like SOPR (Spent Output Profit Ratio), an Active Addresses Sentiment Indicator, and stock-to-flow (S2F) divergence. What is interesting about Stock to Flow right now is how far price has moved away from the Stock to Flow line.

“The divergence tool at the bottom of the Stock to Flow chart shows the extent to which price is moving either side of the stock to flow level. On the chart [above] we see price is trending below the stock to flow line and has only ever been this far away from it four times previously in Bitcoin’s entire history,” Swift explained.

The Decentrader researcher Swift highlighted that after each time in 2012, 2013, and 2017 the price of BTC rebounded remarkably from significant drops to rise back to the S2F level. “The last time was in the 2017 bull run when price was at $1,900 before rallying up to $5000 in the following 6 weeks,” Swift said. The Decentrader analyst insists:

While we may not rally so hard and fast this time, fundamentally nothing has changed with how Bitcoin works, nothing is broken, we are just experiencing a lot of bad media coverage after a strong rally at the start of the year. So we may well see price make its way back up to the stock to flow line in the coming months. This would mean new all-time highs for BTC before the end of this year, as the Stock to Flow line is currently sitting at $85,000.

Delta Exchange CEO: ‘Bitcoin’s Options Market Shows a 30% Chance of BTC Closing at $50K by the End of July’

Decentrader’s and Kuptsikevich’s BTC price outlook is a lot different than those who are feeling bearish about crypto markets. Investment bank JPMorgan Chase and its group of analysts think that a bearish price breakdown could be in bitcoin’s future. Researchers at JPMorgan Chase noted “an unusual development and a reflection of how weak bitcoin demand is at the moment from institutional investors.” In another report, JPMorgan noted that “similarly situated, smaller nations,” may follow El Salvador’s trend.

Pankaj Balani, CEO of Delta Exchange explained to Bitcoin.com in an investor’s note that bitcoin’s options market shows a 30% chance of BTC closing at $50K by the end of July.

“After a volatile week, Bitcoin has bounced back and is trading close to $39,500 on the spot. Market sentiment remains cautious as traders continue to pay a premium for downside protection on the monthly and quarterly maturities,” Balani said. “On the weekly and bi-weekly maturities though, the Call IVs have started to rise and approach those of Puts. Options market is pricing close to a 30% chance that Bitcoin will be close to $50,000 by the end of July and a 15% chance that it will be close to $30,000 for the same maturity,” Balani added.

SOURCE: NEWS BITCOIN

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Spread of Unregulated Crypto a ‘Cause for Concern’ Says Italian Regulator

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IN BRIEF

• The continued spread of cryptocurrencies without consistent regulation is a cause for concern, according to the head of Italy’s stock market regulator.

• Similar sentiments have been shared by other regulatory officials in Europe.

• However, cryptocurrencies have their governmental supporters in other parts of the world.

  
  

  Paulo Savona said cryptocurrencies could potentially damage the way the market operates. He added, they could even undermine central banks’ ability to conduct monetary policy. In addition to these concerns, he expressed similar grievances over their capacity to facilitate illegal activity such as money laundering.

  “Without proper oversight there could be a worsening in market transparency, the basis of legality and rational choice for (market) operators,” Savona said.

  
  

  Savona is the President of Commissione Nazionale per le Società e la Borsa (Consob), which regulates the Italian securities market. Additionally, Savona related that there were some 4,000-5,000 cryptocurrencies in circulation lacking any real form of regulation.

  In addition to Consob’s recent experience of closing down websites of illegally gathered savings, “the picture that emerges is worrying,” he said. If action at European level takes too long, Savona said Italy would have to act on its own. 

  European skepticism

  Naturally, Savona is not alone in his skepticism of the unfettered spread of cryptocurrencies. Bank of England Governor Andrew Bailey spoke of cryptocurrencies’ “huge enthusiasm” as “dangerous”.

  He additionally warned of “getting carried away” with financial innovation. Meanwhile, Irish Central Bank official Derville Rowland, reiterated Savona’s statements. She also said the rising popularity of cryptocurrencies like Bitcoin is “of great concern.” 

  However, both of these positions are tame in comparison to the more vitriol perspective of a Dutch bureaucrat. Fearing an inevitable crypto crash, the Head of the Netherlands’ Bureau for Economic Policy Analysis (CPB) Pieter Hasekamp said the country must ban cryptocurrencies immediately.

  Moreover, he advocated for the ban on the production, trade, and possession of crypto. These draconian measures resemble those made in more autocratic countries like Turkey and China.

  Crypto supporters in government

  However, cryptocurrencies are not without their supporters at the highest levels of government. Just recently El Salvador passed a bill establishing Bitcoin as legal tender in the country. On the heels of this announcement, the President of Tanzania gave a speech telling her country to “prepare for cryptocurrencies”.

  She then said Tanzania should lead by example and made overtures to the Central Bank to potentially start work on a central bank digital currency (CBDC). The market seems to agree with this renewed enthusiasm, pushing bitcoin above $40,000 for the first time since the end of May.

  
  

  SOURCE:BEINCRYPTO

  IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

  
  

  
  

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After Central Bank Devalues Naira by 5% Finance Minister Attributes Drop to 'Market Forces'

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Nigerian Finance Minister Zainab Ahmed has denied widespread reports that the Central Bank of Nigeria (CBN) had sanctioned the devaluation of the local currency sometime in May 2021. Instead, she attributes the naira’s fall to the “volatility in the oil price.” Ahmed’s remarks come just a few weeks after the official naira exchange rate dropped from $381 to the dollar to the current rate of 411:USD1.

Devaluation vs Depreciation

As previously reported by Bitcoin.com News, the CBN had initially allowed the naira’s exchange rate to drop to 419.5 per U.S. dollar. However, since May 14, 2021, the naira’s exchange rate against the dollar has remained at or just below 411. It is this apparent adjustment of the exchange rate by the CBN (which meets Investopedia’s definition of devaluation) that prompted reports that the naira has been devalued.

However, in her explanation, Finance Minister Zainab Ahmed still refuses to equate the CBN’s tinkering with the exchange rate to devaluation. She said:

Let me not use the word devaluation. (The) naira is responding to market forces of demand and supply. We have oil and gas, unfortunately, still the major source of foreign exchange.

According to a report, oil contributes less than 15% to Nigeria’s Gross Domestic Product (GDP) yet it brings in “at least 70-85 per cent of revenue and 80-90 per cent of foreign exchange in Africa’s biggest oil producer.” In order to remedy this, Ahmed says Nigeria is now focused on finding and developing alternative sources of foreign exchange.

SOURCE:BITCOIN NEWS

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Who’ll blink first in India’s crypto stand-off?

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Who’ll blink first in India’s crypto stand-off?

India’s central bank has clarified that cryptocurrencies are not illegal, but that does little to prevent lenders from refusing to provide crypto-related services.

Indian crypto investors have expressed frustration over banks’ threats to close their accounts. Image: Envato Elements

When it comes to illustrating the uncertain status of cryptocurrencies in India, it would be difficult to beat the three-way regulatory wrangle that has taken place in recent months between the country’s central bank, its top court and some of its largest lenders.

In the absence of regulation and rumors of an impending ban on cryptocurrencies, the country’s biggest banks have been trying to distance themselves from the crypto community, apparently egged on by the Reserve Bank of India. 

In May, HDFC Bank sent a number of its customers an email warning them against virtual currency transactions. The email cited an RBI circular published on April 6, 2018, instructing all of the businesses it regulates to cease any involvement with cryptocurrencies. 

State Bank of India Cards & Payment Services sent similar emails to its customers, not only requesting clarification about cryptocurrency transactions but also advising against engaging in them. The emails warned customers that failures to comply with its de facto ban on crypto-linked activities could result in account suspensions or closures.

The banks’ emails predictably prompted an uproar among customers, with many taking to social media to express their discontent. 

Also last month, several large banks — including ICICI Bank, the country’s largest private lender — stopped providing services to crypto exchanges. Banks reportedly asked payment gateways to block internet banking and other services to merchants dealing with cryptocurrencies. 

Since then, several cryptocurrency exchanges have reported difficulties with bank deposits and transfers. Following the closure of crypto exchanges’ bank accounts, several exchanges have struggled to provide their users with payment alternatives. 

WazirX, for instance, one of India’s largest crypto exchanges, currently offers deposits and withdrawals only through payment wallet MobiKwik, as it is no longer able to offer the internet banking and Unified Payments Interface options it had previously made available. 

Courting controversy

All of this has taken place despite the fact that the RBI’s circular was struck down by the Supreme Court early last year. The court contended in its March 2020 ruling that the RBI had failed to provide sufficient proof, and to detail instances of losses arising from crypto transactions, that might merit such a drastic measure as its de facto ban on banks’ involvement with cryptos. 

On May 31, fully 14 months after the court’s decision, the RBI issued a circular to clarify that its 2018 circular, cited by the banks in their emails, was legally invalid since it had been struck down by the court. The circular could not be “cited or quoted from,” it said. 

Crypto exchanges regard the RBI’s latest circular as a step in the right direction. Nischal Shetty, the CEO of Binance-backed exchange WazirX, told Forkast.News: “It’s an excellent move by the RBI. It brings in a lot of clarity for the banks. They’ve been on the fence [about] whether they should service the crypto industry or not. Now there’s clarity that will help banks provide services to [the] crypto industry.” 

Vikram Subburaj, CEO of crypto exchange Giottus Technologies, said: “This is a huge victory for the thriving crypto ecosystem in India. Many investors and startups like ours were inconvenienced by banks citing the defunct RBI circular. 

“This update from the RBI could have come immediately post the Supreme Court’s verdict in 2020, but we are nonetheless thankful for this clarification now. However, we feel the RBI could have definitely done more now to encourage relationships between banks and the crypto ecosystem instead of just the clarification.”

Anirudh Rastogi, a founder of Ikigai Law who represented cryptocurrency exchanges before the Supreme Court last year, however, said the RBI’s clarification was too little, too late, telling Forkast.News: “This circular stops short of denying the banks the power to decline services to cryptocurrency businesses and users.” 

Rhetoric and reality

Although the country’s central bank has made it clear — albeit with palpable reluctance — that it does not regard cryptocurrencies as illegal, it has taken no action against the banks that sent out warning emails. Nor has it tried to stop them from refusing crypto-related services to users in the future. This, despite the fact that it has the authority to prevent banks and other regulated businesses from declining services to crypto users. 

“The RBI has the power and, I would argue, a moral obligation, to intervene,” Rastogi said. 

However, Shetty is hopeful that the RBI’s statement of its position will encourage more banks to consider providing banking services to crypto businesses. 

“We’re optimistic that RBI’s latest circular will help the crypto industry,” he said. “We hope that this circular encourages banks to update their compliance teams and provide banking access to Indian crypto exchanges.” 

Yet it may take time before crypto businesses see much change. 

Subburaj said: “From a business point of view, supporting crypto entities will only turn out to be a win-win situation for banks and crypto entities. But with [the] history of RBI not having shown support to this industry, it might take some time for the relationship to smoothen out between banks and crypto entities.”

He added: “In fact, by passing the responsibility to the bank to do due diligence on [know-your-customer] and [anti-money-laundering measures], the RBI has sort of added a disclaimer in its clarification.” 

In other words, the RBI is signaling that banks’ involvement with cryptocurrency users and businesses comes at their own risk.  

Subburaj said some banks remained leery of the crypto industry despite the RBI’s clarification, but that others were in discussions with their compliance teams on whether or not to extend their support to the trade. 

HDFC Bank, citing the RBI circular, retracted its previous advisory on May 31. Although its retraction indicates that customers need not worry about cryptocurrency transactions, it remains unclear whether the bank will restart the provision of services to cryptocurrency users. SBI has yet to retract its advisory. 

Forkast.News contacted the RBI and HDFC Bank to request comment, but neither had responded by the time this article went to press. 

Parliamentary push

Alongside the RBI’s urging, the timing of the banks’ crypto clampdown may have been influenced by a cryptocurrency bill that has yet to be introduced in parliament. The bill proposes a sweeping ban on all cryptocurrencies and related transactions and businesses, including traders, miners and exchanges. 

“Banks globally tread cautiously in servicing cryptocurrency users, because crypto transactions introduce a heightened money laundering [and] terrorism-financing risk,” Rastogi said. “However, it does seem more than a mere coincidence that multiple banks have begun to clamp down on the crypto industry at once.” 

Yet the likelihood of a complete ban on cryptocurrencies has diminished since the bill was announced. 

Rastogi said: “A complete ban is looking less likely now. There have been positive murmurs from the government on this issue.” 

Last month, the Economic Times reported that the government was looking to set up a panel of experts to study the possibility of regulating cryptocurrencies, a development that Shetty welcomes.  

“The government of India might be on the path to positive crypto regulations,” he said. “Around the world, crypto adoption is picking up. Governments and tech giants around the globe are embracing crypto, and I’m confident that India will not stay behind.”

Indian crypto investors are also optimistic. 

Entrepreneur and investor Kaparthi Jonnalagadda, who has been investing in Bitcoin since 2014, said: “I do not believe that there will be a crypto ban in India, because it is easier to regulate cryptocurrency than to ban it completely. It takes numerous efforts and time to block all the crypto trade channels accessible to an investor or a trader. Moreover, regulating crypto can be beneficial to the Indian economy in general as it brings in more investments to crypto startups.” 

Shetty told Forkast.News in an interview that contrary to popular perception, the government had displayed its “openness” to regulating crypto. 

“When you talk to some of the key leaders, you realize that they do want to understand,” he said. “They do want to participate. They probably feel nothing bad should happen, especially because we are dealing with finance and that’s people’s money.” 

Industry initiative

Earlier this month, a number of cryptocurrency exchanges teamed up with the Internet and Mobile Association of India’s Blockchain and Crypto Asset Council to form a self-regulatory body and a code of conduct for crypto exchanges. Subburaj, who, like Shetty, is a member of the council, said that could help crypto exchanges to demonstrate the steps they are taking to protect their customers. 

“Since the onus is now on the banks to decide if they are willing to support the crypto industry, it becomes all the more important to educate the bankers about the processes crypto exchanges already follow to ensure a safe and secure trading platform,” Subburaj said. 

However, gaining the trust of the broader finance community may prove challenging, as suggested by the fact that WazirX and its directors, Shetty and Sameer Mhatre, were last Friday handed a show cause notice by India’s foreign exchange and money laundering enforcement agency for alleged forex violations involving 27.9 billion rupees (US$382 million) related to cryptocurrency transactions.

And then there remains the larger question of what shape crypto legislation might take, which was further complicated last week, when reports emerged that India is considering regulating crypto as an asset class rather than as currency. If New Delhi takes that approach, a number of issues will arise, not least taxation. Yet also, it may offer crypto businesses a respite from the hostility they have experienced at the hands of the RBI, which would likely lose its regulatory mandate over the sector to the country’s securities watchdog. 

Despite the pervasive and persistent uncertainty surrounding the status of cryptocurrencies in the world’s second-most-populous nation, it’s a safe bet that the battle of wills we have witnessed in recent months will continue for some time yet.

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Source: Forkast.news

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Bitcoin dominance rises to 45% in the 24 hours.

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Bitcoin dominance rises to 45% in the 24 hours.

The world's leading cryptocurrency bitcoin's market dominance spiked above 45% on Monday, its highest level since May 2021.

The world's leading cryptocurrency bitcoin's market dominance spiked above 45% on Monday, its highest level since May 2021.

The world’s largest cryptocurrency, bitcoin, saw bullish sentiment from traders in the last 24 hours as its price gained nearly 12% within a single day. The latest price rally has caused a sharp increase in the market dominance of Bitcoin as the world’s most valuable cryptocurrency that now accounts for more than 45% of the overall market cap of cryptocurrencies. Bitcoin’s market dominance spiked above 45% on Monday, its highest level since May 2021. 

Bitcoin eyes the key price level of $40,000. 

The market dominance of Bitcoin had reached a low of 39% on 17 May after a significant rally in altcoins. The latest surge in Bitcoin’s market dominance indicates that BTC is performing better than other cryptocurrency assets in terms of price gains. BTC currently has a market cap of approximately $740 billion. The leading cryptocurrency is now targeting the key price level of $40,000. “Bitcoin and Ethereum are seeing their respective supply ratio on exchanges moving lower since the initial crypto market-wide dump happened three weeks ago. Traders can be encouraged that this indicates less likelihood of further major selloffs,” crypto tracking platform Santiment mentioned on Twitter.

Tesla sold 10% of its BTC holdings.

One of the major reasons behind the current Bitcoin rally is Elon Musk’s announcement about Tesla’s BTC holdings. The CEO of the electric car maker said that his company only sold 10% of its Bitcoin holdings and the rumors about extensive selling from Tesla are inaccurate. “Tesla only sold 10% of holdings to confirm BTC could be liquidated easily without moving market. When there’s confirmation of reasonable (50%) clean energy usage by miners with the positive future trend, Tesla will resume allowing Bitcoin transactions,” Musk tweeted. 

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Source: Coinnounce.com



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Bitcoin (BTC) Jumps 12% Today But Crowd Sentiment for Altcoins Turn Negative. End of Bull Run?

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IN BRIEF

• Bitcoin jumps as Elon Musk assures that Tesla will accept Bitcoin once 50% of mining operations turn on renewables.
• altcoins continue to remain under pressure with trading volumes on a decline on CeFi and DeFi.

The overall cryptocurrency market is up 8% as of writing this story with Bitcoin (BTC) shooting 12% taking its overall market dominance above 45%. The Bitcoin price has shot up post-Elon Musk stating that Tesla will once again accept Bitcoin (BTC) payments once 50% of BTC mining turns on renewables.

Late Sunday evening, June 13, Musk responded to a tweet that alleged the Tesla chief of manipulating the BTC price and responsible for its pump and dump. Responding to it, Musk said:

“This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market. When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions”.

This assurance from Musk was enough for Bitcoin enthusiasts to take its price higher. However, $40,000 stands a crucial resistance and any move above it will only confirm a sustainable move northwards. Last week, MicroStrategy’s Michael Saylor along with other North American Bitcoin mining industry players kickstarted the Bitcoin mining Council that aims to drive the industry towards renewable and sustainable energy mining solutions.

Crowd Sentiment for Top Altcoins Turn Negative

Along with BTC today, even the altcoins have registered a good pullback. All of the top ten altcoins have registered a price jump of 5-10%. However, many of them are still trading under the key resistances.

On-chain data provider Santiment shows that the crowd sentiment for some of the top altcoins like Ethereum (ETH), Cardano (ADA), XRP, and Polkadot (DOT) has turned negative. But it also notes that this is the time for crypto bulls to scoop more supplies.

? With the #altcoin downturn continuing, sentiment toward top caps like $ETH, $XRP, $ADA, & $DOT have all turned negative. Historically, crowd fear is the time to scoop up more assets. In our weekly report, we touch on this, on-chain activities, and more. https://t.co/6wfWmOLSPL pic.twitter.com/GyNm5inkXf

Another popular Chinese crypto market journalist Colin Wu also notes that the altcoin pullback is nearly half that of Bitcoin. Also, crypto trading volumes at CeFi and DeFi have been on a decline. Wu points out that this could probably be the end of the altcoin season and also the end of the bull run.

The highest increase of Bitcoin today was 9.5%, but the whole market was only 7%. Altcoins rose lower than Bitcoin, proportion of Bitcoin returned to 43.6%. Both CeFi and DeFi trading activities are decline. The end of altcoin season mean the end of the bull market? pic.twitter.com/BGHJuPMzpx

— Wu Blockchain (@WuBlockchain) June 14, 2021

SOURCE:COIN GAPE

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Bitcoin price jumps above $39,000; ether, dogecoin rise. Check latest crypto rates

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Livemint

• Elon Musk tweeted on Sunday that the electric carmarker will resume allowing bitcoin transactions when miners who verify transactions use more renewable energy.

Cryptocurrencies were trading with gains on Monday after Elon Musk on Sunday said that Tesla will use Bitcoin when mining cleaner, sending the cryptocurrency's price over $39,000 level.

As per CoinDesk, Bitcoin surged over 10% in the last 24 hours to trade $39,794.57, adding $3,404 to its previous close. Ether, the coin linked to the ethereum blockchain network, jumped around 5% to trade near $2,500 level while Dogecoin was trading at $0.32. Other digital coins like XRP, Litecoin also rose over 5% in the last 24 hours.

Bitcoin, the world's biggest and best-known cryptocurrency, is up 40.7% from the year's low of $27,734 on Jan. 4.

Tesla Inc Chief Executive Officer Elon Musk tweeted on Sunday that the electric carmarker will resume allowing bitcoin transactions when miners who verify transactions use more renewable energy. Musk has been a major promoter of cryptocurrencies but has turned critical of bitcoin since suspending Tesla plans to take it in payment for cars, owing to concerns that the computers used to "mine" it use too much energy.

Musk has whipsawed Bitcoin and other digital tokens in the past few months. In February, Tesla announced it had bought $1.5 billion in Bitcoin and signaled its intent to start accepting Bitcoin as payment for vehicles. In March, Musk tweeted, “you can now buy a Tesla with Bitcoin," only to say in May that the practice was suspended due to concerns about fossil-fuel usage for Bitcoin mining and transactions.

SOURCE:LIVE MINT

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Elon Musk Says Tesla Will Resume Accepting Bitcoin When Miners Confirm 50% Clean Energy Usage

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Tesla CEO Elon Musk has announced that when there is “confirmation of reasonable (about 50%) clean energy usage by miners with positive future trend,” his electric car company will start accepting bitcoin for payments again.

Elon Musk Reveals When Tesla Will Resume Accepting Bitcoin

Tesla CEO Elon Musk talked about when Tesla will resume accepting bitcoin for payments Sunday. He wrote:   

When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.

Tesla began accepting bitcoin for car payments in March. Musk confirmed at the time that any BTC received will not be converted into fiat currencies. This followed the company’s filing with the U.S. Securities and Exchange Commission (SEC) declaring that it had purchased bitcoin worth $1.5 billion. In April, its bitcoin stash was worth $2.5 billion.

However, Tesla suspended accepting bitcoin as a payment option in May, citing environmental issues. Musk then met with North American bitcoin miners to discuss using renewable energy in mining. The miners subsequently set up Bitcoin Mining Council. Nonetheless, Musk confirmed that Tesla did not sell any bitcoins due to environmental concerns.

The company did sell some coins during the first quarter of this year, however, before the mining issues surfaced. During Tesla’s Q1 2021 earnings announcement, Master of Coin Zachary Kirkhorn revealed that the company trimmed its BTC position by 10%. Musk explained at the time that the BTC sale was “essentially to prove liquidity of bitcoin as an alternative to holding cash on balance sheet.”

Musk’s Sunday tweet was in response to allegations cited in a Cointelegraph article. Sygnia CEO Magda Wierzycka alleged that the Tesla technoking had manipulated the bitcoin market and the SEC should investigate him. The South African billionaire believes that Musk knowingly pumped bitcoin with the announcement that Tesla was going to accept BTC and then “sold a big part of his exposure at the peak.”

However, Musk denied the allegations. “This is inaccurate,” he tweeted, reiterating his earlier explanation of why Tesla sold some bitcoins:

Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.

Source: Bitcoin News

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Jack Dorsey Tweets Support For Nigerian Bitcoin Adoption

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IN BRIEF

• Jack Dorsey publishes series of tweets support Nigerian bitcoin adoption.

• The Twitter CEO shows support for call for Nigeria to adopt bitcoin.

• Nigeria is the second biggest bitcoin trader in the world, despite bans by government.

CEO of Twitter, Jack Dorsey, has been signaling his support for Nigerian bitcoin adoption through a series of tweets over the weekend.

Dorse is one of the big celebrity names in the crypto community. As a result, his tweets on crypto pick up a lot of interest, no matter how cryptic or simple they are.

He began his series of tweets simply with a single Nigerian flag. This happened a day after the government announced it would ban Twitter in the country. The ban came into effect as a result of Twitter deleting tweets by President Buhari.

Nigerian Bitcoin tweets

Later the same day, Dorsey published another tweet showing the Nigerian flag “shaking hands” with bitcoin.

This was followed by him tweeting, “The people of Nigeria will lead #bitcoin.”

This was a quote tweet over an open letter by United States footaball player Russell Okung to the Nigerian President.

Okung published the open letter in Bitcoin Magazine. In it, he urged the Nigerian government to accept a national bitcoin standard. In the article he wrote:

“Soon every nation will be faced with this decision, but those who seize the present moment proactively as we have just witnessed in El Salvador, will enjoy significant advantages globally for generations to come.””

Finally, Dorsey’s last tweet on the subject was a graphic showing Africa leading in peer-to-peer bitcoin trading volume growth for 2021.

This is not the first time the Square CEO has shown interest in crypto and Africa. In 2019, after visiting Ghana, Ethiopia, South Africa, and Nigeria, Dorsey said he planned to move to a country on the continent for a few months in 2020.

However, he reconsidered the move as the COVID-19 pandemic picked up.

Nigeria and cryptocurrency

In 2020, Nigeria became the second-biggest bitcoin trader in the world. However, the government’s relationship with cryptocurrencies has been unstable.

In September 2020, the Nigerian Securities and Exchanges Commission announced a historic regulatory framework recognizing crypto assets as securities. However, this doesn’t mean that crypto is fully recognized. This is due to the central bank’s positionbeing in direct opposition.

In early 2021,  the Central Bank of Nigeria (CBN) reaffirmed its order to all financial institutions. This warned them to stop providing on and off-ramp crypto services. This caused issues for centralized exchanges operating in the country.

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Bitcoin: The three-year evolution you should know about

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“Can I buy coffee with Bitcoin?”

“You can if your merchant takes it.”

Although not much has changed from the merchants’ end, you don’t have to really try to sell crypto to people anymore.

The rallying crypto-market invited many newcomers to invest and with this rising investment, the expectations to use crypto at stores have also risen. In fact, new research seems to suggest that current crypto-users and even non-users are looking forward to “using cryptocurrencies for making purchases in the future,” with many noting disappointment in merchants not already accepting crypto.

According to a research report by PYMNT and BitPay, 18% of the adult population is likely to use crypto for purchase, a percentage that includes 46 million consumers. Interestingly, this chunk of the population also includes 17 million non-owners. As per the report,

“12 percent of consumers (a projected 30 million) currently own one or more cryptocurrencies, 4.5 percent (11.5 million) have owned them in the past and 17 million nonowners may acquire cryptocurrency for making purchases in the near future.”

Source: PYMNTS

What’s more, the report also highlighted a major shift in perspective among new users. While earlier with Bitcoin hitting its ATH in 2017, the rush to the crypto-market was dominated by those who wanted to make a quick buck now, new users have assessed the varied uses of crypto and believe it is an option for payments.

The report added,

“Consumers’ comfort level with making purchases using cryptocurrencies is high among current owners but is notably strong with those who have never owned cryptocurrency.”

With new users demanding a more mainstream payment mode for crypto, old users have been buying everything from real estate to groceries using cryptocurrencies. Nearly half the crypto-owners are using crypto to make payments under $100. While millennials account for 48% of the total crypto-using population, only 19% of the population used crypto for payments above $1,000. Baby boomers were found to be highly active in this category.

Source: PYMNTS

Needless to say, the most acquired digital asset was Bitcoin, with 82% of current or previous holders holding BTC while 26% only holding BTC.

Ergo, merchants may have to step up their game as there is a large population wanting to transact using digital assets. However, with a lack of regulations and ongoing FUD, crypto and Bitcoin have remained boogeymen. Although the level of awareness is relatively higher than before, the lack of security by governments will hinder crypto from entering the mainstream.

So, next time someone asks you, “Can you…with crypto,” tell them, “Crypto can buy you a mansion, but will your government let you?”

SOURCE: AMBCRYPTO

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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British Man Duped out of $282,000 in Brutal Crypto Scam

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At one point, men visited his house to collect more cash.

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In brief

• A British man lost £200,000 to local crypto scammers.
• Since lockdown began, the UK’s Metropolitan Police have reported an increase in online investment fraud.
• Crypto scams are a multimillion-dollar industry.

Nottinghamshire is the county of Robin Hood, the folk outlaw who stole from the rich to give to the poor. Nowadays, the wooded region is host to a less romantic kind of theft—a sinister cryptocurrency scam that pilfered £200,000 ($282,000) from the pockets of one local, according to the Metropolitan Police. 

The victim, who does not want to be identified, was conned by the fraudsters following an online conversation in 2020. They talked him into investing his money in a fake brokerage firm, promising significant returns on Bitcoin’s bull run. 

The tricksters also duped the man into giving them remote access to his computer, where they siphoned sensitive personal details to take out loans in his name. Intimidation and harassment ensued: the men even turned up to his doorstep to collect cash for “further investment,” according to the Met. 

Detective Sergeant David Breach said in the police report: “Reports of investment fraud have increased significantly since the start of the coronavirus pandemic, which is unsurprising when you think the vast majority of us have had to conduct nearly every aspect of our lives on a computer or mobile phone.”

June’s crypto fraud news roundup 

While this scam sounds particularly nefarious, crypto scams are commonplace and their methods are manifold.

On June 2, Apple co-founder Steve Wozniak lost his court case against YouTube after scammers used his image in videos to defraud users. The Santa Clara County Court ruled that, under US Federal Law, online platforms are not responsible for user-uploaded content.

According to the US Federal Trade Commission, in the six months between October 2020 and March 2021, American consumers reported losses of $82 million to online crypto scammers. Down under, the situation looks just as bad. The Australian Competition and Consumer Commission reported this month that Australians paid $20.5 million in Bitcoin and other cryptocurrencies to scammers last year. 

Perhaps it’s time to reiterate the obvious: People looking to get into crypto have plenty of reputable onramps at their disposal. For the love of crypto, don’t reply to unsolicited communications from unknown senders promising digital jackpots.

Source: DECRYPT

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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AN OPEN LETTER TO THE NIGERIAN GOVERNMENT: PURSUE A BITCOIN STANDARD

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NFL star and Nigerian descendant Russell Okung asks the Nigerian government to adopt a Bitcoin standard or risk falling behind.

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Greetings President Muhammadu Buhari,

The hope of Nigeria lies within this generation. I am proudly a Nigerian descendant living in America and am a proponent of Bitcoin. I write to urge the Nigerian government to pursue economic independence and financial sovereignty by pursuing a national Bitcoin standard. Soon every nation will be faced with this decision, but those who seize the present moment

proactively as we have just witnessed in El Salvador, will enjoy significant advantages globally for generations to come.

It is no secret that the current global economic environment is worrisome and unsustainable. Sadly, the fate of the Nigerian economy is in the hands of global central bankers who do not represent the best interests of the Nigerian people. Despite the challenges we face, the resilience of Nigerians continues to inspire. The Nigerian society enjoys more favorable conditions than many of its neighbors. However, even greater opportunity awaits with the adoption of national action in favor of a Bitcoin standard.

The tone of this letter is meant to convey urgency both in terms of the forthcoming economic despair and the limited window to act on this opportunity with fierce boldness and strong leadership. While the challenges of COVID-19 and increased global unrest continue to instill fear in the hearts and minds of citizens everywhere, Nigerians can claim international greatness by rising to the occasion that our unique times require.

Nations such as Iran, Russia, China and Kenya have been reportedly mining or otherwise utilizing bitcoin, often as a means to circumvent U.S. sanctions which prevent them from full participation in the global financial system. Other nations like Barbados, Singapore and Malta have moved to become “bitcoin friendly” in an effort to attract wealth and human capital through migration. And this week, El Salvador became the world’s first nation to require merchants to accept bitcoin as legal tender. I’m proposing an equally aggressive approach to national Bitcoin adoption which would significantly bolster every sector of the Nigerian economy and revitalize the spirit of every Nigerian domestically and abroad.

Bitcoin is not controlled, managed or operated by any single entity. It is an innovation that will surpass the automobile or the internet in terms of its impact on humanity. Nigeria does not need to ask for permission from any other nation nor acquire a license nor secure a trade agreement from any corporation to reshape its economy with Bitcoin. All that is required is a vision for a new future and an allocation of its own national resources to pursue a Bitcoin standard.

The primary reason for urgently pursuing and executing a national plan for adoption is the finite supply of bitcoin. There will only ever be 21 million bitcoin in circulation. This hard cap on the supply makes bitcoin even more verifiably finite than gold. As this simple yet unique property of scarcity becomes more widely understood, the economic laws of supply and demand will create a global frenzy to acquire as much bitcoin as possible, before it’s too late. This momentum for acquiring bitcoin is already underway throughout the world and it is rapidly accelerating. In recent months, continued economic turmoil and uncertainty has created increased curiosity in

bitcoin. Multiple institutional investors have announced sizable bitcoin allocations in their portfolios, some citing it as a hedge against a weakening U.S. dollar.

The Nigerian government, along with every other government in the world, has a once in a generation opportunity to claim global prominence by rising to the occasion. Many other politicians in Latin America have signalled their intention to pursue similar moves as El Salvador. In leading the next global financial shift, Nigeria can create prosperity for its citizens in a manner that requires no bloodshed, no election and no resistance. Such a proposition may seem too good to be true, and these ambitions certainly require thorough investigation, scrutiny and debate. Conversely, a delay in pursuing a national plan for bitcoin adoption will risk a scenario where Nigeria is left behind and its citizens excluded from the possibility of significant wealth creation and preservation. As world leaders become more aware of the chance to make history, pursuit of bitcoin will be widespread. We offer our full support, a willingness to voluntarily consult and commitment to activate every resource available to us in order to see Nigeria pursue a Bitcoin standard.

Nigeria must never carry last,

Russell Okung

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Bitcoin Mining Council Goes Live, Elon Musk Gets Sidelined

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Bitcoin Mining Council Goes Live, Elon Musk Gets Sidelined

The Bitcoin Mining Council has gone live, launching its own website detailing its members and the mission statement of the organization. The council originated as a closed organization, but they are now allowing any miner to join. While Michael Saylor gets a founding member status, the site states Elon Musk has “no role” in the council.

Bitcoin Mining Council Officially Launches

The Bitcoin Mining Council, an organization born out of worries regarding Bitcoin’s energy consumption, launched officially yesterday. On the website, the council presents its mission statement. It also explains the plan to tackle the task of addressing bitcoin energy worries. The site states:

The mandate of the Bitcoin Mining Council is to promote transparency, share best practices, and educate the public on the benefits of Bitcoin and Bitcoin mining.

To achieve this, individual members need to provide accurate energy numbers. Miners and mining companies are traditionally reluctant to share these statistics in the open. The council made its debut last month when Michael Saylor hosted a meeting of a group of several miners in America. The objective of the meeting was to point bitcoin mining in a cleaner, greener direction. However, the Bitcoin Mining Council states that:

Bitcoin’s energy usage is a feature, not a bug, and provides tremendous network security. By providing a voluntary disclosure forum, miners can decide to share their energy sources, in hopes of promoting transparency.

This focus clearly leaves behind the green push that originated it. While the Bitcoin Mining council has 9 members including Microstrategy, the site states any miner can join.

Elon Musk Pushed Aside

The Bitcoin Mining Council states Michael Saylor is one of the “key members of the BMC, both as a facilitator and Bitcoin supporter.” However, Elon Musk, whose activity was key to its establishment, was sidelined. The site declares:

Elon Musk has no role at the BMC. The extent of his involvement was joining an educational call with a group of North American companies to discuss Bitcoin mining.

While Elon Musk was not involved in the creation of the organization, he drove public attention to Bitcoin’s energy consumption. Musk called Bitcoin’s energy footprint “insane” in one of his tweets. Tesla, the vehicle company where Musk is CEO, also stopped accepting Bitcoin as a payment method due to environmental concerns. This was a key circumstance that started a downtrend in the market. All of this enticed miners to take the subject seriously. In any case, the backpedaling seems to go hand in hand with Musk’s latest Twitter divorce with Bitcoin.

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Source: News.bitcoin.com

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What ‘people misinterpreted on a massive scale’ about Bitcoin!

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What ‘people misinterpreted on a massive scale’ about Bitcoin!

Two of the hottest trends that drifted over the past couple of years include institutional investment moving to include bitcoin in their balance sheets and environmental, social, and governance factors becoming a bone of contention. Thanks to Elon Musk’s recent tweets, the question of if the two factors are mutually exclusive started gaining traction.

Fair to say, a lot of these speculations have already affected the largest crypto coin’s standing. The mining industry has already started moving away from China and towards the West.

Fred Thiel, CEO of Marathon Digital Holdings, in the latest edition of ‘Thinking Crypto’ stated:

“BTC mining industry has already made great progress towards carbon neutrality.”

He added:

‘The aim is to become 100% carbon neutral, rolling 70,000 miners on carbon-neutral power which operate on 100% renewable energy.’

Source: cbeci.org

Here’s an illustration of Bitcoin energy annual consumption (TWh). Keeping in mind the shift the industry is undergoing, does that mean we can anticipate a drop in this graph? Thiel further stated:

“ESG is a story, an important story, the story behind which the BTC council was formed- mainly to educate people. Investors, now want to put their money to use in a more environmentally friendly venture.”

BUT the cost factor comes to play. Many investors would prefer a greener Bitcoin mining; however, won’t be ready to invest in it.

Is the ESG narrative going away any time soon?

Thiel stated: ‘Bitcoin in the past, was associated with terrorism and money laundering, and what not but gradually everyone saw its potential. It’s funny because US Dollar has much more of these illicit activities than BTC.’

Furthermore, he added:

“Yes, no doubt Musk’s tweets added fuel to the fire, however, what people need to understand that Musk stressed the coal mining aspect of Bitcoin which was done in China mostly, but unfortunately the people here misinterpreted it on a massive scale.”

This misunderstanding could possibly lead to some repercussions that include the current bitcoin price consolidation phase. Due to the price drop, the asset’s volatility became an issue again. Taking into consideration Bitcoin’s anticipated ETF, would American regulators [SEC] further delay an approval mainly because of the concerns with regard to its volatility? Thiel stated:

“I applaud the SEC for taking out time to look into this but the truth is time is running. There’s a lot of interest in these products across the world.”

Canada approved BTC ETFs, and Thiel hopes that this year, a BTC ETF will get approved by the SEC.

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Source: Ambcrypto.com

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Bitcoin Price Analysis: 12 June

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Bitcoin Price Analysis: 12 June

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CNBC host Jim Cramer was in the news recently after he advised investors to be “patient” with Bitcoin’s price as more bearishness lay ahead for the market leader. A look at the cryptocurrency’s charts suggested that there might be some truth to it, with the king coin indeed threatening to drop to lower levels. However, it could find safe haven between the strong support zone of $30-33K.

Bitcoin Daily Chart

Source: BTC/USD, TradingView

A look at BTC’s daily chart showed the formation of a descending channel since the 19 May crypto sell-off. Its price formed lower highs at $42,000, $39,000, and $38,000 followed by lower supports as well. As BTC moved south from the upper trendline of the pattern, its next dip would likely drag the digital asset back to the strong defensive zone between $30-33K – A region that cushioned BTC’s gradual decline from $65,000.

From this point onwards, two outcomes are possible. A favorable outcome would see the market leader bounce back from its critical support and break north from its pattern. January highs of $42,000 can be set as the first crucial target for a bullish comeback. On the other hand, a breakdown could trigger another 20% retracement as little to no defensive lines lay between BTC’s descent towards its mid-December highs of $24,000.

Reasoning 

The Relative Strength Index has been on a downtrend since January, an indication of weakness despite a prior bull market. However, as the RSI approached its final leg south, a reset was in order. In fact, the MACD was already in recovery mode as the fast-moving line maintained itself above the Signal line.

Moreover, the Awesome Oscillator formed three lower peaks as bullish momentum was on the up. These signs pointed to an impending resurgence, one that could be triggered within BTC’s crucial support zone between $30-33K.

Conclusion

Bitcoin’s movement over the coming days would likely dictate its long-term trajectory. A bounce back from $30-33K could result in a descending channel breakout – Something that would see BTC head back towards the $42K mark. Its indicators also backed such an outcome. If bearish sentiment were to prevail, the price could drop as low as $24,000, a development that would likely mean an extended bear market.

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Source: Ambcrypto.com

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DESPITE CRITICISM, BITCOIN IS A SUPERIOR INVESTMENT TO GOLD

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What’s been a hedge against inflation for thousands of years has had its throne usurped by bitcoin, and for good reason.

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Ever since bitcoin began to grow in popularity, many people have come to call it "digital gold."

And for valid reasons.

While the cryptocurrency's anonymous creator, Satoshi Nakamoto, originally intended bitcoin to function as a peer-to-peer (P2P) electronic cash system, BTC also possesses excellent store of value and safe-haven asset qualities.

Gold has similar store of value properties, with many conservative investors considering the precious metal one of the safest traditional investment instruments on the market. There's also a popular belief that the financial instrument is a good inflation hedge.

However, numerous experts from the same group also criticize bitcoin for its lack of stability, often calling the cryptocurrency a bubble.

That said, such statements about gold and bitcoin don't reflect the full truth.

BITCOIN BEATS GOLD IN TERMS OF PURCHASING POWER

To see the entire picture, it's essential to analyze gold and bitcoin in regard to how the two financial instruments perform in terms of inflation hedges, stores of value, and safe-haven assets.

According to the Bureau of Labor Statistics' Consumer Price Index (CPI), the United States Dollar has lost 11% of its purchasing power due to inflation in the last five years.

This shouldn't come as a surprise as fiat currencies like the USD are inflationary due to the lack of fixed supply and continuous money printing practices of central banks. For an asset to be a decent inflation hedge, it must maintain a value growth at or above the inflation rate to protect investors against the price depreciation of fiat currencies.

Image source

If we take a look at the SPDR Gold Shares' (GLD) performance in the last five years via the chart above, we can see that the precious metal has maintained a value increase of nearly 54%, which is almost five times higher than the USD's inflation rate.

For that reason, we can call the instrument an inflation hedge. But is it better in this field than bitcoin?

The simple answer is no. The chart above clearly shows that in the last five years – even after bitcoin’s recent price drop and 2018's bear market – BTC maintained a price appreciation of nearly 7,500%, which is over 138 and 680 times higher than gold's and the USD's rate of inflation, respectively.

MORE THAN SIMPLY AN INFLATION HEDGE

Throughout its twelve-year history, bitcoin has outperformed all other asset classes, increasing its purchasing power so significantly that it clarifies that the cryptocurrency is more than just a simple inflation hedge.

Due to BTC's limited supply capped at 21 million coins, as well as the halving mechanism that cuts the new coin supply into half roughly every four years, the digital asset features a deflationary monetary policy that is hard-coded on the protocol level.

For that reason, there is no way to increase the bitcoin supply during times when the demand for the cryptocurrency is higher.

At the same time, due to the continuously decreasing flow of new supply, BTC will experience a long-term price appreciation even if the demand stays at the same level as it is now.

This, in addition to its durability due to its highly resilient and immutable blockchain network, makes bitcoin an excellent store of value.

While gold is also a highly scarce asset, like oil its production can be increased or decreased based on the current demand.

However, due to the vast stockpile present on Earth and the complexity of gold mining, the precious metal's annual production rate is usually at around 2% of the total supply.

For that reason and due to gold's qualities that make it impossible to destroy or synthesize the asset from other materials, the precious metal is also a good store of value that has experienced a long-term price appreciation.

But, in this field, bitcoin has a major advantage over gold. While BTC can be easily utilized for P2P payments without any intermediaries, there is no system of buying products or services with a gold bar.

In terms of being a safe haven asset – a financial instrument that can retain or increase its value when the general market is in turmoil – both bitcoin and gold maintain a relatively low correlation with other asset classes.

Thus, both instruments have safe-haven-asset qualities that distinguish them from others in this field.

BITCOIN IS ON THE ROAD TO BECOME A VIABLE ALTERNATIVE TO GOLD

Bitcoin has the necessary qualities to be a viable alternative to gold and other precious metals in terms of an inflation hedge, store of value, and a safe-haven asset.

Despite the criticism, many businesses and institutional investors have chosen to invest in bitcoin to safeguard their assets during the pandemic and the economic fallout that followed.

Tesla is an excellent case study for that, even with Elon Musk's recent criticism concerning BTC's high energy usage. The electric car maker generated 23% of its Q1 2021 profits only by selling some of its bitcoin holdings.

And with excellent store of value properties, increased purchasing power, and high versatility, bitcoin has the potential to take the lead from gold and become the standard asset to fight inflation and hedge against general market turmoil.

This is a guest post by Alexander Vasiliev. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

SOURCE: Bitcoin Magazine

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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The Colonial Pipeline Bitcoin Ransom – Bitcoin Network Was Not Hacked

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The Colonial Pipeline Bitcoin Ransom – Bitcoin Network Was Not Hacked



When it was announced recently that the FBI had recovered more than 80% of the ransom paid in Bitcoin, security-related concerns abounded, and many feared that somehow the FBI had actually found a way to hack the network. However, three cryptography experts have explained that these security fears are groundless. 

A rumour that the FBI had managed to hack the Bitcoin network and take back possession of $4.4 million Bitcoin that was paid as a ransom over the Colonial Pipeline attack sent the Bitcoin price spiralling, many believing that the government had found a way to hack the wallet containing the Bitcoin. 

However, many experts pushed back on this theory, saying that it was absolutely groundless. A recently published article on Business Insider, put forward the views of three of these experts. 

Aya Kantorovich, the head of institutional research for FalconX pointed to the fact that the Bitcoin network was not hacked, and that it was the transfer process to the hackers that the law enforcement authorities were able to exploit. 

"Bitcoin has never been hacked. It is important, in light of the Colonial Pipeline ransom to separate bitcoin the blockchain versus the service providers that store, settle, trade and send the asset,"  

She went on to say: 

"Any wallet that stores and holds assets on a centralized platform can be frozen. We've seen these instances arise historically during exchange hacks both in the US and overseas. However, that has never undermined the validity that bitcoin has not been hacked in over 13 years." 

Jeff Dorman, chief investment officer at Arca, said that the same thing would have happened had the ransom been in fiat currency: 

"It's no different than if I was a hacker of the Colonial Pipeline and I demanded a wire in euros and at some point I got sloppy and I sent it through HSBC, they could get me when the money went through HSBC. That's the same thing that happened here. At some point the hackers got sloppy with where they were sending the bitcoin, and it went through a centralized wallet or exchange that the FBI had jurisdiction over." 

He added: 

"To me that's actually a bullish case for bitcoin. This idea that bitcoin is used for criminal activity, which has been nonsense from day one because the US dollar is used in almost every criminal activity," he said. "This actually proves that it shouldn't ever be used for criminal activity — because of the public ledger, it's very easy for the FBI to track transactions." 

Diogo Monica, co-founder and president of Anchorage Digital, remarked that if Bitcoin were hackable, then much larger sums of money would be stolen.  

"There is no way that the FBI or anybody else found a bug or an issue with bitcoin because bitcoin is the world's largest bug bounty. There are over $1 trillion locked on bitcoin. If somebody found a bug, they would not be stealing a couple million dollars. They would be stealing trillions of dollars." 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

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Source: Cryptodaily.co.uk

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‘Bitcoin is the king of crypto and it’s here to stay’ says eToro CEO

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‘Bitcoin is the king of crypto and it’s here to stay’ says eToro CEO

Some regions may want to ban Bitcoin, but industry experts say BTC is here to stay

While countries like El Salvador have welcomed Bitcoin (BTC) with open arms, other regions are pushing to legally ban the digital currency. Although this may be, some industry experts believe that Bitcoin is here to stay — for good. 

For example, during an exclusive interview at Bitcoin 2021 Miami, Yoni Assia, chief executive officer of eToro, told Cointelegraph that he considers Bitcoin to be the “king of crypto,” noting that the most popular digital currency is here to stay:

“I'll be surprised if we don't see a significant rise in the price of Bitcoin over the next three to five years, as there are still 5 billion people in the world that basically don't have good local currency.”

Yet in order for this dream to become a reality, Guy Hirsch, managing director of eToro U.S., told Cointelegraph that people need to believe in the morality of decentralizing money:

“I think that the moral case for Bitcoin and teaching people that it is the right thing to do is to basically separate state and money. It will ultimately create that vision that we all aspire for.”

Regulations: bridging the old world with the new world

In order to prepare for a decentralized future, Assia mentioned that eToro is building a bridge between traditional finance and the crypto industry. As such, Assia explained that the combination of crypto assets and equities is important. “The majority of our clients trade both cryptocurrencies as well as stocks in the platform. I think that's definitely a trend that we'll see continuing in the future,” he said.

Assia further mentioned that it’s good to see more institutions entering the crypto space, especially when it comes to innovating within decentralized finance, or DeFi:

“DeFi a bit of a wild west right now. No regulation, no real financial institutions, but a lot of amazing innovation. I think we're going to see a lot of that innovation going into traditional or regulated financial institutions, centralized companies to be able to offer that innovation directly to consumers.”

Moreover, Assia mentioned that he thinks there will be a transfer of over $100 trillion dollars over the next 10 years into native digital assets. He noted this will be spurred by the notion that nearly all financial assets will eventually be incorporated onto blockchain networks moving forward.

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Source: Cointelegraph.com

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El Salvador's Bitcoin adoption may jeopardize IMF negotiations: JPMorgan

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JP Morgan says that El Salvador's decision to adopt Bitcoin as legal tender is of little economic benefit.

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JPMorgan is the latest source to respond to El Salvador’s decision to adopt Bitcoin (BTC) as legal currency within the country.

In a client note tweeted by @DocumentingBTC, the United States banking giant stated that there was little economic benefit to El Salvador adopting BTC as a parallel legal tender to the U.S. dollar.

JP Morgan on El Salvador adopting #Bitcoin

Notice the last line... pic.twitter.com/5hl0kR9WB0

— Documenting Bitcoin (@DocumentingBTC) June 11, 2021

On Thursday, El Salvador’s parliament passed a historic bill to recognize Bitcoin as legal tender. The “Bitcoin Law” bill passed by an overwhelming majority of 62 out of 84 votes.

Commenting on the move, the JPMorgan client note stated:

“As with the dollarization in the early-2000s, this move does not seem motivated by stability concerns, but rather is growth-oriented […] But it is difficult to see any tangible economic benefits associated with adopting Bitcoin as a second form of legal tender, and it may imperil negotiations with the IMF.”

Facing a potential $3.2 billion budget deficit in 2021, El Salvador is reportedly in talks with the International Monetary Fund for a $1 billion funding program.

Given the IMF’s role in providing access to external credit for nations like El Salvador, JPMorgan’s comments echo similar sentiments espoused by other market commentators as to the potential implications of the BTC adoption move.

Indeed, the IMF itself has raised issues the development by stating that El Salvador adopting Bitcoin as legal tender poses significant legal and financial ramifications.

Earlier on Friday, Benoît Cœuré, the head of the innovation hub at the Bank for International Settlements called El Salvador’s actions an “interesting experiment.” Cœuré, a noted Bitcoin critic once called BTC the “evil spawn” of the 2008 global financial crisis.

Meanwhile, on Thursday, the Basel Committee on Banking Supervision classified Bitcoin in its highest risk category advising banks to hold $1 capital for every $1 worth of Bitcoin held in custody.

SOURCE: COIN TELEGRAPH

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Are Blockchain Projects Really So Bad For The Environment?

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Part of the recent dramatic fall in the cryptocurrency markets could certainly be attributed to the environmental concerns raised by the likes of Elon Musk and others as to the viability of blockchain projects that are contributing to large carbon footprints. However, the blockchain space is full of innovation and some projects have leveraged this to become far more energy friendly. 

Whatever the industrial sector, a growing importance for environmentally friendly processes is becoming more and more relevant in a world that is already seeing at first hand the damaging global impact caused by human failure to take our environment into account and employ greener technologies. 

In the blockchain sector, poor use of energy has come sharply into focus in recent weeks. Bitcoin has been held up as a monster energy user, using more than the entire energy requirements of a mid-size country. 

It could be argued that this huge use of energy is necessary, given that Bitcoin is a much-needed safe haven for those looking to exit an existing monetary system, limping along on life support, with inflation and other factors potentially causing an imminent, complete, and catastrophic collapse. 

Should We Just Limit The Discussion To Environmentally Unfriendly Blockchain Projects? 

The blockchain and cryptocurrency sector does need to clean up its act. There are always ways to source cleaner energy and to restructure consensus methods in order to vastly lessen the impact of mining. However, as far as the traditional finance system goes, what are the environmental comparisons there? 

We don’t hear any voices raised in concerns over the banking industry. However, according to a report last month by Galaxy Digital Research, this industry uses more than double the energy of the Bitcoin network. 

After considering the environmental footprints of banking, gold, and Bitcoin; and an analysis of the “economic rationality” of Bitcoin, the report comes to the conclusion that Bitcoin is definitely an acceptable use of energy. 

Nevertheless, the fact remains that it’s not just all about Bitcoin, and other blockchain projects need to clean up their act. 

A Move From Proof-Of-Work To Proof-Of-Stake 

Proof-of-Work and Proof-of-Stake are both consensus mechanisms, and they confirm the transactions on blockchain without a need for a third party. Bitcoin operates on a Proof-of-Work consensus, which is a solid and secure algorithm. However, it does entail a massive use of energy for miners to solve each cryptographic puzzle and claim the Bitcoin rewards. 

Ethereum also uses a Proof-of-Work consensus mechanism. However, due to the large amount of transactional throughput required on the Ethereum blockchain, Ethereum developers are currently transitioning to the Proof-of-Stake model. 

Proof-of-Stake still uses a cryptographic algorithm, but instead of solving complex algorithms, as on the Bitcoin network, Proof-of-Stake requires a minimum of coins to be frozen and staked on the network. The more you stake, the more chances you will win coins in each particular block.  

Therefore, without need for high energy consuming mining rigs, the Proof-of-Stake consensus model has a substantially lower energy cost. 

Other Consensus Methods 

Proof-of-Authority is another consensus algorithm which doesn’t require mining work nor staking. A limited number of trusted block validators take care of the verification process, but decentralisation suffers in this model as it does rather resemble a centralised database. 

Other consensus algorithms include Delegated Proof of Stake (DPoS), Proof of Elapsed Time (PoET), Proof of Burn (PoB) and various other innovative models. 

Dusk Network & The Segregated Byzantine Agreement (SBA) 

One of the consensus algorithms providing a more eco-friendly alternative is Dusk Network’s SBA. The energy efficiency, privacy, accessibility, and speed required by Dusk Network needed to be catered for by way of a modified, PoS type consensus algorithm. 

Therefore, Dusk Network created its own in-house consensus algorithm. For more on exactly how this works visit the Dusk Network Consensus Algorithm page here. 

Another aim of Dusk Network is to comply with the United Nations Sustainable Development Goals. There are 15 separate goals, all of which work towards the UN aim for “sustainable development to improve human lives and protect the environment.” 

Within its core aims, Dusk Network meets goals 9 (industry, innovation, and infrastructure) and 10 (reduced inequalities - financial services and applications for everyone). In addition, as a result of what Dusk Network does, it also contributes to goal 4 (quality education), and very importantly, goal 12 (responsible consumption and production). 

Conclusion

It could certainly be argued as to the unfairness of leaders within the current monetary system, when they point the finger at Bitcoin and other cryptocurrencies, in relation to their use of energy and the resulting unacceptable carbon footprint they leave. 

As mentioned earlier, very little mention is made, and has ever been made, of the massive use of energy by the banks and the gold industry. However, it shouldn’t be a case of “but they are worse than we are”. 

Blockchain projects are at the cutting edge of innovation and contain the smartest minds. Projects such as Dusk Network are leading the way in this innovation. By following such examples, and by sourcing renewable energy, the blockchain industry should be able to emerge from the current cloud of environmental wrongdoing, and show that it can put its house in order by overcoming these issues. 

SOURCE:CRYPTO DAILY

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Is the Fastest Inflation Since 2008 Transitory?

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“We will probably start to see year-over-year CPI start to flatten out within a couple months,” said Lyn Alden.

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• May consumer price data showed a 5% increase from a year prior
• Prices in May rose at the fastest annual rate since 2008, likely linked to reopening efforts

Consumer prices in May rose at the fastest annual rate since 2008, surging 5% from May 2020, Thursday’s Consumer Price Index data showed. It’s the biggest increase since the Great Recession. 

May’s CPI was 0.6% higher than April’s. Forecasters had predicted a 0.5% increase. 

“CPI dipped last year and specifically hit a low in May 2020, so the year-over-year comparison of May 2021 to May 2020 is naturally going to give a solid increase,” Lyn Alden, founder of Lyn Alden Investment Strategy, told Blockworks via email. “It’s pretty easy to get to a 3% CPI gain just from those base effects, for example.”

Supply chain issues and prices 

Supply chain issues exasperated by the pandemic have impacted prices globally. There’s been a manufacturing shortage for semiconductors, for example, which along with other factors have boosted auto prices. There have also been bottlenecks in shipping and surges in commodity prices, all of which are playing into these numbers and likely will not last long, experts agree. 

“We’re not going to see used car prices surging at the percentages that they’re surging, we’re not going to see airline prices continue to surge at the pace that they are now in the long term,” said Tom Essaye, founder of Sevens Report Research. “For a market that wants to go higher, and this is a market that definitely wants to go higher, it had all the excuses it needed, and that’s exactly what you saw happen yesterday.” 

The key question experts and consumers are asking is if these stronger-than-expected price pressures are only a transient trend tied to reopening or something we can expect to see extended. 

“To be honest, it kind of spooked me with how quickly everybody is just assuming that this inflation is indeed temporary, because I’m not sure about everybody else, but I don’t know how many businesses I’ve ever seen in my life decrease prices after they figure out that they can raise prices,” said Essaye. “We’ll find that out if it’s temporary in the next couple quarters.” 

Inflation running to high poses a risk for Wall Street and Main Street. If wages do not keep up with prices, Americans will face significant challenges. 

“We will probably start to see year-over-year CPI start to flatten out within a couple months,” said Alden. “However, wage increases and a tight energy market could still keep inflation rather elevated for a longer period of time. Because this is fiscal-driven inflation, how persistent inflation will be will depend in significant part on how persistent fiscal stimulus is in the years ahead.” 

The data’s impact

The S&P 500 gained 0.47% following the CPI data. 

“CPI data was not seen as ‘hot enough’ to affect Federal Reserve policy, which sparked a relief rally after weeks of sideways trade,” Essaye. 

The Fed is set to meet next week to discuss bond buying and interest rates. Chairman Jerome Powell has maintained for months that there will be no taper-talk until employment numbers are up and inflation is on track to meet their goals. 

The Fed has a 2% inflation target in mind. Its preferred index is the Personal Consumption Expenditures, which is closely linked to the CPI, but tends to run slightly lower. 

Wednesday’s Job Openings and Labor Turnover Survey (JOLTS) data likely also did nothing to ease Fed concerns. The number of open job vacancies hit an all-time high of 9.3 million, the report from the Bureau for Labour Statistics showed. The number of people who quit their jobs also reached a new high of 2.7% of total employment.

“For the Fed, nothing in that report is going to make them think that it’s not temporary, and that’s really the biggest thing,” said Essaye. “Nothing in the data that we’ve seen, not even the JOLTS report, which was an all time high by a huge margin, none of that is going to make the Fed rethink their current policy. That’s the reason the market reacted so positively to the data”

• SOURCE:BLOCK WORKS
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offIMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.
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Central Bank of Nigeria (CBN) Plans For a CBDC Launch By the End of 2021

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On Thursday, June 10, the Central Bank of Nigeria (CBN) announced that it preparing for the launch of the central bank digital currency (CBDC) aka Digital Naira and that should happen before the end of 2021.

Rukayat Mohammed, the Director of Information Technology (IT) for the CBN made this disclosure yesterday in a virtual briefing to the Banker’s committee. Interestingly, she also added that the central bank has been exploring the technology for four years now Mohammed said:

“Very soon we would make an announcement on the date for the launch and by the end of the year, we should have the digital currency. We would possibly launch a pilot scheme in order to provide this kind of currency to the populace.”

Top economies of the world and their central banks have started exploring the possibility of issuing a digital currency. The European Central Bank (ECB) is also working on the Digital Euro launch by 2023 while the Federal Reserve is set to release the Digital Dollar research paper this summer 2021.

On the other hand, China which has been a forerunner in the CBDC development is planning to issue the Digital Yuan by the Beijing Olympics 2022. It looks like the Nigerian central bank has accelerated the development and could be the first global bank to officially declare its CBDC.

The States of Cryptocurrencies in Nigeria

The adoption of public cryptocurrencies, especially Bitcoin, has accelerated in Nigeria over the last year. Besides, the growing economic uncertainties have pushed people towards adopting digital stands.

Since central banks are working on their CBDC, there’s been a growing concern if they would probably issue a crypto ban, as we recently saw in China. But Ryakat Mohammad hasn’t been much harsh on the prospect of banning digital assets. She said:

“Let me state categorically that cryptocurrency such as Bitcoin and the rest of them are not under the control of the central bank; they are purely private decisions that individuals make.”

To launch the Digital Naira, the CBN will explore several technology options while engaging several industry players as they move to the next stage of development.

SOURCE: COIN GAPE

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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U.S. SEC warns investors about the risks of Bitcoin futures trading.

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The U.S. Securities and Exchange Commission (SEC) has warned investors about the risks of Bitcoin futures trading. SEC cited market volatility and lack of regulations to warn investors.

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The U.S. Securities and Exchange Commission (SEC) has warned investors about the risks of Bitcoin futures trading. The financial regulator cited market volatility, a lack of regulation, and fraud to warn investors against the risk of the bitcoin futures market. U.S. SEC outlined key points that investors should “carefully consider” before investing in a fund that buys or sells Bitcoin futures.

 

“Bitcoin is a highly speculative investment.” 

“Investors should understand that Bitcoin, including gaining exposure through the Bitcoin futures market, is a highly speculative investment,” SEC noted in a June 10 Investor Alerts bulletin. This latest Bitcoin-related risk warning from the financial regulator follows up on a note it sent out last month, warning investors “interested in investing in a mutual fund with exposure to the Bitcoin futures market” to think twice due to the risks. SEC noted that while investments in all types of funds involve risk, funds that “buy or sell Bitcoin futures may have unique characteristics and heightened risks compared” to others.

#SEC issues new advisory to funds trading in #Bitcoin futures pic.twitter.com/jiZCSiTXSh

— Drew Hinkes (@propelforward) June 10, 2021

 

“Investors should consider the volatility of Bitcoin and lack of regulation.”

The U.S. SEC noted, “Investors should consider the volatility of Bitcoin and the Bitcoin futures market, as well as the lack of regulation and potential for fraud or manipulation in the underlying Bitcoin market.” The financial regulator also highlighted that Bitcoin’s price does not necessarily correlate with the value of the fund that holds Bitcoin futures positions. According to the SEC, this is in part due to the funds potentially not having direct exposure to the “underlying assets.” Earlier, U.S. Senator Elizabeth Warren lashed out on cryptocurrencies calling them “a bogus and lousy investment.”

SOURCE: COIN NOUNCE

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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MicroStrategy’s Michael Saylor Kickstarts the Bitcoin Mining Council Inviting Industry Players to Join

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IN BRIEF

• Bitcoin Mining Council aims to operate with a goal of complete transparency by standardizing the energy usage for crypto mining activities.
• The goal is to have more sustainable crypto mining solutions and reduce the electric power generated from the use of fossils.

On Thursday, June 11, MicroStrategy chief Michael Saylor officially kickstarted the newly formed Bitcoin Mining Council thereby inviting industry players. The Bitcoin Mining Council basically aims to shift the dynamics of the crypto mining industry by moving towards energy-efficient mining solutions.

Inviting different industry players, Saylor said that the Bitcoin Mining Council will serve as a “voluntary” and “open forum” for Bitcoin miners.

The Bitcoin Mining Council is a voluntary and open forum of Bitcoin miners committed to the network and its core principles. We promote transparency, share best practices, and educate the public on the benefits of #Bitcoin and Bitcoin mining. Join us. ?https://t.co/vGPGD3TA5p

— Michael Saylor (@michael_saylor) June 10, 2021

The debut for Bitcoin Mining Council comes just within a month of forming the panel. As said, the council is basically a voluntary forum committed to the network along with its core principles. The Council has some of the top North American crypto miners as its founding members.

The names include some giants and public listed companies like Argo Blockchain, Core Scientific, Hive, Hut8, riot Blockchain, and others. However, the Council page says that any Bitcoin miner can join with no minimum limit on the size of the operation.

Also, the Bitcoin Mining Council aims to operate with complete transparency with all members voluntarily sharing their energy mix and hashrate size for educational and research purposes.

The Rise Awareness of Clean Energy Use In Bitcoin Mining

As the crypto industry matures, market participants are increasingly getting cautious about the massive use of electric power required in Bitcoin mining operations. Last month, for this very reason, Tesla suspended Bitcoin payments at its company for this very reason.

MicroStrategy’s Michael Saylor convened a meeting of some top North American miners and Tesla boss Elon Musk also joined the same. As a result, all miners decided to form a council to standardize the energy reporting. Musk said that the meeting was fruitful, however, he has no formal role so far in this council.

Also, governments worldwide are getting increasingly cautious of energy usage with crypto mining activities. China, one of the most lucrative destinations for Bitcoin miners has decided to completely ban Bitcoin and crypto mining activities in the country. As a result, miners are fleeing to other favorable destinations like North America.

The Bitcoin Mining Council will not only attract players worldwide but aims to steer the movement towards building sustainable energy solutions for mining purposes. El Salvador which recently legalized Bitcoin as an official tender is now exploring clean Bitcoin mining operations using the geothermal energy from volcanos.

Our engineers just informed me that they dug a new well, that will provide approximately 95MW of 100% clean, 0 emissions geothermal energy from our volcanos ?

Starting to design a full #Bitcoin mining hub around it.

What you see coming out of the well is pure water vapor ?? pic.twitter.com/SVph4BEW1L

— Nayib Bukele ?? (@nayibbukele) June 9, 2021

SOURCE:COIN GAPE

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Multi-trillion asset manager State Street launches digital currency division

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Multi-trillion asset manager State Street launches digital currency division

The second-oldest continuously operating U.S. bank, State Street, has launched a new division dedicated to cryptocurrency and digital assets.

Multi-trillion dollar asset manager, State Street Corporation, has become the latest financial institution to announce the launch of a dedicated digital finance division.

State Street, the second-oldest continually operating bank in the United States, announced the move on Thursday, June 10, highlighting the division’s focus on cryptocurrency, blockchain technology, central bank digital currencies (CBDCs), and tokenization.

”The financial industry is transforming to a digital economy, and we see digital assets as one of the most significant forces impacting our industry over the next five years,” asserted State Street CEO and chairman, Ron O’Hanley. He added:

“Digital assets are quickly becoming integrated into the existing framework of financial services, and it's critical we have the tools in place to provide our clients with solutions for both their traditional investment needs as well as their increased digital needs.”

The firm’s head of global markets, Nadine Chaker, will head the division and report its operations to COO Lou Maiuri. “State Street has a major role to play in the evolution of digital market infrastructure,” said Chaker.

The company hopes to expand its proprietary GlobalLink technology into a platform supporting multiple digital assets, including peer-to-peer functionality.

State Street currently boasts $3.6 trillion worth of assets under management and $40.3 trillion in custodied assets, and is the second major global custodian to launch digital asset services, following in the footsteps of BNY Mellon.

Related: $157B Victory Capital plans to enter crypto market

The creation of the new division is not State Street’s first foray into digital assets, with the firm having been appointed as the administrator of a German Bitcoin-backed exchange-traded note (ETN) from Iconic Funds in April. That same month, the firm invested in a $30 million Series B round for blockchain-based fintech and regtech firm, Securrency.

State Street was also named as administrator and transfer agent for a Bitcoin exchange-traded fund (ETF) proposed by VanEck in the United States during March. The firm also teamed up with Gemini in 2019 to trial automated reporting services for its custody customers.

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Source: Cointelegraph.com

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Spain Prepares for Tax Returns Season With Crypto Traders in Sight

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Spain Prepares for Tax Returns Season With Crypto Traders in Sight

Spain nears the final day for its citizens to file their tax statements, and this year cryptocurrency traders are in the sights of tax authorities. Any trader that has obtained revenue after selling cryptocurrencies must file taxes and pay a percentage of the operation. However, many new traders are still unsure of what needs to be done.

Spain’s Tax Authority Prepares to Target Crypto Traders

Spain is nearing the end of the period stipulated to file tax statements. This year, the tax authorities are especially focused on cryptocurrency traders due to the enormous growth of the industry. According to local reports, 7.5 million Spanish citizens have entered the world of cryptocurrencies. Not only that, but about 60% of them are using it as investment vehicles.

According to Spanish law, any trade or cryptocurrency sale registered with revenue should be declared. Spanish citizens that fail to file their statements can be sanctioned with fines. While cryptocurrency tax duties weren’t important before for tax authorities, this year will be different. The Spanish government is ramping up oversight, and the tax authority has announced a plan to minimize crypto-related tax evasion this year.

The tax authority will now require trading data from Spain-based exchanges to systematically attack traders that don’t file their taxes. Also, the Spanish government is modifying an anti-fraud law to force third-party custodians to deliver data on their customers. While this modification is still in the works, it depicts the government’s stance for the near future.

The period for filing tax finalizes next June 30, and late statements will have to pay a penalty fee.

General Inexperience and Lack of Tools

Despite the improved oversight and the educative campaigns, most Spanish traders still don’t know what to do when it comes to filing tax statements. Many are new to these environments and don’t have a domain of tax laws and such. This can potentially create a scenario where most crypto traders would have to pay tax fines in the future.

And many who do know of these tax duties lack the tools to report them. The average trader does hundreds of operations in a month. Most traders don’t file and order these operations for a tax report. However, there is software that can assist traders in this journey. Accountants are advising traders to use these software tools to ease this complicated chore. However, experts estimate most trades won’t declare crypto taxes due to ignorance.

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Source: News.bitcoin.com

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Bitcoin price hits stock-to-flow rebound level not seen since 2017 all-time high

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Bitcoin price hits stock-to-flow rebound level not seen since 2017 all-time high

Deviation from the stock-to-flow average has always resulted in a reversal to new all-time highs, data shows.

Bitcoin (BTC) spending over three weeks in the $30,000 range is proving a crucial test for one of its best-known price models.

As noted by Philip Swift, co-founder of trading suite Decentrader on June 11, Bitcoin is issuing a major challenge to the stock-to-flow price forecasting tool.

Is it bounceback time for BTC price?

BTC price action has hovered in a lower corridor between $30,000 and $40,000 since mid-May. This has worried day traders, while vintage bulls have called for calm and a long-term mindset.

As Cointelegraph reported, the stock-to-flow model continues to accommodate such behavior, even if its estimates call for a BTC/USD value closer to $70,000.

Its creator, PlanB, has nonetheless voiced concern over the future. Should current levels remain for a longer period, his model risks becoming invalidated for the first time in its history.

Highlighting spot price divergence from the stock-to-flow average, Swift explained that such instances have in fact occurred before. Each time, Bitcoin bounced off a given price point relative to the stock-to-flow average to eventually hit new all-time highs.

"It's a long time since price has been this far below S2F line," he told Twitter followers.

"Divergence oscillator at bottom of the chart is highlighted by the orange dotted line and arrows to show comparable historical periods. Bitcoin price rebounded hard from such divergence previously."

Bitcoin stock-to-flow model with divergence extremes highlighted. Source: Philip Swift/ Twitter

PlanB eyes moving averages

Previously, PlanB suggested that this year's Bitcoin bull cycle is more reminiscent of 2013 than 2017 thanks to the veracity of May's price dip.

Both 2013 and 2017 ultimately saw a two-tier run to an all-time high. The first peak was followed by a significant drawdown in each instance, which then reversed to spawn a run to a new top.

PlanB still believes that $100,000 per Bitcoin will appear this year, while stock-to-flow calls for either a $100,000 or $288,000 average price between now and 2024.

Related: Bitcoin drops below $36K as century-old financial model predicts big BTC crash

Earlier this week, he referenced two key day moving averages (DMAs) as a potential launchpad for a recovery in the coming months.

"If June close will be $54K (or higher) and July, August also $54K (or higher), then 50DMA will bounce off 200DMA and stay above 200DMA," he tweeted.

"So a nice short squeeze and V-shaped bounce back to $54K (+69%) would result in then bounce back scenario."

BTC/USD 200-day, 50-day moving average, relative strength index (RSI) and months to halving. Source: PlanB/ Twitter

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Source: Cointelegraph.com

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How Many People Mined BTC Alongside Satoshi? 2010 Data Shows Bitcoin's Creator Wasn't the Only Mining Whale

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Throughout 2021, a great number of mysterious whale movements from miners who mined bitcoins in the early days have occurred. This week, 1,000 bitcoin from 2010 were transferred, and the miner has spent 11,000 bitcoin since last year. Old school whale movements like these have made some people assume that decade-old coinbase spends could stem from Satoshi Nakamoto. However, even though estimates say Nakamoto mined over a million bitcoin, many other network participants mined millions of coins as well.

2010 Saw CPU and GPU Mining, Alongside Extremely Low Hashrate and Difficulty

On June 9, 2021, an early miner sent 1,000 bitcoin (BTC) stemming from 20 block rewards from 2010 to a myriad of different addresses. Bitcoin.com News has caught this whale six times so far in 2021, spending 6,000 decade-old bitcoin. Further, our newsdesk caught the previous five strings before 2021, when 5,000 decade-old coins were spent in 2020. Ever since we published our investigations it has been assumed by some that the whale might be Bitcoin’s inventor Satoshi Nakamoto.

It is unlikely that the mystery whale is Nakamoto, and even though the inventor mined a million bitcoin, many others were mining alongside the creator’s efforts. Nakamoto likely mined bitcoin in 2010 but a great number of other miners also processed block rewards during Bitcoin’s second year. 3.39 million BTC was mined in 2010 and at this point in time, an individual could still leverage a central processing unit (CPU) to mine bitcoin up until mid-2010. This means a basic computer with a decent CPU could find block rewards out of the 67,920 blocks solved in 2010.

In between that time and the latter months of 2010, graphics processing units (GPUs) were utilized to mine bitcoins up until the first quarter of 2011. Between the CPU and GPU period, a lot more people could mine bitcoin alongside the creator, who left the community in December 2010.

We also know that Bitcoin’s network mining difficulty was very low during the second year of Bitcoin’s life. Analysts can estimate the total hashrate by calculating specific fields found in coinbase rewards. Essentially, this data includes version, prevblockhash, merkleroot, the timestamp, difficulty target, and nonce.

The 3.3 million BTC acquired in 2010 were mined under a network mining difficulty of around 1.18 to 14,484. For comparison, today’s mining difficulty is much larger at 21.05 trillion or a difficulty increase of 145,317,112,385% since 2010.

This data indicates that during the first two years the Bitcoin network operated, the difficulty to mine bitcoin was extremely low. The hashrate was very low too at this time, which means a lot more hashpower is used to mine BTC in 2021 than was needed a decade ago.

Data shows that in March 2010, the hashrate was around 43 million hashes per second or a grand total of 43.5 megahash per second (MH/s). For comparison, today’s top bitcoin mining rig does around 100 terahash per second (TH/s), which is 100 trillion times higher than the entire hashrate in the spring of 2010. If there were a few hundred people or upwards of a few thousand people mining bitcoin in 2010, the hashrate was only 0.0000436 TH/s. By August 30, 2010, the overall network hashrate jumped to 0.01 TH/s. For five months better solutions toward finding bitcoin and more participants dedicating hashrate to the network caused this swell.

Bitcoin Price in July 2010 Was $0.008 to $0.08 per Unit, Artforz Makes Waves

We know from forum posts on bitcointalk.org that lots of people were mining bitcoin by July 2010. In December 2009, it was obvious that people were leveraging GPU mining rigs to mine bitcoin and people also knew that ASIC mining was on its way. Satoshi even warned about the “GPU arms race” that year when he said that maybe the community should agree not to rush this type of mining.

“We should have a gentleman’s agreement to postpone the GPU arms race as long as we can for the good of the network. It’s much easier to get new users up to speed if they don’t have to worry about GPU drivers and compatibility. It’s nice how anyone with just a CPU can compete fairly equally right now,” Nakamoto said.

By the summer of 2010, it was too late and in mid-July, the pseudonymous miner Artforz was rumored to be one of the earliest GPU miners alongside Laszlo Hanyecz. Artforz was seemingly the first to create an entire “farm” of GPU miners.

“Artfarm,” as it was called back then, used his private code to mine thousands of bitcoin back in 2010. The infamous Artforz said that he mined 1,700 bitcoin in six days on July 25, 2010. Artforz became a pretty controversial leader in the space and it was claimed in October of 2010 that Artforz controlled roughly 20-30% of the network’s computing power.

No one knows who Artforz is but we do know he created the first Scrypt coin called “tenebrix,” which eventually led to Charlie Lee’s invocation of litecoin (LTC). Just like Nakamoto, Artforz disappeared from the scene in the early days of the network. He told the public on August 25, 2011, his “Artfarm” covered less than 1% of the network hashpower due to advances in mining from certain individuals and groups. Between January 2009 and the end of 2010, it is assumed that Nakamoto gathered 1.1 million BTC. Yet between that period over 4.9 million bitcoin was mined into existence which leaves 3.8 million left for other mining participants.

After the first quarter of 2011, it started to get tougher for participants leveraging CPU and GPU mining solutions as integrated circuit designs like a field-programmable gate array (FPGA) entered the scene. A miner probably could leverage an FPGA up until Q1 2012 and by then integrated circuit (IC) chips or application-specific integrated circuits (ASICs) became the dominant force in mining.

All this in view, we can say that many others mined bitcoin alongside Satoshi during the creator’s time kickstarting the network, until December 2010. Just because a few thousand BTC from 2010 moved, that doesn’t mean it was Nakamoto. And as far as we know, Bitcoin’s creator has never spent any of the 1.1 million coins they are thought to have mined at that time.

What do you think about the mining ecosystem in 2010? How many people do you think mined bitcoin alongside Satoshi Nakamoto in the early days? Let us know what you think about this subject in the comments section below.

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SOURCE:BITCOIN NEWS

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Silvergate Bank cuts ties with Binance, disabling USD deposits and withdrawals

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Quick Take

• Crypto-friendly Silvergate Bank has stopped providing services to Binance, The Block can confirm.
• International users of Binance will no longer be able to deposit and withdraw USD via Silvergate.

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Crypto-friendly Silvergate Bank has abruptly cut ties with crypto exchange operator Binance, The Block can confirm.

Binance sent an email to customers on Wednesday, two separate copies of which have been seen by The Block — one in English and one in Spanish. The email says that Binance will no longer support USD deposits and withdrawals via Silvergate Bank over SWIFT from June 11.

"USD deposits made to our Silvergate Bank account after 11 June 2021 (UTC 23:59) will be returned to your account within 21 working days," the email reads. "The returned amount may be lower due to external bank fees involved."

"Rest assured, we are working hard to provide an alternative USD solution," reads the email.

Binance declined to comment to The Block on Silvergate-related questions when reached.

Stuck in limbo

Renzo Morales Díaz, a Binance customer from Columbia, who received the Spanish copy of the email, told The Block that his funds have been stuck for "two weeks."

"I just have a pending withdrawal in USD through Silvergate, and it is delayed. But surely it will not arrive there. We do not know how Binance will now return that withdrawal," said Díaz.

Silvergate-related issues for Binance users appear to have existed for at least a few months. In late March, one user on Reddit posted that they had a problem with deposits via Silvergate Bank on Binance.

"Around three weeks ago I transferred using (SWIFT) Silvergate Bank an amount of USD $30.000 to the Binance Company Key Vision Development Ltd. Till today the funds are not credited to my Binance account. The funds not sent back to my bank account," the user said. Another user posted a similar message on Reddit about two weeks ago.

Binance launched the Silvergate funding option for international users last December. (The exchange claims to block U.S. users). The option allowed users to deposit and withdraw USD to and from their Binance accounts for buying and selling crypto on Binance using local bank accounts.

While Binance looks for an alternative USD solution, the exchange's international users have other bank transfer options available in other fiat currencies, including the euro, British pound, and Australian dollar, per the email. Other local payment methods, debit and credit cards, and peer-to-peer methods are also available, according to the email.

It is unclear why Silvergate Bank ended the partnership with Binance and whether it also affects Binance.US. Both Silvergate and Binance.US have not responded to The Block's requests for comment by press time. 

SOURCE:The Block Crypto

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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China's Crypto Crackdown Intensifies With New Mining Ban And Censorship—But Bitcoin Is Rallying

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TOPLINE

 

China's cryptocurrency crackdown, which crashed markets last month, intensified Wednesday with another province ordering all crypto-mining operations to shut down just hours after popular Internet companies started censoring searches for three of the nation's largest crypto exchanges, but bitcoin prices are skyrocketing after El Salvador's historic adoption measure—in hopes that other countries will follow suit.

KEY FACTS

On Wednesday, China's Qinghai became at least the third province in the nation taking steps to curb cryptocurrency mining operations due to environmental concerns, barring local officials from setting up or permitting crypto-mining projects and ordering them to update the provincial government on implementation measures by June 20.

In its announcement, the province said it would conduct follow-up inspections on randomly selected supercomputing centers to ensure compliance and punish anyone violating the ban.

The decision came after early morning reports that Baidu, the nation's most popular search engine, and social media site Weibo started blocking searches for cryptocurrency exchanges OKEx, Huobi and Binance, which is the world's largest based on volume.

“According to the related laws and regulations, the results of this search are not available," users reported seeing when searching for any of the exchanges on Weibo.

Despite Chinese regulatory concerns crashing crypto markets last month, tokens largely rallied Wednesday afternoon, with bitcoin prices skyrocketing 12% over the past 24 hours as investors lauded El Salvador's successful vote to make the world's largest token a form of legal tender.

CRUCIAL QUOTE 

"Some larger, more powerful countries are trying to quash or slow the inevitable shift to borderless, digital currencies, but this small Central American nation has embraced the biggest one of them all," Nigel Green, the CEO of $12 billion wealth advisor DeVere Group, wrote in a Wednesday note. "El Salvador has made history, and we can expect other developing countries to follow." Other Latin American countries have already signaled their support.

KEY BACKGROUND

Last month, Chinese officials sparked concerns that crashed the crypto market, with a slew of warnings targeting trading and mining. On May 18, three Chinese industry groups overseeing the financial sector announced the country would crack down on financial institutions conducting cryptocurrency business or offering related services in light of the market's volatility, saying digital tokens have "no real support value" and prices that are "extremely easy" to manipulate. The following week, Beijing said it would "clamp down on bitcoin mining and trading activity" to achieve financial stability by curbing the spread of cryptocurrencies. In addition to Qinghai, two other provinces—Inner Mongolia and Sichuan—have since announced policies to curb or ban mining. Markets plunged about 30% amid the warnings and have since added back about 15%.

TANGENT

The cryptocurrency market crashed more than 10% in mid-April after blackouts in China led to massive declines in bitcoin's mining rates, which experts say are correlated with prices. Those rates have since recovered, but some 75% of the world's mining occurs in China, meaning widespread bans could once again rock the market.

FURTHER READING

El Salvador Makes History As World's First Country To Make Bitcoin Legal Tender (Forbes)

China Cracks Down On Crypto Business, Saying 'Speculative' Trading 'Seriously Infringing' On Financial Order (Forbes)

SOURCE: FORBES

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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US Custody Bank With $40 Trillion in Assets Sets Up ‘Crypto’ Division

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State Street, a Boston-based custody bank with $40 trillion in assets has set up a Digital division to offer crypto services amid growing client demand. The bank said cryptocurrencies are at a tipping point and they would offer as many crypto services as they can under the available regulations.

The move was based on growing clients’ demand for crypto exposure. Nadine Chakar who would be heading the new digital division said that many clients have increased their crypto exposure by 300% over the past two months and the bank is trying to keep up with the massive demand. She explained,

“We are at a tipping point now where this is moving fast,” she said. “We are getting calls from endowments and foundations that are getting donations in crypto and saying what do we do with this? We are seeing companies that are thinking of adding crypto to their balance sheets.”

Chakar also revealed that they have an intense communication process with the regulators to ensure their services abide by the regulatory policies.

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State Street Joins Growing League of US Custody Banks With a Crypto Arm

State Street becomes the second major US custody bank to dwell into crypto after Bank of New York Mellon. Other major US bank to join the growing crypto league includes Northern Trust and Standard Chartered.

The announcement by the banks comes within weeks of Iconic Funds appointment to serve as the administrator of a bitcoin-backed exchange-traded note listed on the Frankfurt Stock Exchange.

State Streer has also applied for SEC’s clearance to list VanEck’s Bitcoin ETF after it was appointed as fund administrator and transfer agent. SEC had earlier postponed its decision on VanEck’s ETF proposal and Chakar believes SEC might take its time. She said,

“If they do need more time to get it right and provide the industry with the clarity we need, we will continue to work with our clients. In this case, patience is a virtue. We will continue to be patient.”

SOURCE:COIN GAPE

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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India to reportedly ditch Bitcoin ban agenda in favor of asset classification

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Indian state officials are reportedly no longer keen on banning Bitcoin and a crypto regulatory bill may be up for discussion during the Monsoon Session of Parliament.

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The tide may have finally turned for cryptocurrencies in India as reports indicate a softer stance by the government toward crypto.

According to a report by The New Indian Express on Thursday, the government’s hostile stance toward Bitcoin (BTC) appears to be shifting toward more common-sense regulatory policies for cryptocurrencies.

According to inside sources quoted by the publication, authorities have dropped earlier plans for a blanket Bitcoin ban in favor of classifying cryptocurrencies as an alternative asset class.

The Securities and Exchange Board of India will reportedly be tasked with overseeing crypto regulations in the country in collaboration with the finance ministry.

These inside sources also claim that Parliament will debate a comprehensive crypto regulatory bill during the Monsoon Session beginning in July. An expert panel created by the finance ministry is reportedly studying protocols for crypto regulation and its finding could form part of the parliamentary deliberations next month.

Commenting on the emerging positive signals on the crypto regulatory front, Ketan Surana, a member of the Internet and Mobile Association of India said:

“We can definitely say that the new committee which is working on cryptocurrencies is very optimistic on cryptocurrency regulation and legislation.”

Back in May, Indiatech.org, a technology lobby group in India, urged the government to define crypto as digital assets and not currencies.

Meanwhile, the Reserve Bank of India remains a staunch crypto critic, with the central bank recently stating that its position on cryptocurrencies remains unchanged. However, the RBI has distanced itself from reports that it mandated banks to block services to crypto exchanges.

Indeed, India’s Supreme Court overturned in March 2020 a 2018 RBI ban that prohibited banks from servicing cryptocurrency exchanges. As previously reported by Cointelegraph, three major crypto exchanges — Kraken, Bitfinex and KuCoin — are looking to enter the Indian market.

SOURCE: COIN TELEGRAPH

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JPMorgan Warns of Upcoming Bear Market In Bitcoin (BTC)

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Although Bitcoin (BTC) has registered a strong pullback in the last 24 hours moving past $37,000 levels earlier today, JPMorgan analysts are a bit skeptical about its future journey ahead. A recently published report from Bloomberg states that the bank analysts have warned of ‘backwardation’ in the futures market.

It means that the spot price for BTC is higher than its futures price and this is a reason for concern. In a recent note to clients, JPMorgan strategists led by Nikolaos Panigirtzoglou wrote: “We believe that the return to backwardation in recent weeks has been a negative signal pointing to a bear market”.

In its June 9 analysis, the banking giant looked at the 21-day rolling average of the second Bitcoin futures spread across the spot prices. Citing the CME Bitcoin futures, the bank notes that the backwardation is an “unusual development and a reflection of how weak Bitcoin demand is at the moment from institutional investors”.

For most of 2018, the Bitcoin futures curve stayed in backwardation and the BTC price corrected a massive 74% during this period following the 2017 bull run. Another concerning trend as per JPMorgan is the constantly declining Bitcoin dominance in the market.

Currently, Bitcoin (BTC) dominates only 42% of the overall crypto market. The BTC dominance at the beginning of 2021 was a massive 70%. The JPMorgan strategists argue that the Bitcoin (BTC) share should stay above 50% to keep the bears at bay.

BTC Price – $20,000 or $40,000?

Bitcoin has corrected severely over the last month and has been showing volatile behaviors for the lost two weeks in the price range between $30,000 to $40,000. Although the BTC price is trading quite closer to $40,000, several market analysts are skeptical that it can further drop close to $20,000. Bloomberg’s senior commodity strategist Mike McGlone thinks that the chances of BTC going to $40,000 are higher than the correction.

#Bitcoin Capitulation? $40,000 Appears More Likely Than $20,000 — The June 8 Bitcoin plunge and revisit of lower-end-range support around $30,000 had many of the earmarks of extreme bearish sentiment typical of more enduring bull-market bottoms. pic.twitter.com/mzaqs50Kjp

— Mike McGlone (@mikemcglone11) June 9, 2021

Moreover, while Bitcoin has been trading sideways over the last months whales have continued the accumulation during each phase of the correction. Also, the crowd sentiment for Bitcoin has renewed to a new 3-week high.

Source: Coin Gape

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Here’s what would happen to Bitcoin if the government tried to take it over

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Here’s what would happen to Bitcoin if the government tried to take it over

Fear mounted as the FBI announced that it helped Colonial Pipeline retrieve a portion of its BTC ransom payment, but can the government actually take over Bitcoin and the network?

On June 7, the United States government task force seized more than $2 million in Bitcoin (BTC) to pay a ransom following an attack on the Colonial Pipeline system. A warrant filed with the U.S. District Court for the Northern District of California shows that authorities recovered 63.7 BTC.

As news of the recovery spread through mainstream media, some outlets suggested that the U.S. government somehow hacked the Bitcoin address in order to extract the funds. For example, University of Michigan professor and New York Times contributor Justin Wolfers tweeted:

News that the government has figured out how to snatch bitcoin from the online wallets of cyber criminals surely reduces the use cases for Bitcoin even further.

— Justin Wolfers (@JustinWolfers) June 8, 2021

This triggered a discussion on whether an entity could break through SHA-256 encryption, and if so, why waste this ability on unlocking a Bitcoin wallet that only contains $2 million?

The same type of cryptography is used by the National Security Agency, banks, foreign agencies, cloud storage systems, and most electronic devices like smartphones and communication apps.

If governments wanted to create short-term havoc in the cryptocurrency market, they would need to make large sales to negatively impact the price. However, there would probably be at least 3 telling signs that would hint that this type of scenario was unfolding.

Open interest at CME BTC futures would spike

The most likely vehicle for government entities to short (sell) is by trading CME Bitcoin futures. In addition to the price pressure, analysts would need to confirm a large increase in open interest, which is the number of contracts in play. Unfortunately, CME does not provide real-time data for this indicator.

CME Bitcoin futures settlement data. Source: CME

As shown above, each CME Bitcoin futures contract represents 5 BTC, so the 7,572 open interest totals 37,860 BTC. These contracts are financially settled, meaning that the winner is paid in dollars.

While the current $1.25 billion open interest does not seem significant enough to create shockwaves, the figure did reach $3.3 billion in February as Bitcoin traded at $58,000. Therefore, a substantial and rapid increase in the open interest is a potential indicator of government-related activity.

The futures premium should flip negative

A large futures contract seller will cause a momentary distortion in the futures premium. Unlike perpetual contracts, these fixed-calendar futures do not have a funding rate, so their price will vastly differ from regular spot exchanges.

By measuring the price gap between futures and the regular spot market, a trader can gauge the level of bullishness in the market. Whenever there's an aggressive activity from shorts (sellers), the two-month futures contract will trade at a 1% or higher discount.CME July Bitcoin futures premium/discount vs. Coinbase, May 2021. Source: TradingView

Notice how the July CME futures usually trade between a 0.5% discount and a 1.5% premium versus regular spot exchanges. However, during the May 19 crash, aggressive futures contracts selling caused the price to trade 2.5% below Coinbase.

This movement can either occur during liquidation orders or when large players decide to short the market using derivatives.

Exchange infrastructure would come under attack

Even though most cryptocurrency exchanges have established their servers in remote locations, governments could try to seize physical servers or web domains.

Investors who have been following the crypto sector since 2017 will remember that Alex Vinnik, the founder of BTC-e, was arrested and the website hijacked by the U.S. government in July 2017.

In November 2020, Cointelegraph published an excellent article that explained how, according to a framework from the U.S. Department of Justice, it could be enough for a crypto transaction to "touch financial, data storage, or other computer systems within the United States" to provoke enforcement action.

Any coordinated effort by governments to suppress cryptocurrencies will likely involve a massive "anti-money laundering" effort against exchanges, especially those offering derivatives products to retail investors.

Thus, unless these 3 signs are in place, there is little reason to believe that a massive government-led campaign to disrupt the industry is underway.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Source: Cointelegraph.com

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Commodity Strategist Mike McGlone Says $40K BTC Target 'More Likely' Than $20K

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Commodity Strategist Mike McGlone Says $40K BTC Target 'More Likely' Than $20K

Bloomberg Intelligence senior commodity strategist Mike McGlone believes bitcoin is “more likely” headed for $40K instead of $20K after discussing the possibility of capitulation in a recent tweet. McGlone’s opinion follows a number of predictions that say bitcoin could drop to the $20K zone if there’s more pullback in the cards.

Bloomberg Commodity Strategist Suggests Bitcoin ‘More Likely’ to Hit $40K Than $20K

Bitcoin markets have improved on Wednesday, after the announcement stemming from El Salvador which recognized bitcoin (BTC) as legal tender in the country. Even though the news has been positive, some people are still not sure if the “bottom is in.”

There have been predictions of BTC dropping below the $30K region and even down to the $20K zone. Stephen Kelso, head of markets at ITI Capital explained in a note to Bitcoin.com News that there have been reports that suggest BTC could drop to this low point.

“Speculative reports suggest that bitcoin could soon drop to $20,000, referencing the looming bearing cross of the 50 and 200 daily moving averages,” Kelso explained. “However, there are still some positive signs for the price of digital assets to build again, for example the encouraging price action overnight, stabilising funding spreads for futures and a decline in the implied volatilities of options,” the ITI Capital executive added. Kelso further detailed:

More significantly, there has been continued accrual of bitcoin by bigger institutional wallets and Michael Saylor’s Microstrategy has increased the size of its current junk bond offering to $500m to buy more BTC at these levels. These will have more impact on macro hedge funds who will look to take advantage of the pullback opportunity.

Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, explained his view of the situation on Twitter.

“Bitcoin Capitulation? $40,000 Appears More Likely Than $20,000 — The June 8 Bitcoin plunge and revisit of lower-end-range support around $30,000 had many of the earmarks of extreme bearish sentiment typical of more enduring bull-market bottoms,” McGlone tweeted.

Chart shared by Bloomberg senior commodity strategist Mike McGlone on June 9, 2021.

Although, not everyone agreed with McGlone’s opinion and one individual said: “One problem with this. When we capitulated in 2014, 2018, and 2020 we found a bottom on the 200 Weekly MA. We are nowhere near it. Real capitulation is usually 80%+ from the high. You’ve been overly bullish through this whole collapse.”

Nevertheless, some responded to the skeptical response to McGlone and stressed:

Days are different, adoption is different, institutional involvement is different. History doesn’t need to repeat…

The CTO of Bitfinex, Paolo Ardoino told Bitcoin.com News that the current pause is no surprise to him.

“This current market pause is not unexpected,” Ardoino detailed. “Everyone needs time to assess and digest what the community has built. We’re waiting for a new momentum to gather as we continue to build upon the foundations created by some of the greatest minds in fintech. I’m still extremely bullish in the long term about bitcoin and the long-term fundamentals and use cases of the technology.”

McGlone: ‘Bitcoin Has Transitioned to a Global Digital-Reserve Asset’

In a couple of tweets prior to McGlone’s assessment of BTC markets on Wednesday, McGlone also said that the Bitcoin 2021 conference in Miami saw “Woodstock-like” bitcoin adoption.

“The June 3-5 Bitcoin 2021 conference further validated our view that Bitcoin has transitioned to a global digital-reserve asset and away from being a speculative crypto,” McGlone remarked on Twitter.

The Bloomberg senior commodity strategist has also tweeted about gold’s price rise in recent times and noted that gold’s previous correction looks complete. “Gold Above $2,000, Silver $30 – May Not Wait for June Unemployment – Weaker-than-consensus April and May U.S. unemployment reports support our key takeaway that gold and silver are ripe to resume their bull markets. Headwinds from rising bond yields & Bitcoin have been alleviated,” the strategist added.

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Source: News.bitcoin.com

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It’s Official: Bitcoin a Legal Tender in El Salvador Following a Supermajority Decision

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Bitcoin has officially become a legal tender in El Salvador after 62 out of 84 votes went in favor.

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The small country of El Salvador has moved forward with its plans and has done well on its word to accept Bitcoin as a legal tender.

• The president of El Salvador, Nayib Bukele, has taken it to Twitter to share that the law which officially turns Bitcoin into a legal tender in the country has been passed by a supermajority decision.
• In total, 62 out of 84 votes went in favor.

The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress.

62 out of 84 votes!

History! #Btc??

— Nayib Bukele ?? (@nayibbukele) June 9, 2021

• For those wondering – for bitcoin to be accepted as legal tender means that no one has the right to refuse BTC for payment.
• Even though plenty of countries have many providers accepting BTC, El Salvador becomes the very first country to do so on a national level.
• The move further legitimizes BTC as a currency, and many experts believe that it sets the tone for others to follow suit.

Source: CryptoPotato

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Bill to make Bitcoin legal tender passes in El Salvador

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Bill to make Bitcoin legal tender passes in El Salvador

President Nayib Bukele’s Bitcoin Law was passed in the Salvadorian congress tonight.

The President of El Salvador's bill to make Bitcoin legal tender in El Salvador passed Congress with a supermajority just before 6AM UTC.

In a Twitter Spaces conversation that began just after 5AM UTC with 22,000 listeners President Nayib Bukele said he would sign off on the historic law later tonight or first thing tomorrow.

“It goes into effect immediately,” he said, clarifying the government would allow 90 days for the infrastructure to be put into place.

The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress.

62 out of 84 votes!

History! #Btc

— Nayib Bukele (@nayibbukele) June 9, 2021

He said that accepting Bitcoin would be mandatory for all businesses. “They have to take it by law,” he said of merchants in the country. “If you go to Mexico they have to take your pesos.

“In the case of El Salvador Bitcoin is going to be legal tender as (is the) US Dollar.”

He revealed that he will be meeting with the International Monetary Fund on Thursday. The government will also be releasing an official Bitcoin wallet (however this will not be mandatory). The government intends to hold $150 million equivalent of Bitcoin in a trust fund in its development bank to assume the risks of merchants.

Permanent residency will be available for those who invest 3 BTC in El Salvador. Asked if the country would put Bitcoin in its reserve he said there were no immediate plans:

"I don't know this is evolving very fast. We're not ruling out having Bitcoin in our reserves in the near future."

The President said he hasn't thought of Bitcoin mining but was favorably disposed towards the idea of renewable energy Bitcoin mining.

The Bitcoin law was a bill submitted earlier today after Bukele tweeted that “I’ve just sent the Bitcoin Law to congress,” and uploaded copies of the bill in Spanish and English.

I’ve just sent the #BitcoinLaw to Congress pic.twitter.com/DljnxsXlyt

— Nayib Bukele (@nayibbukele) June 9, 2021

“The purpose of this law is to regulate Bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out,” the bill reads.

The bill includes a list of interesting proposals such as zero capital gains tax on BTC, tax payments allowed in BTC, and economic agents “must” accept BTC as payment when offered by “whoever acquires a good or service.”

La #ComisiónFinanciera emite dictamen favorable a la iniciativa del Presidente de la República @nayibbukele en el sentido se apruebe la #LeyBitcoin que le permitirá al país reconocer al #Bitcoin como moneda de curso legal. pic.twitter.com/hPh0OfVgJB

— Asamblea Legislativa (@AsambleaSV) June 9, 2021

According to the bill, the state will provide the infrastructure that enables Bitcoin users to instantly convert from BTC to USD if need be. Additionally, the state will provide “training and mechanisms” to aid citizens unfamiliar with Bitcoin — as many will need to learn how to use the digital asset.

Interestingly, following Bukele’s latest announcement, he changed his Twitter profile picture to one that features blue laser eyes, as opposed to the red onesusually found in the iconic crypto meme.

#NewProfilePic pic.twitter.com/StGY0ctyk0

— Nayib Bukele (@nayibbukele) June 9, 2021

Bukele’s progressive crypto move has sparked enthusiasm from a number of politicians throughout Latin America, who have either touted crypto proposals of their own or donned red laser eyes in support of crypto.

On June 7, Paraguayan congressman, Carlitos Rejala posted laser eyes and promised a Bitcoin announcement later this week.

The following day Mexican senator Eduardo Murat Hinojosa revealed he plans on ““promoting and proposing a legal framework for crypto coins in Mexico's lower house.”

While Gabriel Silva, a Panamanian congressman also stated plans to submit a pro-crypto bill that same day.

The president of El Salvador @nayibbukele is on Twitter spaces right talking about the Bitcoin bill that's about to pass

The government is going to create a Bitcoin wallet for merchants (opt-in, can use any wallet)

Accepting Bitcoin is a mandate by lawhttps://t.co/He2u1HQiXN

— ChainLinkGod.eth 2.0 (@ChainLinkGod) June 9, 2021

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Source: Cointelegraph.com

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Mexico lawmakers aim to follow the example of neighboring countries with proposed Bitcoin legislation

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Mexico lawmakers aim to follow the example of neighboring countries with proposed Bitcoin legislation

“We are going to lead the shift to crypto and fintech in Mexico,” said one senator.

Eduardo Murat Hinojosa, a senator of the federal government of Mexico, has said he will be submitting a proposal to lawmakers seemingly aimed at crypto adoption in the country.

In a tweet today, Hinojosa changed his profile picture to feature the senator speaking into a microphone with the iconic “laser eyes,” indicating support for crypto. The lawmaker said he would be “promoting and proposing a legal framework for crypto coins in Mexico's lower house,” specifically mentioning Bitcoin (BTC).

Voy a promover y proponer ante la Cámara de Diputados un marco legal para las criptomonedas en México #btc

I will be promoting and proposing a legal framework for crypto coins in Mexico's lower house #btc pic.twitter.com/zwhYOZ7KAg

— Eduardo Murat Hinojosa (@eduardomurat) June 8, 2021

Hinojosa was not the only Mexico lawmaker indicating their support for crypto. Indira Kempis Martinez, a senator representing the state of Nuevo León, has also switched her profile to show laser eyes, with Hinojosa referring to her as a friend to the cause.

“We are going to lead the shift to crypto and fintech in Mexico,” said Hinojosa.

The social media activity comes as countries in Latin America have seemingly been taking steps towards greater adoption of crypto. In a video announcement to attendees of the Bitcoin 2021 conference last week, El Salvador President Nayib Bukele said he would send a bill to the country’s legislature demanding that Bitcoin be made legal tender.

On Sunday, Paraguayan congressperson Carlitos Rejala hinted that crypto would be connected to “an important project to innovate Paraguay in front of the world” starting this week. Yesterday he added that he was working with local crypto figures “in order for Paraguay to become a hub for the crypto investors of the world.”

A politician from Paraguay (@carlitosrejala) has posted a laser eyes photo and promised a bitcoin announcement this week.

Just as we saw MicroStrategy start the domino effect for public companies, El Salvador will likely be a catalyst for other countries.

(h/t @WClementeIII) https://t.co/V5bxdbeRWq

— Pomp (@APompliano) June 7, 2021

Though Mexico has many individual investors who back Bitcoin, authorities in the country reported last year that cartels had been increasing their use of crypto to launder funds. At the time, the head of the Mexican attorney general’s Cyber Investigations Unit said the country’s law enforcement lacked the resources needed to tackle money laundering when crypto was involved.

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Source: Cointelegraph.com

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Crypto Twitter says Bitcoin shorts are increasing, but data shows otherwise

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Crypto Twitter says Bitcoin shorts are increasing, but data shows otherwise

A growing number of analysts have flipped bearish on Bitcoin and expect a significant price drop, but analyzing data from the perpetual futures and options markets uncovers a contrasting narrative.

Margin trading allows investors to borrow stablecoins or cryptocurrency to leverage their position and improve the expected return. For example, borrowing Tether (USDT) will allow one to buy Bitcoin (BTC), thus increasing their Bitcoin long position. 

Investors can also borrow BTC to margin trade a short position, thus betting on price downside. This is why some analysts monitor the total lending amounts of Bitcoin and Tether to gain insight into whether investors are leaning bullish or bearish.

Are analysts flipping bearish based only on Bitfinex’s margin data?

This week, some prominent analysts cited a surge in Bitcoin short positions on Bitfinex, peaking at 6,621 BTC on June 7. As Cointelegraph reported, independent researcher Fomocap found a visible correlation between margined short positions and the May 19 price crash.

However, when analyzing a broader scope of data — including the margin longs, perpetual contracts funding rate and protective put options — there is no evidence of prominent players preparing for a surprise negative move.

A single instance of Bitcoin margin shorts spiking ahead of the negative price swing should not be considered a leading indicator. Furthermore, one needs to factor in Bitcoin margin longs — an opposing, usually larger force.

Bitfinex margin Bitcoin/USD longs/shorts ratio. Source: TradingView

As the above chart indicates, even on May 17 the number of BTC/USD long margin contracts outpaced shorts by 3.6, at 39,000 BTC. In fact, the last time this indicator dropped below 2.0, favoring longs, was on Nov. 26, 2020. The result was not good for the shorts, as Bitcoin rallied 64% over the following 30 days.OKEx USDT/BTC lending ratio. Source: OKEx

Whenever traders borrow Tether and stablecoins, they are likely long on cryptocurrencies. On the other hand, BTC borrowing is mainly used for short positions.

Theoretically, whenever the USDT/BTC lending ratio goes up, the market is angled in a bullish manner. The ratio at OKEx bottomed at 3.5 on May 20, favoring longs, but it quickly returned to the 5.5 level. Therefore, there is no evidence of a significant movement favoring shorts on margin markets.

The perpetual futures funding rate is still flat

Perpetual futures prices trade very close to regular spot exchanges, making the lives of retail traders a lot easier because they no longer need to calculate the futures premium.

This magic can only be achieved by the funding rate charged from longs (buyers) when demanding more leverage. However, when the situation is reversed and shorts (sellers) are over-leveraged, the funding rate goes negative, and they become the ones paying the fee.

Bitcoin perpetual futures 8-hour funding rate. Source: Bybt

As displayed above, the funding rate has been mostly flat since May 19. Had there been a massive surge for shorting demand, the indicator would have reflected the move.

The options put-to-call ratio remains bullish

The call (buy) option provides its buyer with upside price protection, and the put (sell) does the opposite. This means traders aiming for neutral-to-bearish strategies will typically rely on put options. On the other hand, call options are more commonly used for bullish positions.

Aggregate Bitcoin put-to-call options ratio. Source: CryptoRank

Take notice of how the neutral-to-bullish call options outnumber the protective puts by nearly 90%. Had professional traders and whales been anticipating a market crash, this ratio would have been positively impacted.

Investors should not make trading decisions based on a single indicator, as the remaining markets and exchanges may not corroborate it. For now, there is absolutely no indication that heavy players are betting on Bitcoin short positions.

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Source: Cointelegraph.com

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Bitcoin price is fragile, but on-chain data points to fresh accumulation

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Bitcoin price is fragile, but on-chain data points to fresh accumulation

On-chain data shows long-term holders are back in accumulation mode after the recent shake-out cleared network congestion and shook out over-leveraged traders.

The May 19 crypto market sell-off saw $1.2 trillion in value erased from the total market capitalization as the froth and excess leverage of over-hyped markets was quickly eliminated.

But similar to a forest fire, whose destructive power is essential to the rejuvenation of a forest's ecosystem, dramatic market shake-outs are a vital part of the full life cycle of a developing market, as excesses that have accumulated are burned away and cleared in order to set the stage for a new round of growth.

According to data from Glassnode, the past month saw a “historically large decline” in on-chain activity, “transitioning rapidly from booming on-chain economies at ATH prices, to almost completely clear mempools and waning demand for transactions and settlement.”

This clearing of congestion helped address the rising cost of fees on both the Ethereum (ETH) and Bitcoin (BTC) networks which have now “returned to mid-2020 levels of around $3.50 to $4.50” after experiencing short term spikes as high as $60 in April and May but given the lingering price action from BTC and Ether, traders are also worried whether the market has shifted from bullish to bearish.

Bitcoin vs. Ether average transaction fee. Source: Glassnode

The drop in activity has resulted in a 65% decline in the total USD denominated transfer volume settled by the Bitcoin network and a 60% decrease in value transferred on Ethereum, marking the second largest declines for the networks behind the 80% drop for Bitcoin in 2017 and the 95% drop for Ethereum in 2018.

Long term holders accumulate

Although the on-chain activity paints a grim picture for some, as short-term holders were the hardest hit by the downturn, a closer look shows that long-term holders (LTH) have started accumulating again, a sign that the worst of the shake-out may have passed.

Long-term holder net position change. Source: Glassnode

As seen in the chart above, the supply held by long-term BTC holders has begun to accelerate upward following a period of distribution that happened as the price rallied from $10,000 to $64,000. This rising figure indicates that the “LTH supply is now in a firm uptrend,” and is similar to the trend seen during the “late 2017 bull and early 2018 bear.”

Glassnode said:

“This fractal describes the inflection point where LTHs stop spending, start re-accumulating and hodling what are now considered cheap coins.”

Further bullishness can be found in the fact that the amount of BTC currently held by LTHs is 2.3 million more than at the peak of 2017, indicating that the long-term view of these token holders is that the market is headed higher.

One final indication that the market may be consolidating in preparation for its next move higher can be found looking at the change in the liquid and illiquid supply of BTC over the past 6 months.

Bitcoin liquid and highly liquid supply. Source: Glassnode

As seen in the chart above, 160,700 BTC went from an illiquid state back into liquid circulation during the month of May, representing just 22% of the total supply that moved from liquid to illiquid since March 2020.

This means that 78% of the BTC acquired since then remains unspent, indicating an overall positive outlook by long-term holders.

While it's impossible to be certain about the next steps for the cryptocurrency market thanks to factors like unpredictable volatility, erratic tweets from influencers and the rumors of surprise government crackdowns, on-chain data indicates a positive long-term outlook that should resume once the current shake-out and consolidation periods subside.

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Source: Cointelegraph.com

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El Salvador Plans to Make Bitcoin Legal Tender

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El Salvador’s President Nayib Bukele announced that he will submit a bill to congress to make Bitcoin legal tender at Bitcoin Miami last night.

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El Salvador looks set to become the first country to make Bitcoin legal tender. 

El Salvador’s Bitcoin Bet 

El Salvador is planning to adopt Bitcoin as legal tender, the country’s President Nayib Bukele announced last night.

Speaking in a pre-recorded video message at Bitcoin 2021, Bukele revealed that he will be submitting a bill to the country’s congress next week. He said: 

“In the short term, this will generate jobs and help provide financial inclusion to thousands outside the formal economy. And in the medium and long term, we hope that this decision can help us push humanity, at least a tiny bit into the right direction.“

Jack Mallers, the founder of Bitcoin payments company Strike, introduced the video, revealing that he had been working in El Salvador to help the technology gain traction. In an impassioned speech, Mallers read an excerpt from the bill, which explained the country’s intentions to adopt a fixed supply digital currency “to mitigate the negative impact from central banks.” He also confirmed that Strike would open an “innovation HQ” in El Salvador, before adding: 

“Today, humanity takes a tremendous leap forward in reinstilling human freedom and financial inclusivity.” 

Importantly, the bill would have to be approved once submitted. Nonetheless, it’s a huge step forward for Bitcoin gaining acceptance, potentially marking the start of other countries adopting a Bitcoin standard. 

Bukele added on Twitter that he has hopes for Bitcoin to improve El Salvador’s economic situation. He pointed out that 70% of the country’s population is unbanked and working in the informal economy, adding that he thinks the move towards adopting the asset “will improve the lives and the future of millions.” 

SOURCE:CRYPTO BRIEFING

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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If you’re thinking about investing in bitcoin, consider these risks first

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Bitcoin was originally created to be like digital cash, but it’s real-world use case has evolved since its inception. More than anything, investors are buying it now as a speculative investment.

The price was sitting at $37,100 as of Friday afternoon and has been struggling to rebound to its May highs after Tesla CEO Elon Musk began moving crypto markets, sending bitcoin lower. The cryptocurrency is the largest by market cap, which is $693 billion as of Friday, according to Coin Metrics.

Historically, bitcoin’s demand has been driven largely by retail investors, but that narrative changed late last year as big investors and institutions began reconsidering their positions on it. Bitcoin has always and continues to suffer from reputational issues that are hard for it to shake, mostly because of its newness and therefore the lack of data or history to support its raison d’être.

If you’ve gotten caught in the confusion and misinformation around bitcoin, here are the key things to focus on if you’re considering bitcoin for your portfolio.

SOURCE: CNBC

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Bitcoin drops below $36K as century-old financial model predicts big BTC crash

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Bitcoin drops below $36K as century-old financial model predicts big BTC crash

A push to $40,000-$42,000 won't protect Bitcoin from risks of undergoing a major price decline later, suggests a century-old price prediction model created by technical analyst titan Richard Wyckoff.

Overconfident Bitcoin (BTC) bulls would need to battle more than just Elon Musk as a price prediction model — created by technical analyst pioneer Richard Wyckoff more than 100 years ago — also goes against their wild upside predictions.

Dubbed as Wyckoff Method, the model involves a five-phase approach to determine price trends that majorly involve investors' psychological reaction to an asset's supply and demand.

For example, in the case of accumulation, when an asset tends to bottom out following sharp price moves downhill, the five phases in order include Selling Climax (SC), Successful Secondary Test (ST), Last Point of Support (LPS), Sign of Strength (SOS), and "stepping stones" — that signifies more demand for the asset.

Wyckoff events and phases during accumulation. Source: Stockcharts.com

On the other hand, the Distribution case appears like a 180-degree version of the Accumulation case, consisting of five phases that follow a strong price trend upward.

Wyckoff events and phases during distribution. Source: Stockcharts.com

The Preliminary Supply (PSY) signals a strong demand shift upward as price trends higher while accompanying increasing volumes. However, the uptrend ultimately exhausts, leading to an even called buying climax (BC). It follows a sell-off caused by a lack of demand near the asset's price stop against abundant supply. Wyckoff called the correction as Automatic Reaction (AR).

Together, PSY, BC, and AR make Phase A.

Meanwhile, Phase B involves a fake rebound towards BC, called Secondary Test (SET), followed by another drop that shows the asset's Sign of Weakness (SOW). Phase B also typically sees weak rebound attempts from SOW towards Upthrust (UT). Later, the transition to Phase C witnesses a terminal shakeout in distribution, known as Upthrust After Distribution (UTAD).

Phase D involves an alarming lapse of demand against supply, also known as the Last Point of Supply (LPSY), leading to an all-and-all price crash in Phase E.

Bitcoin in 'Phase C'

Tempting Beef, an independent market analyst, alerted his followers that Bitcoin has entered the Accumulation cycle of the classic Wyckoff model. The pseudonymous entity flashed recent rebounds in the Bitcoin market, apprehensibly pointing at BTC/USD's potential to sustain a bullish trend above $40,000 on weakening supply and rising demand.

"Supply is getting exhausted. [It] could be ready for phase C."

But Tempting Beef presented a conflicting scenario by reimagining Phase A per Wyckoff Distribution schematics. The analyst marked the Bitcoin rebound from $30,000-low as a sign of PSY, leading up to BC, AR, ST, SOW, and other successive events mentioned across the Distribution phases.

Conflicting Wyckoff scenarios appear on Tempting Beef's Bitcoin market outlook. Source: Twitter

Bitcoin again landed itself in Phase C, which alarmed about demand exhaustion in the case of Wyckoff Distribution Events. It would mean that the cryptocurrency's point of least risk is to the downside — a price crash. 

Technicals skewed to downside

Bitcoin's latest correction in the spot market surfaced following a yearlong rally. Between March 2020 and April 2021, the BTC/USD exchange rate ballooned by as much as 1,582%, logging an all-time high near $65,000.

However, the pair wiped more than 50% of its price rally. The prices crashed, recovered, and they now consolidate sideways without hinting at a specific short-term bias for direction. Therefore, it now appears more like a Wyckoff Distribution model, since the phases follow a yearlong move upward, not downward.

Meanwhile, Bitcoin has been consolidating inside a symmetrical triangle structure following its sharp downside correction after mid-May, hinting that the pattern is — in fact — a bearish pennant. Technically, bearish pennants send the prices lower by as much as the scale of the previous move lower.

Bitcoin bearish pennant setup sees BTC crashing below $20,000. Source: BTCUSD on TradingView.com

BTC/USD is trading at around $36,000, or 44.59% below its $65,000-top as of this time of writing.

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Source: Cointelegraph.com

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A new decade rising: 2021 has brought crypto to unparalleled heights

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A new decade rising: 2021 has brought crypto to unparalleled heights

There is no need to fear: The cryptocurrency market in 2021 is much different than the market of 2017.

Challenges stimulate progress. Technology, pretty much like life itself, cannot be static. Only dynamics stimulate positive changes. Amid the collapse of the cryptocurrency market in mid-May, many retail and institutional investors began to lose faith in the bright future of cryptocurrencies in general and Bitcoin (BTC) in particular. Corporations and institutions, whales, and early adopters converged in a single impulse — the internet was overwhelmed by a wave of mistrust towards “cryptocurrency number one” as the best defensive asset, superior to gold and everything else that had been invented prior.

One needs to see the full picture here to realize what’s happening. The last time the market suffered more or less comparable and significant losses was a year ago, in March 2020. This year, the panic sell-offs caused by a series of negative events — Elon Musk’s Twitter crusade against BTC, the rumoured court case against Binance and the latest crackdown on crypto from the Chinese government — bring to mind the tremendous collapse of digital assets at the peak of many asset rates in December 2017 and the succeeding “crypto winter”.

Related: Experts answer: How does Elon Musk affect crypto space?

However, many people who have little understanding of how the cryptocurrency market functions do not realize the depth of changes that the space has been through in recent years. Emotions are the worst enemy of an investor or trader in a rapidly growing digital asset ecosystem. It is worthwhile to look dispassionately at the facts and analyze the changes to understand the true value of ecosystems growing on the fertile soil of the blockchain.

The wind of change

The investment mindset has changed in recent years. Even though it continues to be dominated by a highly speculative component, there is also a practical application for the settlement. Investors switched from short-term speculations to the long game. The number of Bitcoin ATMs has doubled since 2020. This dramatic rise clearly demonstrates a growing demand for the world's largest crypto assets. From a niche, the cryptocurrency industry has evolved into a multi-billion dollar industry.

Stablecoins — tokens pegged to their corresponding fiat asset such as the U.S. dollar, euro, etc. — have gained significant weight in 2020-2021. With the emergence of new platforms known as decentralized finance, or DeFi, protocols, opportunities appeared to offer profit without risks of the principal asset, for example. Such platforms are nothing more than distributed programs that provide clearing, custody and settlement services. Every year they take a larger piece of the pie from traditional financial institutions. The surge in activity in the environment of decentralized trading platforms also occurred because they do not have the same common vulnerabilities as centralized trading platforms in their infrastructure.

Decentralized exchanges outperform centralized exchanges in terms of trading volume, demonstrating a thousandfold growth in trading volumes in the last year alone. Interfaces for interacting with DeFi can be created by any programmer anywhere globally, and the essence of this interaction is the development of a financial ecosystem running on the global blockchain. By now, DeFi's market capitalization has reached over $100 billion, and this trend will undoubtedly continue soon.

Related: The rise of DEX robots: AMMs push for an industrial revolution in trading

Speaking of examples, we can outline that even large companies like Deutsche Telekom have abandoned ​​private blockchains and are studying public infrastructure, supporting nodes in networks such as Ethereum, Solana, Algorand, Celo, etc. This fact suggests that the world of decentralized finance is gaining ground in the global market for clearing, custody and settlement services — just as Bitcoin had previously secured the status of a shielding asset, removing gold from its throne.

We observe that corporate demand accelerated when real rates on dollar deposits turned negative (central bank rate minus inflation). Inflationary expectations have intensified over the past year, fueling demand for long-term capital preservation. Today, Bitcoin is successfully winning the hearts and minds of not only speculators and hedge funds who, realizing the inevitability of the devaluation of dollar balances, vote with their money and transfer some of the treasury liquidity into digital assets.

Related: Forecasting Bitcoin price using quantitative models, Part 2

There are still challenges

Meanwhile, divergence in the regulatory approach continues. Some jurisdictions have created bills, but they have no practical application. At the same time, other countries are just at the beginning of the road to create regulations, and some banally prohibit the use of cryptocurrencies — the recent example of China being a case in point.

In the United States, for example, banks were allowed to provide custody services for cryptocurrency assets. The emerging markets of such countries as China, Russia and India stand apart, rushing from fire to fire, remaining uncertain and trying to propagandize something at the state level, offering potential investors the so-called "technological candy." Unfortunately, in practice, all projects that reach the world level often move to other jurisdictions — which is very sad.

Related: Stablecoins present new dilemmas for regulators as mass adoption looms

The future of the cryptocurrency sector is undoubtedly optimistic. Any period of "cleansing" and dumping of price ballasts, correction and decline, should be perceived as another round of evolution. In the near future, we should expect that investors will switch their attention from meticulous market monitoring, hype regarding coins (which does not carry any value to the community) and the expectation of new price records to the construction of products in developing areas. The cryptocurrency sphere is expecting the emergence of more convenient, reliable and accessible interfaces for mainstream investors interacting with the digital asset market, as well as 3.0 generation blockchains — for which fierce competition will erupt in the next few years.

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Source: Cointelegraph.com

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Google Just Announced New Terms for Crypto Businesses – This Is What They Must Do Starting Next Month

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Online tech giant Google is lifting a nearly three-year-old ban on advertisements for crypto-related products.

Google has updated its support page, announcing a new policy on how it will handle advertising for cryptocurrency exchanges and wallets in the United States.

“Beginning August 3, advertisers offering cryptocurrency exchanges and wallets targeting the United States may advertise those products and services when they meet the following requirements and are certified by Google.”

With the application opening in July, crypto companies can get certified if they comply with Google’s legal requirements and are registered with FinCEN as a money services business and with at least one state as a money transmitter or a federal or state-chartered bank entity. 

In addition to setting new guidelines, Google also revoked all certifications that were awarded prior to the policy update. 

“All prior Cryptocurrency Exchange certifications will be revoked on August 3, 2021. Advertisers must request new Cryptocurrency Exchanges and Wallets certification with Google when the application form is published on July 8, 2021.”

This policy update comes three years after Google initially announced its crackdown on crypto advertisers in March 2018. The ban, which took effect in June of that year, prevented advertisers from promoting crypto-related products, including, but not limited to, initial coin offerings, exchanges and wallets, and trading advice. 

Although Google is easing up on cryptocurrency restrictions, advertisers still can’t promote ads for initial coin offerings or DeFi trading protocols. Google is also prohibiting ads that directly promote the purchase, sale, or trade of a particular cryptocurrency. Cryptocurrency trading signals, investment advice, and aggregators or affiliate sites containing related content or broker reviews are also still off limits.

SOURCE: DAILY HODLDAILY HODL

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Jack Dorsey Says There’s Nothing More Enabling for People Than Bitcoin (BTC)

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Twitter and Square Inc CEO Jack Dorsey seems to have doubled down his efforts on Bitcoin development and is very much bullish on the future of Bitcoin (BTC). Speaking at the ongoing Bitcoin 2021 Conference Dorsey said that Bitcoin is probably the single most important thing to work on in his lifetime.

“Bitcoin changes absolutely everything. I don’t think there is anything more enabling for people around the world. I don’t think there is anything more important in my lifetime to work on,” said Dorsey.

Dorsey has also been quite active on the development side of Bitcoin and being part of the ecosystem. Earlier in February 2021, Dorsey also announced the launch of his own Bitcoin “node” software. This node helps him in validating transactions and blocks on the Bitcoin network.

During the recent conference, Dorsey also added that Bitcoin holds the potential of creating a unique financial infrastructure that’s more inclusive and supports the underserved community across the world. Besides, Dorsey also sees BTC as a tool for people to protect their money.

To further push the development of Bitcoin in countries like India and Africa, Jack Dorsey in collaboration with Shawn “Jay-Z” Carter announced a multi-million Bitcoin fund for developers in February 2021. Dorsey’s love for Bitcoin goes above and beyond. Speaking at the Bitcoin 2021 Conference, Dorsey said that he can probably leave Twitter and Square, if Bitcoin needed more attention.

In fact, “if I were not at Square or Twitter, I would be working on bitcoin. If [bitcoin] needed more help than Square or Twitter, I would leave them for bitcoin,” he said. “But, I believe both companies have a role to play.”

Square Workin on a Bitcoin Hardware Wallet

Jack Dorsey’s Sqaure Inc which has already invested over $150 million in BTC over the last year is now doubling down its efforts to build a Bitcoin hardware wallet. The announcement came earlier on Friday, June 4. Jack Dorsey himself made the announcement on his Twitter feed.

In his continued tweets, Dorsey also mentions some of the key aspects of the Bitcoin wallet like security being the top priority. Dorsey said that he wants to simplify the self-custody of Bitcoins and thus they would be building an inclusive solution for all.

Of course, Sqaure Inc shall be integrating its popular Cash App with its hardware wallet thereby making the Bitcoin buying and storing process absolutely seamless.

SOURCE: COIN GAPE

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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US Congressman expresses importance of crypto wallet privacy

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Cynthia Lummis and Warren Davidson speak on Bitcoin's importance and personal privacy during an interview at Bitcoin 2021 in Miami.

COIN TELE

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At the bustling Bitcoin 2021 conference in Miami, Congressman Warren Davidson, alongside United States Senator Cynthia Lummis, sat down to field interview questions. The interview took a turn toward privacy, with Davidson responding with comments on crypto wallets. 

“At the end of the year, if you think about it, Secretary Mnuchin was talking about banning private wallets,” Davidson said, responding to a question about the possibility of over-regulation in crypto. “That’s a horrible approach,” he added. “If we don’t protect private wallets, someone is going to try to ban them.”

As Davidson mentioned, December 2020 saw the U.S. Treasury suggest strict overwatch on self-custodied digital asset wallets, with certain specifics, such as calling for more information from users transacting with wallets held away from crypto exchanges.

“I wish the country would take the threat to privacy as seriously as they take the threat to the second amendment,” he said. The second amendment of the U.S. Constitution gives citizens gun ownership rights.

Taking her turn at a response, Lummis noted the importance of teaching U.S. government folks on Bitcoin. “We’re trying to create a financial innovation caucus so we can use it to educate members of the U.S. Senate and their staffs about Bitcoin, its advantages, and why it is just such a fabulous asset to dovetail with the U.S. dollar,” she said. “It can be the underlying network, worldwide, to keep the dollar the global reserve currency, but still allow people to transact in a very freedom-loving way,” she said, adding:

“Whether you’re in Venezuela, where the inflation is outrageous and you’re trying to get your wealth out of the country, you can get it out through Bitcoin. And, the United States, if we get to the point where we’re experiencing the kind of inflation we’ve begun to see this year, we may want that alternative as well.”

In recent years, Venezuela has seen soaring levels of inflation amid a broad economic decline that was partially tied to the oil-price collapse of 2014.

The Bitcoin 2021 conference in Miami thus far has hosted significant action in terms of speakers and discussions. The event will continue for a second day on Saturday. 

SOURCE:COIN TELEGRAPH

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Is the Bitcoin (BTC) Market About to Experience V-Shape Recovery?

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Is the Bitcoin (BTC) Market About to Experience V-Shape Recovery?

By Jakub Dziadkowiec

4 June 2021, 11:10 GMT+0000

Updated by Leila Stein

4 June 2021, 11:53 GMT+0000

IN BRIEF

• PlanB outlined the impending V-shape recovery hypothesis.

• The options market strongly influences the BTC price in 2021.

• Bitcoin has experienced a fake breakout from a symmetrical triangle.

The Trust Project is an international consortium of news organizations building standards of transparency.

The price of bitcoin (BTC) has been consolidating for more than two weeks after it experienced one of the biggest crashes in crypto history. Although the market has calmed down, holding back further declines, we do not see a quick V-shape recovery.

However, the possibility of one is still in the game. One of the best-known analysts in the crypto space, PlanB, has suggested that it might occur soon. A clear pattern in the cryptocurrency options market seems to impact the BTC price heavily this year.

PlanB discusses a V-shape recovery

In a recent tweet by PlanB, the popular cryptocurrency analyst and creator of the BTC stock-to-flow model presented a chart of this year’s BTC price action. It marked periods of drops and rallies. They all follow a similar V-shape recovery pattern.

Source: Twitter

By far, the biggest drop has occurred in the last month, between May 12 and 19. This is where bitcoin dropped from around $57,000 to a low of $30,000.

PlanB marked this area as the longest isosceles triangle. It also put a question mark on it, wondering if the pattern will be realized again.

If that were to happen, the coming period could lead to an increase in the price of the main cryptocurrency by over 50%.

However, it should be remembered that the price action to date in 2021 was most likely following the Wyckoff distribution pattern. Upon its completion, one expects not an immediate recovery back to the highs but rather an extended period of accumulation.

Monthly options expiration

PlanB argues that his V-shape recovery hypothesis is based on a pattern of liquid and illiquid trading periods at different times of each month.

From the beginning of this year, a clear pattern of price increases in the first weeks of the month. In addition, declines in the second half of the month are seen.

Such behavior of traders is most often explained by the cycle of opening and expiring derivative financial instruments in the crypto market – options, including the futures market.

Traders open positions at the beginning of the month, usually on the first Monday. These options expire, and positions usually close on the last Friday of the month.

As shown on the chart by another Twitter user, @T6nis05, each last Friday of the month on the BTC market was an indicator of a local low (blue lines), followed by a dynamic increase.

Source: Twitter

If the situation were to repeat, then from May 28, we should observe a BTC price rally. Indeed, since last Friday, the price of the main cryptocurrency has increased by 18%.

It also attempted to break out of the symmetrical triangle in which it was trading from the monumental drop on May 19.

Unfortunately, the breakout turned out to be fake. At the press time, bitcoin has returned to the triangle structure with a price around $36,500.

This move, however, does not rule out the possibility of continuation of the V-shape recovery in the following days. Since local declines occurred after increases almost every month.

BTC Chart by Tradingview

Nevertheless, it is worth recalling that the bitcoin drop in May was one of the biggest crashes in the entire history of the crypto market.

Therefore, it is doubtful to be followed by an instant recovery to the all-time high area. However, cryptocurrencies may surprise us – they always do!

Source: Beincrypto.com

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Bloomberg report calls Bitcoin 'refreshed and discounted' as BTC price bounces at $36K

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Bloomberg report calls Bitcoin 'refreshed and discounted' as BTC price bounces at $36K

BTC price action is already in recovery after a modest drop, and traders are favoring upside.

Bitcoin (BTC) bounced off a predicted floor on June 4 as the dust settled on the latest market collision with Elon Musk.

                                  BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoiners poke fun at Musk's "break-up"

Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as the pair recovered to levels nearer $37,000 on Friday.

Previous strength this week, which had seen a push toward $40,000, abruptly ended in defeat after Musk released another cryptic tweet. In it, the Tesla CEO appeared to suggest that he had moved on from Bitcoin to some form of alternative.

The market sold off, but the biggest casualties this time were altcoin traders. Bitcoin only fell by $2,000 — significantly less than during other episodes involving Musk’s tweets.

For popular trader Crypto Ed, who predicted that Bitcoin would need to hit $36,000 again anyway before continuing higher, the bottom was now in.

“Just need to reclaim some levels and we're good to go again,” he said in comments on the market on Friday.

Most reactions among Bitcoiners, however, were tongue-in-cheek, part of a wider narrative that reminds spectators that Musk is of no importance to Bitcoin’s strength.

Short-term barriers to a recovery nonetheless remained. Of particular interest to traders were funding rates on the day, these flipping positive after previously favoring longs.

In an ironic twist, Musk’s favorite token, Dogecoin (DOGE), lost more than most in the top fifty cryptocurrencies by market cap, trading down 14% at the time of writing.

                              DOGE/USD 1-hour candle chart (Bittrex). Source: TradingView

Bloomberg favors $100,000 over $20,000

As ever, seasoned market participants called for a longer-term perspective on Bitcoin.

Veteran trader Peter Brandt, who said that $21,000 would be the ultimate floor for BTC/USD under current circumstances, was firmly in favor of a bullish continuation.

“Why would someone bail out of non-leveraged longs when the market already had 80% of worst-case drop?” he argued earlier in the week.

Another publicly bullish opinion came from Bloomberg Intelligence, which in its latest monthly report described cryptocurrencies en masse as “discounted and refreshed.”

“Bitcoin is more likely to resume appreciating toward $100,000 resistance rather than sustaining below $20,000,” it summarized.

Fundamentals remained stable for Bitcoin, with hash rate — and therefore miners — unresponsive to Musk.

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Source: Cointelegraph.com

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Top banks still averse to letting in crypto trade

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Mumbai: Top banks are reluctant to let cryptocurrency exchanges and traders open accounts, despite the Reserve Bank of India (RBI) clearing the air on Monday that payment services cannot be denied on the basis of an earlier regulatory ban that was struck down by the Supreme Court in 2020.

Leading institutions such as SBI, HDFC Bank, Axis Bank and ICICI Bank have told various crypto exchanges that services related to crypto trades are unlikely to be resumed immediately.

For a month now, several banks have told customers to refrain from using bank accounts to buy cryptos and directed payment gateway operators to shut off net banking for merchants. This, amid a perception that RBI is not comfortable with virtual currencies. Bankers gathered the impression in the course of their interactions with RBI officials.
Some exchanges, however, are hopeful that smaller banks may step in to do business with them. “This is what happened after the 2020 Supreme Court ruling. Small banks came first, then the larger banks,” said an industry person.

Still Not in Black & White
Under the circumstances, crypto exchanges may cut a deal to access the application programming interface (API) protocol of mid-sized banks to enable seamless fund movement between bourses and investors. Access to API would allow automatic debit and credit of funds.

However, for larger lenders, RBI’s recent circular is more of a technical clarification which, according to them, does not quite put things in black and white. RBI did not come out with any guideline after the apex court set aside the regulatory ban imposed in 2018.

A lawyer advising banks said, “RBI has simply told banks to stop referring to the 2018 circular. The larger banks would try to sound out RBI before opening the doors to the crypto industry… banks feel there is an informal diktat from RBI to stay away from cryptos and that has not changed.”

There are close to 1.5 crore crypto investors in India holding digital assets worth Rs 15,000 crore.

SBI, HDFC Bank, Axis Bank and ICICI Bank did not respond to emails from ET.

Exchanges Expect Restart
Cryptocurrency exchanges, on the other hand, think the RBI directive would help in lifting the payment restrictions and is the first positive step towards regulatory recognition of the industry.

“We expect banking services to resume immediately since crypto trades are conducted through digital banking channels,” said Shivam Thakral, chief executive, BuyUcoin.

According to Sumit Gupta, chief executive and cofounder, CoinDCX, the exchange is in talks with banks and hopes to see smoother systems soon.

If the banking industry continues to clamp down on payments, crypto exchanges and their industry lobby may explore legal options. “We will be forming a committee to discuss our next moves, including legal options, if need be,” said Monark Modi, founder and chief executive, Bitex.

Exchanges that reached out to their banking partners were either told to wait for a few weeks or did not receive a response. “We are very vigilant towards all these developments and keep ourselves apprised with all legal and compliance advice,” said Ashish Mehta, co-founder, DigitX.

Even banks which allow services for crypto trades will try to sense the regulatory mood before giving API access to exchanges.

“While we will comply with the directive on AML (anti-money laundering) and KYC (know your customer) guidelines on dealing with crypto-related customers and transactions, we have decided not to share our API protocol with crypto exchanges; the transactions will continue on RTGS and NEFT platform,” said one lender. Fund transfers on RTGS and NEFT platforms require exchanges to manually tally payments for every investor.

Source: Economic Times

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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India Says Banks Cannot Restrict Crypto Transactions

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The Indian Central Bank has clarified that crypto trading restrictions are no longer in effect.

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India’s central bank, the Reserve Bank of India (RBI), has resolved confusion around a letter that was sent to bank account holders.

Indian Central Bank Clarifies Policy

On Friday, two of the largest banks in India, HDFC and SBI, sent notices to account holders which warned that cryptocurrency transactions “aren’t permitted as per RBI guidelines.”

The banks cited a document published by the RBI in April 2018, which ordered that “entities regulated by the Reserve Bank shall not deal in [cryptocurrencies] or provide services for facilitating any person or entity in dealing with or settling [cryptocurrencies].”

Now, the RBI has clarified that the guidelines are no longer valid. The country’s Supreme Court reverted the order on Mar. 4, 2020, ruling in favor of Indian crypto investors and overturning the ban.

“The circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from,” RBI wrote.

Under current rules, banks are only allowed to carry out “due diligence processes” in order to uphold the anti-money laundering laws and other anti-terrorist financing laws.

India Hasn’t Banned Crypto

Uncertainty around India’s crypto regulations has created plenty of confusion. Most recently, in March 2021, it was reported that Indian regulators were considering a comprehensive ban on cryptocurrency.

There have been many other reports of a ban on crypto in the past, but none are official to date. Today’s directive from the apex bank suggests that regulators are not inclined towards stricter regulations.

Disclaimer: At the time of writing this author held Bitcoin and less than $15 of altcoins.

Source: Crypto Briefing

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Google Is Rethinking Its Stance Against Crypto Ads

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The updated policy will allow hosted or custodial wallets to advertise on Google services.

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Key Takeaways

• Google has updated its advertising policy for crypto companies.
• Though the new policy has stricter registration requirements, it makes room for online crypto wallets to advertise.
• Google's new policy will take effect this August.

Google has updated its advertising policy, clearly delineating which cryptocurrency companies are able to advertise on its services.

Crypto Companies Must Be Registered

In a new statement, Google has stated that crypto exchanges and wallets will be able to advertise when they are registered with FinCEN as a Money Services Business or registered with a chartered bank.

Those businesses must also comply with state and federal requirements and comply with all Google Ads policies.

The new policy will take effect this August, and Google will revoke previous certifications when its application form is published in July.

Google’s updated policy will still ban ads for ICOs, DeFi platforms, and specific cryptocurrencies. It will also disallow ads for cryptocurrency aggregators, trading signals, and trading advice.

Will More Companies Be Allowed to Advertise?

Google, along with several other tech companies such as Facebook and Twitter, banned cryptocurrency advertising in March 2018.

In September 2018, Google loosened those restrictions, allowing exchanges and mining services to advertise once again.

Today’s news does not strictly broaden the category of companies that are able to advertise with Google. Rather, it sets out a stricter process for companies that wish to advertise.

However, the new policy makes room for hosted wallets (ie. online or custodial wallets), a category that was not explicitly discussed in previous policies. Offline wallets are still prevented from advertising.

Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.

Source: Crypto Briefing

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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FOR BLACK AMERICA, BITCOIN IS HOPE, BITCOIN IS CHANGE

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Bitcoin represents monetary freedom and thus a new and viable solution to closing the wealth gap.

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INTRODUCTION

This essay is designed to address internal risk areas in African American household economics, offer realistic mitigation strategies and summarize why I believe Bitcoin will be a permanent, generational solution to the racial wealth gap. I will leverage the themes of “harder, smarter, faster, stronger” by Michael Saylor, using my own voice. I believe this is the best introduction to Bitcoin for my intended audience as they are not likely exposed to Saylor’s ideas and thoughts.

CONSPICUOUS CONSUMPTION

The theme of Black American culture has reverberated with the pursuit of freedom for generations. The state of Black economics has been generally troublesome. Our history is rife with limited opportunities and concerted efforts to suppress our economic growth. But though there is an abundance of data about external negative forces, internal negative forces are at work as well.

A 2007 study by Charles, Hurst and Roussanov looked into the concept of consumerism and how it manifested in the American home by ethnicity. They recalled the concept of "conspicuous consumption" coined in 1899 by economist Thorstein Veblen. This idea is defined as the purchases made by the ultra-wealthy for no other purpose than the indication of one's economic power. While Veblen focused on the wealthy, this trio studied the common household and its own version of "visual consumption", which assessed goods and services based on their ability to relay a sense of economic status explicitly to a stranger.

In their study, using Consumer Expenditure Survey (CEX) data from 1986-2002, they found Black and Hispanic Americans spent about 30% more of their respective income on visible goods, whereas all races were generally similar regarding consumables.

These numbers, while definitely dated, are still cause for inquiry. Looking into the 2019 CEX data, Black Americans have closed the gap for total automotive expenditures, but other data categories reveal the same theme almost 20 years later. In 2019,

• Black Americans spent 25% more than other races (income relative) on beauty products and services.
• Black Americans spent 45% more than other races (income relative) on apparel and clothing. (Specifically, 116% more is spent than other races on footwear!)
• Black Americans spent 24% more than other races (income relative) on audio/video equipment and services.

Based on the above numbers,

• A reduction of expenditure on beauty products to the aggregate of other races would save $153 annually for the average Black household.
• A reduction of expenditure on apparel to the aggregate of other races would save $601 annually for the average Black household.
• A reduction of expenditure on audio/video equipment to the aggregate of other races would save $199 annually for the average Black household.

Reducing spending habits to just the level of other races in these categories alone would result in an 18.47% increase in net income available for the average Black household. Let’s remember this number as we go on a brief tangent.

ROOT CAUSES? CHANGE YOURSELF BEFORE YOU CHANGE OTHERS

Blacks consume less than whites in essentially every other expenditure category. However, these specific overspending categories are clear indicators of a strong internal force that values “being seen” over growing wealth. This dynamic is a byproduct of our inflationary monetary system. A combination of distrust in the government, a feeling of exclusion from financial institutions and the experience of economic hardship hitting the urban Black population hardest has resulted in a tendency to take advantage of a dollar at its peak value: as soon as it is received. Instead of saving at 1% APY with a local bank (with which Black Americans have had historically rocky relationships), Black individuals will spend their income on goods that bring them an immediate sense of intrinsic value. Sadly, this dynamic is a perfect reflection of the central bank’s desires as they implement policies to separate individuals from their income as swiftly as possible.

Because of Black Americans’ ability to define cultural and fashion trends for decades, they often find their intrinsic value in the accumulation of the everchanging foundational labels representative of the people. Brands like Cross Colors, FUBU, Rocawear, Sean John, Jordan, Nike, Adidas, Reebok have all had their time as most-valued, and are even making a nostalgic resurgence for the continuing retro trend. In the last decade, high-fashion brands like Supreme, Gucci, Balenciaga, Rick Owens and Louis Vuitton have made their way into the "must own" category for many men and women of color. I could name more and would likely still overlook many others. Black people know how to spend money and they look good doing it.But that is the trap, isn’t it?

The race to acquire things for vanity's sake is entrenched in Black culture with no signs of changing, regardless of what happens in the economy. For this reason, Black people have long been among the Federal Reserve’s best clients.

In good economic times:

The Fed prints money and Black people spend it.

In bad economic times:

The Fed prints money and Black people spend it.

There can be a number of interconnected reasons why this is the state of Black Americans household economics: slavery, systemic racism, poor parenting, peer pressure, absence of positive role models. What matters most is that there is a solution for legitimate change: Bitcoin.

CONSUMERS TO CONQUERORS

Bitcoin represents a big part of the “change” people of color have been searching for in America. Bitcoin is an asset that can finally efficiently accomplish the harnessing of the value of work. Over its 12 years of existence it has proven itself to weather bad times, withstand negative press, grow despite government attacks and gain increasing attention without a CEO or professional marketing campaign.

Remember that 18.47% discrepancy between net incomes? What could you do with an extra 18% at the end of the year? What do people normally do? Some of the best sales of the year hit right around tax refund time. A down payment for a new car, a spring wardrobe, or a new color of Nike Lebrons just in time for the playoffs. With an acute awareness of the way the Black community inhibits itself through these sorts of choices there should be a newfound distaste for goods that reinforce the status quo. I propose that we have given enough to the rich rulers of the land and that we instead invest that newfound income into bitcoin.

WHY BITCOIN?

Due to the built-in scarcity of the Bitcoin protocol, there will never be more than 21 million coins. This is rarity in its truest form. To the contrary, virtually every other asset one can think of is subject to a form of inflation or debasement of its ownership. More houses can be built in a city, more company stock can be created which dilutes the shares you own and gold will continually become more common as more is mined over time. Even the Jordan Brand remade the Space Jams that you have been holding in your closet, and don't think they won't remake them again and again. Bitcoin, however, can never be changed from its founding principles and protocol. People describe this trait as a characteristic of hard money. We want assets that have constant characteristics that don’t change quickly due to external forces.

Because bitcoin is a token on an evolving digital network, it is programmable. Its potential uses are only limited to the innovative minds of humanity and our descendants. Its ability to move and protect itself is scalable directly related to technology of the day. That is not the same as the financial vehicles of our past that we still use. Could you imagine as we continue into the future and see drones, augmented and virtual reality and self-driving cars materialize all around us, but our money remains the same as what people used in the 1960s? The banking industry has long avoided and scoffed at innovation because their current formula has benefitted their centralized stakeholders at the expense of their customer base.

If you prefer a smartphone over one from years past, you should also prefer “smart money” to see how intelligently our finances can assist us in the future. Bitcoin is smart money.

Bitcoin is as easy to purchase as it is to move. It has the potential to create immense velocity of money compared to other store of value (SOV) assets. This is sometimes an overlooked attribute when we think about investing because we are so used to options that are static and illiquid. Some people have a second home as an investment property. This makes sense as it can generate income, but it can generate many other things as well: maintenance expenses, property taxes, insurance costs, toxic tenants and for most people a need for proximity. You tend to want to be a drive away from your property in case of an urgent matter. If you want to sell, it must be all or none and with that goes another 2.5-3% of the value to a realtor after you spent the same fee amount to purchase it. Bitcoin gives its owner so many more options. Since one bitcoin can be divided into 100 million units known as Satoshis, it is an ideal investment vehicle for all economic classes to access. It is impossible to be “priced out” like so many other choices. You can send it anywhere in minutes as it is verifiable on the blockchain on any node around the world. Traditional assets like homes, land, or gold are often too expensive to move without institutions or a middleman taking a significant percentage of the value. An asset can become a liability if it is difficult or costly to liquidate. The ability to make a financial decision free of restraint is power. Bitcoin is a powerful, strong asset over time and across space.

You pick your phone, computer and internet primarily based on their speed. The faster you can execute a command, the sooner you can get on with your life. Peer-to-peer technology removes the archaic middleman (banks, settlement networks) from the necessity of everyday transactions. Maybe this is not a big deal for the common American consumer, but this can be a night and day difference for the 6% of households that are unbanked in America. For those interested in the welfare of their African cousins across the Atlantic, an article was recently written documenting real stories of how Bitcoin’s decentralized nature enables people to persevere in oppressive and tyrannical environments. 

It is as fast and easy as an email to move across the world. It is massless, meaning you can escape troubling situations without the fear of leaving everything you own behind. Try the same with moving gold of any large size and you will likely pay a substantial fee for security, physical transport, and insurance, and still risk commandeering. Assets that are fast are valuable in our global future and for the oppressed 4.3 billion people living under authoritarian governments.

FREE TO ACT, SO BE FREE!

An asset of such incredible ingenuity and strength has been called "gold 2.0", as it executes the use cases of gold so much better than the metal itself. Imagine 150 years ago while our ancestors were on the verge of the end of slavery, the rest of the country was doing everything they could to get a stake of the treasure that was to be found in California. But our people had no chance. This is not because we did not want or care about gold, but because we were still enslaved and not free to exercise our rights. Are we still mentally enslaved by the system that is the cause for so much despair? If there is any feeling of disservice from the economic rules that govern your life, an investment in bitcoin in any sum is an investment in real hope, not just a political slogan for vote grabbing.

We are living in the midst of the Gold Rush 2.0. As of January 2021, only 22% of American adults own Bitcoin and some believe less than 2% of the world owns any amount of bitcoin. Over any four-year period of its 12 year existence bitcoin has only grown in price.

With $700 billion in market cap at the time of writing, bitcoin represents roughly 10% of gold's market cap. Many people think bitcoin’s enhanced utility will enable it to surpass gold's market value in the future. That means there is a possibility of another 10x in price. While the price looks ominous, it truly is just the beginning for this asset as more large firms establish their investment positions. Even beyond its potential growth to rival gold’s value, there is further opportunity to compete with the bond and real estate market for value investing. All encompassing, Bitcoin’s total addressable market is more than 100x where it sits currently and is expected to grow in value as technology evolves and supply shrinks. Never before have Black people in America been in reach of such a powerful asset.

KNOWLEDGE FOR THE FUTURE

In closing, even on the small chance that those gains are not realized, one of the biggest qualities of owning bitcoin is how it inspires its owners to seek knowledge about the world around them. The people that defend and argue for the philosophy behind Bitcoin are brilliant minds, but they all are very quick to admit in humility how much they have learned and how much more they have to learn. That knowledge and desire for knowledge can be passed down to generations as easily as a trust fund. We as Black people owe it to our future generations to grow “harder, faster, smarter, stronger” so that they may build off of what we learn.

More than ever before, it is most critical that the American Black population reconsider their state in society, their individual values, and the priority of the dollar they spend. The financial landscape is rapidly changing. Bitcoin is an asset that now has mainstream adoption. With it comes opportunity to invest in a simple way with no hooks or tricks. If you have a cell phone or an internet connection, you have direct access to a simple dollar-to-bitcoin transaction at a low cost. The most popular store of value asset on the planet is also the easiest to acquire for Americans. Hope is here. Change has arrived.

This is a guest post by Ulric Pattillo. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.

Source: Bitcoin Magazine

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Veteran trader Peter Brandt sees Bitcoin crashing further after May’s 50% drop

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Veteran trader Peter Brandt sees Bitcoin crashing further after May’s 50% drop

Peter Brandt, a veteran financial analyst and trader, is questioning whether Bitcoin has more upside in the near term.

Bitcoin (BTC) faces the prospects of falling further even after its price made a strong recovery after crashing from $65,000 to $30,000 in May 2021.

So it reflects in the latest statements from Peter Brandt, chief executive of global trading firm Factor LLC, who questioned, if not asserted, the longevity of the ongoing relief rally in the Bitcoin market, especially after a 50%-plus price crash.

The veteran commodity trader challenged "BTC price historians" to identify a single instance in the last decade that saw Bitcoin logging a new record high seven months after crashing more than 50%. He also asked to refer to one case when a 50% decline in the Bitcoin prices did not lead up to at least a 70% correction.

One of the Twitterati responded with two instances: the March 2020 rebound, wherein the Bitcoin price recovered to its all-time high above $20,000 eight — if not seven — months after crashing to $3,850 in March from its long-term cyclical high of $13,880 in June 2019; and the 2013 bull run that saw the cryptocurrency rising by more than 2,450% eight months after bottoming out near $45 in an 80% overnight crash.

Bitcoin price action from April-November 2013 trading session. Source: TradingView

Brand said, "nope to both," apprehensively because the Bitcoin prices took an additional month to reclaim their record highs in both cases. Nevertheless, the veteran's questions remained cryptic enough due to its selective timeframe and as to what they were attempting to prove about the crypto market bias in the first place.

On-chain analyst Willy Woo guessed that Brandt was trying to forecast a further price crash in the Bitcoin markets, based on the cryptocurrency's historical responses to a 50%-plus price correction event.

Woo attempted to pour cold water on Brandt's fractal-oriented bearish market outlook by referring to "fundamentals."

"All drops of that scale with long recoveries was from a starting point where the price was overextended above fundamental valuation," responded Woo.

"This setup is different in that price is BELOW fundamentals. As a guide, the COVID dump dropped below fundamentals and therefore recovered quickly."

Woo himself did not explain what he meant by the term "fundamentals." His active followers on Twitter took up the charge to clarify that the analyst referred to the "network effect" caused as investments sitting in gold and cash-oriented portfolios find a place in anti-inflationary holdings.

Bitcoin rose from its March 2020 bottom to a new record high near $65,000 majorly because investors saw its scarcity as a defense against higher inflation.

In retrospect, interest rate suppressions, a $120 billion bond purchasing program, and the U.S. government's trillions of dollars worth of stimulus packages — aimed at curbing the aftermath of the COVID-19 pandemic on the U.S. economy — led investors to risk-on assets such as Bitcoin and stocks.

Bitcoin and S&P 500 surged in tandem following the pandemic-led March 2020 crash. Source: TradingView

On May 12, the U.S. Bureau of Labor Statistics revealed that the country's Consumer Price Index (CPI) had risen to 4.2% year-over-year, logging its fastest climb since 2008. That tends to increase Bitcoin's appeal among individuals and organizations looking for hedging against inflation in the long run, especially as higher consumer prices punish savers by forcing the U.S. dollar valuations lower.

"This is the number one reason why I am bullish on something like Bitcoin," said Anthony Pompliano, investor at Pomp Investments, in January 2021.

"It is the single greatest protector of wealth in the world. There is extreme volatility in the short term, but over a long period of time, Bitcoin shines. It does a great job of preserving purchasing power and avoiding the perils of fiat currency devaluation."

Meanwhile, some analysts anticipate Bitcoin to continue declining, much in line with what Brandt hinted. One of them includes Richard Durant, an analyst at Morgan Stanley, who called Bitcoin a "sentimental asset" that cannot rise without positive price catalysts, adding that "it is unclear at this stage what they could be."

Analysts at BiotechValley Insights wrote that Bitcoin's rise against inflation fears does not make the flagship cryptocurrency a hedge. They referred to the May 19 price crash that appeared a week after the U.S. labor bureau reported a 4.2% CPI reading.

"Bitcoin is more correlated to high-risk momentum growth stocks like TSLA than to safe-haven assets such as gold or bonds," they noted.

Meanwhile, Brandt, who correctly predicted the 2018 Bitcoin price crash, appeared more technically focused on the next market outlook. In March 2021, he had anticipated the BTC/USD exchange rate to hit $200,000 in either the third or the fourth quarter this year.

Meanwhile, Brandt was also the one to decide that he should keep his money in equities instead of cryptocurrencies just as the Bitcoin prices were approaching a breakout move above $12,000 in September 2020. The cryptocurrency closed the year at circa $29,000.

In March 2020, Brandt anticipated BTC to fall to $1,000. But the cryptocurrency reversed its bearish course upon testing upper $3,800-levels as support.

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Source: Cointelegraph.com

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Miami crypto conference predicts attendance exceeding 50,000

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Miami crypto conference predicts attendance exceeding 50,000

Miami is expanding as a crypto hub by hosting this year’s Bitcoin 2021 event.

The Bitcoin 2021 conference in Miami has been touted as the largest Bitcoin event in crypto history, with organizers expecting a huge turnout.

The event, running for three days from June 3 at the Mana Convention Center in Miami’s Wynwood neighborhood, will play host to a number of industry executives and personalities.

Crypto luminaries scheduled for attendance include former congressman Ron Paul, MicroStrategy CEO Michael Saylor, pro-crypto Wyoming Senator Cynthia Lummis, Square co-founder Jack Dorsey, and cryptographer Nick Szabo, among others.

The organizers are expecting more than 50,000 attendees, according to a Fox Business report.

Miami has emerged as a major tech hub in recent years, with the Wynwood neighborhood, in particular, evolving into a hub for technology and innovation. The crypto conference was previously held in Los Angeles but organizers decided to move it due to venue availability issues. On the official website, event organizers stated:

“In addition to moving cities, we are also pushing the conference back slightly to June 4–5, so as to allow ample time for the second wave of COVID-19 to pass and for vaccine rollout to take place.”

A “whale pass” entry ticket is being offered with starting bids at 3 BTC. The pass allows entry to Bitcoin 2021, five celebrity-suite tickets to the upcoming Mayweather vs. Logan Paul boxing match, three vintage bottles of 1996 Dom Pérignon, a meet and greet with pro skateboarder Tony Hawk, and access to VIP concierge services.

Miami Mayor Francis Suarez is among Bitcoin 2021’s speakers. Mayor Suarez has gained fame within the crypto community for his pro-Bitcoin stance and incentive schemes intended to bolster digital asset adoption across the city.

In February, Suarez stated that Miami city employees would be able to get their salaries paid in Bitcoin rather than USD if they wanted to. At the time he also revealed that he was considering financing his reelection campaign in BTC.

In April, Jackson in Tennessee followed Miami's lead, with Mayor Scott Conger announcing the city was actively exploring offering its employees to be paid in cryptocurrency, and consider mining Bitcoin that would be added to the city’s balance sheet.

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Source: Cointelegraph.com

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Bitcoin's rising popularity will lead to more regulation, says Riksbank

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Bitcoin's rising popularity will lead to more regulation, says Riksbank

Riksbank Governor Stefan Ingves says there's “good reason to believe” that more regulatory oversight of cryptocurrencies is in the pipeline.

Cryptocurrencies' persistent growth and ever more mainstream adoption is keeping international monetary authorities on their toes.

 In fresh comments this week, Stefan Ingves, the Governor of Riksbank, Sweden's central bank, said that digital assets' rising popularity raises the stakes for regulators, central bankers and lawmakers worldwide:

“When something gets big enough, things like consumer interests and money laundering come into play. So there’s good reason to believe that [regulation] will happen.”

Devising regulatory frameworks for an asset that was initially designed to circumvent the very architecture and rules of traditional finance is no easy task. In the United States, the Federal Reserve's Vice Chairman of Supervision, Randal Quarles, raised his concerns that current regulatory provisions for crypto are inadequate, indicating that the Fed is in the process of looking into how best to tackle the issue. Quarles' remarks were made amidst a week of wild volatility in the cryptocurrency markets, with Bitcoin (BTC) temporarily shedding a steep $15,000 in value in one fell swoop.

The European Union has meanwhile pledged to "put in place a comprehensive framework enabling the uptake of distributed ledger technology (DLT) and crypto-assets in the financial sector" by 2024 — one that will, equally, tackle the risks involved in these technologies' mainstream uptake. 

In Sweden, Åsa Lindhagen, the Minister for Financial Markets, has said that the government is already engaged in strengthening regulatory standards for cryptocurrency exchanges. Various crypto regulatory approaches remain, she said, a “work in progress at the international level.” 

Ingves has himself remarked that cryptocurrency regulations “will probably come at different times in different areas.” Yet when it comes to the “very important issue” of money laundering, Lindhagen pointed to the need for cross-border coordination between regulators worldwide.

As regulators mull how to approach the phenomenon of decentralized crypto assets, the Swedish central bank is meanwhile making headway with its development of a central bank digital currency, the e-krona. Its proof-of-concept uses Corda, a distributed ledger technology solution from R3. Ingves has previously indicated the currency could be operational within five years.

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Source: Cointelegraph.com

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Crypto Exchange Bybit Gets Warning From Japan’s FSA

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Crypto Exchange Bybit Gets Warning From Japan’s FSA

By Matthew De Saro

31 May 2021, 16:20 GMT+0000

Updated by Ana Alexandre

31 May 2021, 16:45 GMT+0000

IN BRIEF

• Crypto exchange Bybit has been warned by the FSA about operating in Japan without a license.

• This is the second warning Bybit has gotten this year, after the U.K. raised similar issues with the Singaporean based exchange.

• Global federal scrutiny has grown surrounding cryptos and their use in illegal activities such as tax evasion or money laundering.

The Trust Project is an international consortium of news organizations building standards of transparency.

On Monday, Japan’s Financial Services Agency (FSA) issued a warning to crypto exchange Bybit over unregistered operations. 

Crypto derivatives exchange Bybit Fintech Limited has been officially warned by the FSA for running its operation without proper registration. Bybit functions as a crypto derivative exchange offering futures in digital currency, perpetual swaps, and a number of other contracts used by crypto traders.  

The warning alleges that Bybit’s operations are giving Japanese traders the ability to leverage the exchange and that the exchange has yet to register with the FSA. This marks the first warning the FSA has sent out in more than three years to a crypto exchange.

The last being Binance back in 2018 for failing to meet similar registration requirements. Currently, Japan has more than two dozen crypto exchanges operating with proper registration under the FSA. 

This marks the second warning for Bybit, though the first in Asia. Earlier in the year, the United Kingdom’s Financial Conduct Authority (FCA) issued a similar warning to Bybit. The FCA was a bit sterner with their wording, and Bybit halted all operations in the U.K. 

Despite these recent hurdles, Bybit still ranks in the top five in terms of the largest bitcoin (BTC) futures exchanges volume of trades.

Japan not the only country cracking down 

The warning to Bybit comes during a time, where federal officials worldwide have begun scrutinizing cryptocurrency services more and more.  

South Korea, for example, will be rolling out a new 20% income tax on crypto transactions beginning in the 2022 tax year. This, like most of the new regulations, is not only about the country getting in on the profit, but also combating illegal or illicit activities using crypto as a shield. 

One of the biggest issues surrounding crypto trading worldwide is tax evasion, which has become a significant problem in the United States. For the 2020 tax year, which just ended a few weeks ago, the U.S. added crypto questions to tax returns in order to shrink the massive tax gap in the country.

Charles Rettig, Commissioner for the IRS, believes that more than $443 billion in unpaid taxes may be attributed to virtual currencies. Other countries, such as China, have begun to regulate crypto mining operations, recently. This move has less to do with illegal activities or tax evasion than it has to do with environmental and infrastructure issues. Earlier in the month, China also banned national financial institutions from offering crypto-related services.

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Source: Beincrypto.com

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Chinese crypto traders use OTC desks amid regulatory crackdown.

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Chinese crypto traders are using over-the-counter or OTC trading desks as the central government tries to regulate and suppress the cryptocurrency boom.

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As Chinese authorities attempt to regulate and suppress the cryptocurrency boom, traders have been evading regulatory oversight by using OTC trading desks. According to a May 31 report published by Bloomberg, there has been a significant uptick in OTC platform usage since Chinese authorities announced its latest crackdown earlier this month, with China tightening restrictions prohibiting financial institutions and payment companies from providing related services to cryptocurrencies. 

 

USDT/CNY falls after the crypto crackdown in China. 

Though exact volume data is hard to ascertain as Chinese OTC transactions are peer-to-peer and use third-party payment platforms, the exchange rate between China’s yuan and popular stablecoin Tether (USDT is seen as a key gauge of local crypto market sentiment — with demand for USDT increasing during market downturns. According to Bloomberg, USDT/CNY dropped by as much as 4.4% after the Chinese authorities crackdown earlier this month but has since recouped more than half the loss. The recovery suggests that peak selling may have passed as the markets are beginning to consolidate.

 

China is also targeting crypto miners. 

Chinese traders are believed to represent a major share of the global crypto trade despite the crackdown. Analysts estimate China owned 7% of the world’s Bitcoin and accounted for roughly 80% of trading before the 2017 clampdown. The latest wave of government-imposed restrictions on the market has also seen crypto mining operations targeted as the government attempts to align its carbon neutrality goals. Several companies, including Huobi and OKEx, have halted their local mining operations and mining services for Chinese customers. As a result, Bitcoin’s mining difficulty fell by 16% on Sunday to 21 trillion – its sharpest decline this year. Mining difficulty provides an estimate for the computing power required to produce a new BTC.

Source: COINNOUNCE

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Will Crypto Competitors Surpass Bitcoin? Here’s the Truth About BTC’s Dominance, According to Michael Saylor

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MicroStrategy CEO and Bitcoin bull Michael Saylor is outlining whether other digital assets have a chance at usurping BTC as the most dominant cryptocurrency.

In a CNN interview, Saylor says there has never been an entity in history that has grown as large as Bitcoin and failed. The billionaire adds that Bitcoin is more dominant in its space today than some of the world’s biggest technology unicorns were before they rose to prominence.

“There’s no historic precedent for a network that got to hundreds of billions of dollars that was fifty times bigger than its next best competition ever failing. You could’ve predicted Google, Facebook, Amazon, Apple as being successful by 2010 because they had already dominated their markets, but they have a decade of growth ahead of them. Bitcoin is more dominant today than any of those companies were when they started their run.”

Saylor also believes that Bitcoin’s core technology and architecture give it an unbeatable superiority over any other crypto or financial product.

“If what you want to do is save money and give it to your children and your grandchildren, then you need something that’s sound and sound starts with thermodynamically sound. The proof-of-work architecture is by far the best architecture to design something that will be decentralized and secure and maintain its integrity over long periods of time…

Bitcoin is the dominant crypto asset network and if you want a long-duration asset that’s going to last for a hundred years, you need to completely decentralize it and make it permissionless and you need to also thermodynamically embed it in the firmament of the world. So the architecture of Bitcoin ensures that it will be embedded in the reality of the laws of physics because it uses energy, and it also ensures that it will be politically supported because there are actually facilities in political jurisdictions that are supported by those governments.”

Saylor turned heads earlier in the week when he led the initiative with Tesla CEO Elon Musk to create the Bitcoin Mining Council, amid concerns about BTC’s energy consumption. The council aims to “promote energy usage transparency and accelerate sustainability initiatives worldwide,” and involves members from prominent mining companies such as Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, HIVE Blockchain, Hut 8 Mining, Marathon Digital Holdings, and Riot Blockchain.

Source: Daily Hodl

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Analyst says reclaiming $37,500 is Bitcoin’s crucial ‘line in the sand’

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Bitcoin (BTC) price continues to limp lower as traders in the U.S. hit the BBQ to enjoy the upcoming Memorial Day holiday on May 31 and regulated futures and options markets like the CME are closed through the weekend.

Data from Cointelegraph Markets Pro and TradingView shows that after a brief attempt by Bitcoin (BTC) bulls to rally above $37,000 in the early morning hours on May 29, the price has tumbled below $34,000 as the support needed for a move higher failed to manifest

Price action for Ether (ETH) was nearly identical to that of BTC, with an attempt to break above $2,500 met with stiff resistance that pushed the altcoin's price down to $2,300.

$37,500 or bust

According to analysis from filbfilb, co-founder of Decentrader, Bitcoin's price action is a major source of  the market's confusion as it remains a ways away from the 20 Week Moving Average (WMA) “which is typically the line between Bitcoin being either in a bull or bear market and as such remains a bearish scenario for Bitcoin.”

The analyst went on to further state that if Bitcoin is able to find solid support in the low $30,000s, the 20 WMA could turn into a major resistance zone in any attempt to move higher.

Filbfilb said:

“A drop lower would likely make the low $20,000s or the 78.6% retracement a likely target. As such, price action over the next week is particularly important.”

At this point, according to filbfilb, it is crucial for BTC to reclaim $37,500 “to avoid a retest of weekly support.”

Should Bitcoin manage to stage a rally and break above $40,000, filbfilb identified the previous support/resistance zone at $45,500 to $46,500 as the next area of resistance that will need to be overcome.

Ether draws the line at $2,300

Ether performed slightly better than BTC after it sold off back to the 61.8% retracement as the price was able to bounce back above the 20 WMA, but was ultimately rejected at the “critical pivot price” of $3,000 as the recovery momentum faded.

Filbfilb identified $2,300 as an important area of support for Ether that would need to be held if bulls wanted to gather momentum for an attempt to break above the $3,000 level and retest $3,300, with this scenario be highly “dependent upon the strength of Bitcoin.”

Overall, the analyst expects that Ether will outperform BTC in any upside move and “at least match any bearish movement.”

He said,

“For now, eyes are on Bitcoin to see if the lows can be held going into the weekend, with particular attention being around the 200 DMA which is currently the line in the sand for the bulls.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Source:Coin Telegragh

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Bitcoin dominance cycle suggests the 2017 crypto rally could repeat

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Bitcoin dominance cycle suggests the 2017 crypto rally could repeat

Bitcoin dominance patterns are showing similar lows and an eerie resemblance to 2017. So what does this suggest for BTC price?

For the purposes of historical comparison, it’s also worth noting that the pattern of the dominance chart currently looks much like it did during the earlier part of 2017.

As the markets have gone into meltdown since May 12, Bitcoin (BTC) dominance has fluctuated dramatically, bucking 2021’s prevailing trend. Before the sell-off started in earnest, BTC dominance had been falling pretty steadily from around 70% in January to a low of under 40% by the time the crash was underway. At that point, BTC dominance was at its lowest since the summer of 2018. It has since recovered to above 43%.

If the same pattern is underway this time around, then the market is likely to be at the equivalent of summer 2017 when the alt season was just ramping up, and still some months away from Bitcoin’s price peak of around $20,000 in December 2017.

Of course, while the patterns draw some interesting parallels, BTC dominance doesn’t necessarily tell that much about price. But it does offer insights into how the flagship asset is performing in relation to the rest of the markets, underpinning certain trends. So, what are the likely scenarios for BTC dominance, and what would it mean for the markets?

Follow the money flow

The money flow model is one potential predictor of where the markets could go. The model states that money flows from fiat into Bitcoin, and then down from large caps, through mid-caps to small-cap altcoins before redirecting back to BTC and, ultimately, back to fiat.

This model is interesting because it pretty much sums up what happened in 2017, except that the cycle played out twice as BTC surged toward the end of the year. So, if the 2017 scenario repeats itself, BTC dominance could continue to rise until the flagship asset sees another price peak, then fall as alt season accelerates once again.

Along with the eerie similarities of the dominance charts, the behavior of the alt markets also offers some indication that they could be performing according to historical cycles. In early May, Cointelegraph reported that altcoins had flipped their previous cycle high to support — a move that last happened in 2017.

If the cycle repeats, it could still launch the alt markets to stratospheric new heights in 2021. While the performance observed during May may not offer much reassurance in this regard, there’s also nothing yet to indicate that BTC and the broader markets won’t perform according to long-term trends. Sam Bankman-Fried, CEO of exchange FTX and Alameda Research, told Cointelegraph:

“If we enter a prolonged bear market, I would expect BTC dominance to rise, as it did in 2018–2019; but the correction we’ve seen so far isn’t enough to trigger that.”

But wait...

For individual investors looking to follow the money flow, there is one big consideration. Speaking to Cointelegraph, Robert W. Wood, managing partner at Wood LLP, warned: “The elephant in the room for diversification is taxes.” He added: “Up until 2018, many investors could claim that a swap of one crypto for another was nontaxable under section 1031 of the tax code. But the law was changed at the end of 2017.”

Indeed, Omri Marian, director of the Graduate Tax Program at University of California, Irvine School of Law, confirmed that crypto-to-crypto transactions are likely to trigger tax obligations, explaining to Cointelegraph:

“Any reading of one crypto asset for another is a taxable event. So whatever the profit motivation is, a cryptoassets investor must account for the fact that rebalancing of the portfolio may have a tax cost.”

Shane Brunette, CEO of CryptoTaxCalculator, put it into practical terms, telling Cointelegraph: “If an investor switches between BTC and altcoins, the capital gain/loss would be realized in this financial year, regardless of whether or not they’ve ‘cashed out’ to fiat.” Furthermore, he clarified that “The activity would reset the length of time the investor has been holding the asset which would impact the eligibility to claim a long-term capital gains discount.”

So, be mindful that following the money flow may come with its own set of costs, and as a result, there are no guarantees that the pattern may repeat, as new variables may have an effect.

The unknown quantity

The most critical difference between 2017 and now is the presence of institutions in the markets. At least, that’s true for Bitcoin and, to some extent, large-cap altcoins such as Ether (ETH). Large swathes of the alt markets, including almost all low-cap coins and memecoins like Dogecoin (DOGE), are dominated by retail traders and investors.

Examining the dominance charts, BTC seemed to get a boost at the end of 2020 as institutional interest in cryptocurrencies started to pique. Its dominance continued to rise until around January.

But there’s some evidence that institutions could be behind the recent boost to BTC dominance. On May 21, it emerged that whales had bought $5.5 billion worth of BTC while prices were below $36,000; two days later, crypto hedge funds MVPQ Capital, ByteTree Asset Management and Three Arrows Capital all confirmed they were dip buyers.

So, there’s a chance that Bitcoin’s sudden dominance recovery may not come down to regular market cycles but instead be influenced by institutional whales scooping up discounted BTC.

Risk-off, but how far?

The question is: To what extent will the involvement of institutions make a difference to BTC dominance patterns compared with what was seen in 2017? Perhaps the most critical difference between institutions and retail investors is that institutions are far more likely to follow prevailing market conditions and go risk-off accordingly. Therefore, BTC dominance is rising as investors choose to step away from risk-on alts.

Related: For the long haul? When Bitcoin nosedived, institutions held fast

However, based on the “buying the dip” reports, it seems there’s no reason to assume that investors are going as far as going risk-off from crypto itself — at least for now. Furthermore, bullish sentiments continue to swirl around, undeterred by the market chaos of recent weeks as seen by the reports that interest in BTC appears to still be on the rise.

Therefore, there’s still every chance that if interest in BTC continues to hold, and no major bad news comes in to destroy the sentiment around crypto, the money flow model may still play out once again. For now, if history holds firm, some further increases in BTC dominance will take place before investors once again start to expand into large-cap altcoins.

Source: Cointelegraph.com

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Is the worst finally over for Bitcoin?

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Is the worst finally over for Bitcoin?

Market perspective is vital while analyzing the trend of an asset. Consider this – Observing Bitcoin‘s 1-hour chart at the moment could completely demoralize potential investors. However, the 1-day or 12-hour chart would not seem drastically bad as the asset is still accruing capital gains for 2021. Therefore, it is essential that we analyze Bitcoin and its recent sell-off from a fundamental point of view, and figure out if we are heading towards a long-term bearish period or if it is just a bump in the road.

Bitcoin metric reversals for the good

Over the past few months, we have discussed several on-chain metrics that seemed over-bullish at times and suggesting an impending correction. However, we continued to ignore and invalidate these signs as the market rallied forward, until the recent crash. Now, according to data, certain indicators have undergone a reboot, and these signs may allow panic to settle down.Before analyzing the reversals, it is significant to acknowledge the gravity of this capitulation event. 19 May registered the largest realized losses for Bitcoin on the daily scale at $4.5 billion. It was larger than the losses witnessed in Jan-Feb 2018 and March 2020. And yet, only 9-9.5% of the value were unrealized losses, a figure that was relatively small.

In March 2020, 44% was unrealized, whereas the magnitude was 114% back in 20218 (Unrealized losses determine the percentage that may still panic-sell in the market).Now, one major positive that can be taken from the Net Unrealized Profit/Losses or NUPL is the re-test at the support of 0.5. According to the chart above, this particular support kickstarted multiple bullish cycles in 2013 and 2017 and presently, it is reaching the 0.5-level for the first time in 2021.

Additionally, miners did not have anything to do with the sell-off this time. During major bearish cycles in the past, miners have been responsible for strong sell-offs. This time, however, short-term holders were more responsible for extended corrections. Bitcoin Token holders between 1 month-6 month possibly chased the retail price throughout the cycle, and once the price collapsed, panic selling ensured the higher realized losses for BTC bought between $50,000-$60,000.

Higher liquidations for leverage trades also led to a short-squeeze which dragged BTC down to $30,000 for a brief moment.Right now, the funding rates across exchanges are cooling off as well, with the selling pressure subsiding in the market. The worst could be over for now, and with the fundamentals relatively bullish, the market remains on course for a strong 2021.

In the next article, we will discuss the price market structure, with potential buying and selling zones for Bitcoin, and estimate the long-term movement for the digital asset.

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Source: Ambcrypto.com

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Spain's Largest Asset Managers Still Reluctant to Invest in Cryptocurrencies

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The biggest Spanish asset managers are still not convinced of cryptocurrencies as an asset class, and therefore have no plans to invest in the space yet. The declarations of several spokespeople linked to these companies state that, while there is a significant opportunity in the nascent cryptocurrency sector, it is still too young and volatile to put significant investments behind it.

Spanish Asset Managers Still Skeptical About Crypto

Spain’s largest asset managers are still not convinced crypto is a good investment vehicle, at least for now, according to statements from several key finance officials. While it is permitted for asset managers in Spain to invest in cryptocurrencies, their incipient nature, volatility, and the gray areas of regulation are keeping these big funds away from them.

Caixabank AM’s investment strategy director, Santiago Rubio, has declared they won’t touch cryptocurrencies. Caixabank AM is one of the largest asset managers in Spain, having more than 70 million euros under its custody. Their stance is shared by BBVA AM, another Spanish giant company. Its global asset allocation manager, Jaime Martinez, stated there is a possibility of investing in cryptocurrencies in the future, but they don’t have plans for doing it soon. Martinez stressed:

In 10 years it will be much more normal, today we are just starting, to call it that, in a different way of having exposure to assets and, like everything in life, you have to go step by step. We are not going to complicate our clients with things that we do not control well.

Cristina Rodriguez, of Santander AM, also explained cryptocurrencies weren’t assets promoted in their offer, stressing they didn’t have plans of investing in these vehicles. Finance managers who want to invest in crypto must update their documents to advise investors about the dangers and the volatility of these newly integrated tools.

Crypto Still Not Big in Spain

These statements paint a stark picture for the future of crypto investments by Spanish asset managers, that are still not sold on the validity of them as potentially interesting for their customers. This is clearly very different from what is happening in the U.S., where asset giants like Blackrock, which manages more than 7 trillion dollars, already has indirect exposure to bitcoin through its 16.3% stake ownership in Microstrategy.

And more recently, Larry Fink, CEO of Blackrock, stated:

The firm has monitored the evolution of crypto assets. We are studying what it means, the infrastructure, the regulatory landscape

However, these institutions seem to be inclined to lean towards more traditional investments in Spain, and will take a little more time for them to be confident in crypto.

Source: Bitcoin News

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Miami to Host The Biggest-Ever Bitcoin Conference

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After a long break from crypto conferences due to COVID19, the world’s biggest Bitcoin event will be taking place in the crypto-loving city of Miami in June.

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Bitcoin 2021 conference will be held in Miami with a host of attendees and reputable keynote speakers, including politicians, regulators, celebrities, Bitcoin proponents and investors in the crypto industry.

The event was originally scheduled for April 30 –  May 1 in Los Angeles. However, the venue and date were changed due to the second wave of COVID-19 and vaccine rollout. This week, Bitcoin 2021 will take place between June 3 and 5 at Wynwood’s Mana Convention Center in Miami, Florida (USA).

Although the conference is an annual event, Bitcoin 2020 could not be held because of the pandemic which plagued the world. While the Bitcoin 2021 event will have a COVID-restricted capacity of 21,000 attendees. As of now, the organizers are expecting at least 12,000 attendees, which will make Bitcoin 2021 the biggest-ever Bitcoin event.

From LA To Miami

According to Bitcoin 2021 organizers, the uncertainty around Los Angeles in the post-COVID world made it impossible for them to host the conference in the city this year despite all their efforts.

Looking for another city to host the event, Miami became the perfect choice considering that the city has become a hub for several innovative technologies including blockchain and cryptocurrencies. And since Miami’s Mayor Francis Suarez is pro-bitcoin, he was kind enough to ask the organizers to host the 3-day conference in his city.

After hosting the Bitcoin Whitepaper Miami’s official website earlier this year, Suarez endorsed the cryptocurrency by saying that the city supports Bitcoin as “an acceptable currency” and hopes to invest in it in the future. In March, the mayor said he would love to see Miami become a bitcoin mining hub as it would harness the city’s nuclear power capacity.

Bitcoin 2021 Top-Knotch Speakers

Bitcoin 2021 will host headline keynote speakers such as former congressman Ron Paul, Miami Mayor Francis Suarez, Senator Cynthia Lummis, MicroStrategy’s Michael Saylor, and Twitter’s Jack Dorsey. Other featured speakers include Floyd Mayweather Jr, the Winklevoss twins, Max Keiser, and Warren Davidson to mention a few.

The conference is an educational Bitcoin event that focuses on celebrating the largest cryptocurrency and its decentralized technology while also exploring Bitcoin’s technical advancement through a collective contribution from some of the brightest minds in the industry.

The event also aims to drive mainstream adoption of bitcoin by giving people the opportunity to use the cryptocurrency in a real-world setting

Source:Cryptopotato

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Religious Ban on Cryptocurrencies Provokes Social Media Reproach in Ingushetia

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A decision by a prominent religious body in Ingushetia to prohibit dealings with cryptocurrency has sparked controversy in the predominantly Muslim Russian republic. Critics have taken to social media to express their disagreements with the ban, pointing out that the treatment of bitcoin in Islamic jurisdictions is not one-sided.

Islamic Cleric Explains Reasoning Behind Crypto Prohibition

At a meeting in mid-April, the Ingush Council of Alims adopted a ban on the purchase and sale of cryptocurrencies by Muslims in the country. The Islamic clergymen said at the time that they took the decision after studying Islamic sources and reaching a conclusion that the religion prohibits the trading of electronic money.

Deputy Chief Mufti Magomed Hashtyrov has since been compelled to explain the council’s position. This week, he told the local newspaper Ingushetia that cryptocurrencies, as a means of payment, have no physical representation and their exchange differs from the trading of goods in a physical marketplace. The latter is not prohibited for Muslims. The theologian revealed that the council had already intervened to resolve disputes over cryptocurrency, even between clerics in one case, and stated:

Only honest labor brings people together, and virtual easy money quarrels them.

Hashtyrov then insisted that “cryptocurrency, for now, is neither money, nor it is a commodity. When it becomes publicly available, legally accepted means of payment, with a state guarantee, then we can talk about money, but not today,” Ingushetia quoted him saying.

Instagram Users React to Unfounded Ban on Crypto Trading in Ingushetia

The newspaper shared the article with Hashtyrov’s comments on Instagram and judging by the reactions, not everyone agrees with his interpretations. As reported by the Caucasian Knot portal, Ingushetians have commented that their country has more pressing issues to deal with than banning crypto transactions. “There are a lot of problems in the republic. But the clergy and authorities are ‘fixated’ on cryptocurrency,” wrote a user with the handle ‘tumgoev_111_06.’

“Ban the sale of alcohol, condemn corrupt officials,” suggested someone named ‘kaddafi.’ “They just found something to talk about and sort out,” added a user called ‘eva_mango.’ Others have challenged the validity of the imposed ban: “I have been trading cryptocurrency for two years! Before I started, I read a couple of articles on Islamic forums, where it was clearly stated that there is nothing forbidden in this, if you don’t trade futures,” noted ‘tsoro.1.’ Then ‘dzurdzuk666’ wrote:

Not money, not commodity, in what sense??? If at any time you can exchange it for money and commodity… Paper money is trash too. But we use it.

“I wouldn’t say that’s exactly ‘easy’ money. Knowledge and ability are needed to use it. It seems to me that this issue has not been fully studied by theologians,” suggests a female commenter with the Instagram handle ‘angry_hare_4,’ quoted by Caucasian Knot. The portal has also published another, better qualified opinion on the matter, that of Gapur Oziev, associate professor of economics at the International Islamic University in Kuala Lumpur. Oziev, who has been teaching Islamic banking and finance since 2008, was surprised by the Ingush clergy’s decision on the matter.

“They have announced a very old version of the fatwa. At the moment, there are a lot of scholars who do not directly prohibit it, although they condemn everything related to cryptocurrency,” he told the online edition. “There are more questions than answers. There are many dubious things, and the hadiths say to avoid the dubious. However, since there is no explicit text in the Sharia under which it would be possible to prohibit cryptocurrency, it’s not worth saying that it is haram,” Oziev emphasized.

Source: Bitcoin News

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Every Fourth Australian Willing to Be Paid in Bitcoin, Poll Finds

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A new survey has established that one in four Australians would like to receive at least part of their salary in cryptocurrency. While the motives vary between the members of this diverse group, the results indicate that the Australian nation’s overall interest in decentralized digital money remains strong.

4.7 Million Australians Would Accept Bitcoin Remuneration

The poll has been conducted among 1,000 Australian residents by the comparison website Finder. The company is actually among the first in the country to offer employees the option to take a portion of their remuneration in cryptocurrency. The platform has now found that 24% of Australians, or around 4.7 million, are ready to accept bitcoin (BTC) as part of their salaries.

Of those who would be willing to be paid in BTC, Finder pointed out, 14% have said so because they are convinced it is going up in value, while another 10% admitted a bitcoin payment would help them to invest in digital currency before tax.

Taylor Blackburn, personal finance specialist at Finder, notes that the cryptocurrency has seen impressive growth in the past year, “despite its recent drop and sometimes volatile nature.” Commenting on the outcome of the study, Blackburn further emphasized:

With more Australians looking for inflation hedges, yield-bearing assets and alternative investment opportunities, it’s not surprising that this many people are willing to be paid part of their salary in Bitcoin.

Australian Generation X and Millennials View Crypto Salary as Investment

According to the survey, Generation X Australians are more likely than others to view a crypto salary as a wise investment. 22% of the respondents in this age group think BTC is going to appreciate even more over time, along with 19% of millennials. For comparison, only 1% of baby boomers and 13% of Generation Z share their optimism.

The researchers also discovered that men with higher incomes ($100,000 and above) are more interested in Bitcoin in general. Furthermore, male respondents (21%) are far more likely to accept BTC payments than women (8%) because of their belief the cryptocurrency’s value will increase. 13% of men and 8% of female participants respectively think crypto wages will allow them to invest before taxation.

Despite the positive trends registered in the study, over half of Australians (55%) are still not interested in crypto remuneration. Another 13% fear bitcoin’s volatility which lowers their trust in the cryptocurrency. Finder also notes that 8% of the polled Aussies have stated they need to access all the money they make each payday.

Source :Bitcoin News

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Cryptocurrency Mining Banned in Iran as Blackouts and Power Shortages Intensify

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Iranian President Hassan Rouhani has announced that cryptocurrency mining is banned in Iran, effective immediately. The ban, which will last until Sept. 22, is imposed as many cities in the country are facing major power blackouts.

• Iran has banned cryptocurrency mining effective immediately, President Hassan Rouhani said on Wednesday in a televised speech at a cabinet meeting. He was quoted by the media as saying:

• The ban on the mining of cryptocurrencies is effective immediately until September 22.

  • Many cities in Iran are facing major power blackouts and the government has blamed power cuts on cryptocurrency mining, drought, and rising demand for electricity in summer. Bitcoin News recently reported that Iran will shut down licensed crypto miners in peak hours of power consumption.
  • Blockchain analytics firm Elliptic estimates that around 4.5% of all bitcoin mining takes place in Iran. The firm said income from mining has allowed “the country to circumvent trade embargoes and earn hundreds of millions of dollars in cryptoassets that can be used to purchase imports and bypass sanctions.”
  • Iran requires licensed crypto miners to sell their bitcoins to the central bank directly. Cryptocurrencies mined legally in the country can be used to pay for imports of authorized goods. In April, Iran authorized banks and currency exchanges to use cryptocurrencies to pay for imports.
  • Government officials say that a majority of the energy consumption from bitcoin mining comes from illegal miners operating without licenses. In January, Iranian police confiscated 45,000 bitcoin mining machines that were illegally using subsidized electricity. President Hassan Rouhani said Wednesday:

  Some 85% of the current mining in Iran is unlicensed.

  Source: Bitcoin News

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Zimbabwean Fintech Lawyer and Proponent Pushes for Crypto Regulation via Private Legislative Bill

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A Zimbabwean fintech lawyer, Prosper Mwedzi, recently initiated a process that seeks to bring recognition and regulation of cryptocurrencies. Under this private member bill procedure, a legislative proposition initiated by private citizens will be debated in the Zimbabwean parliament. If the crypto regulation bill succeeds in garnering the required support, it will become part of the country’s national laws.

Meanwhile, Mwedzi’s attempt to use the private bill to bring regulation to Zimbabwe’s crypto space comes more than two years after the Reserve Bank of Zimbabwe (RBZ) issued a public advisory against cryptocurrency trading. For an update on the private bill’s progress, Terence ZImwara of Bitcoin.com News recently reached out to Mwedzi. Below are Mwedzi’s responses to a set of questions that were sent to him.

Bitcoin.com News (BCN): Can you start by telling us what prompted you to go the route of a Private Member’s Bill?

Prosper Mwedzi (PM): We have been trying to get regulators thinking about the future of digital assets in our economy since 2018 but there has been no meaningful engagement or progress. Going down the Private Bill route is a sign of frustration about inaction by regulators as we feel that we have exhausted all the other available avenues.

BCN: Can briefly tell us what this process is really about?

PM: The bill is all about enabling innovators and entrepreneurs to operate in the market under oversight by the Reserve Bank. This has the ability to strike a balance between protecting the public and enabling innovation. The Zimbabwean constitution provides for citizens to be able to legislate in their area of interest by following the private bill procedure although this is not very common.

BCN: What is the current status of the bill and what has been the reaction like?

PM: Currently, we are trying to create awareness about the technology and form alliances with stakeholders to promote the bill to the public. The risk of taking the bill through the procedure when there are fewer people who understand the technology especially in Parliament is that it can get shot down on first reading and that would be disastrous.

BCN: How do you rate the bill’s chances of success given the fact that something similar was attempted in the past but this ultimately failed?

PM: We are hopeful that developments globally will help get Parliament thinking about its next steps for the benefit of the country.

Currently, Zimbabwe is lagging in this space when compared to our neighbouring countries like South Africa where there is an impetus on policymakers and legislators to move fast to usher the nation into the digital age. This is a non-partisan matter and it shouldn’t be controversial.

BCN: In your view, are Zimbabwean regulators now ready to embrace digital assets or they are still pursuing the wait and see approach?

PM: It looks like they are taking the wait and see approach but I also think that the knowledge gap in this space is impacting meaningful action on the ground by regulators as they lack the expertise.

BCN: Besides this initiative, what else are you doing to help the Zimbabwean crypto space grow?

PM: We have been pushing mainly on the educational front to make people realise the benefits of this technology in our economic circumstances. We are encouraging young people to participate in this industry which is growing fast and is now worth over $2 trillion dollars. If anyone is interested in building products in this space we can help with sourcing funding from VCs. We are providing training services as well.

BCN: What kind of impact has the Covid-19 related economy shut down had on the Zimbabwean crypto industry?

PM: I think this has had a positive impact, people had more time at their hands and they have sought new skills and made an entry into crypto. Though it is difficult to measure quantitatively this is our view.

BCN: What do you think are some of the obstacles that crypto enthusiasts still face?

PM: Currently, Zimbabwe is excluded on many platforms and this makes it challenging for traders to access exchange services and also to fund accounts. I would say on-ramps to crypto is still a barrier as well as off-ramps though the latter is less of a problem as there are always buyers on the local market when someone wants to sell. I would also mention the lack of knowledge to get into crypto to start.

We have been mentoring new adopters and highlighting the risks and opportunities in crypto. I would also say that regulation is the elephant in the room- the current ban on the banking sector from servicing crypto activities is a big and real obstacle.

Source: Bitcoin News

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Kyrgyzstan Seizes 2,000 Cryptocurrency Mining Devices

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Law enforcement authorities in Kyrgyzstan have confiscated thousands of crypto mining machines as part of a new offensive against illegal cryptocurrency mining in the country. Investigators have also identified industrial enterprises that have been supplying the bitcoin farms with electricity.

Security Service Conducts Operation Against Illegal Mining in Kyrgyzstan

The State Committee for National Security (GKNB), Kyrgyzstan’s organized crime-fighting agency, has recently found and raided a number of facilities mining cryptocurrency outside the law. The special operation has been conducted in the capital Bishkek and Chuy Oblast, the country’s northernmost region.

During the offensive against illegal mining activities, law enforcement agents have seized around 2,000 cryptocurrency mining units, GKNB announced, quoted by Sputnik Kyrgyzstan. Pretrial proceedings are underway, the agency’s press service added.

The process of cryptocurrency mining inflicts “colossal damage” on the country’s electricity network, the state committee emphasized. GKNB has also uncovered several large industrial enterprises supplying electrical power to illegal crypto farms.

Most of the raided addresses are in the capital city of the Central Asian republic, Bishkek. Some of the mining devices have been seized from industrial facilities located in the Bishkek Free Economic Zone. The police are currently working to establish all individuals that have been involved in the corruption scheme.

Government in Bishkek Takes Steps to Regulate Crypto Industry

In August 2020, the Ministry of Economics put forward a bill regulating the taxation of bitcoin mining in Kyrgyzstan. According to the proposal, a 15% tax will be imposed on the cost of the electricity consumed to mint digital coins. The legislation obliges mining companies to apply for a registration which is needed to operate legally in the country.

In January of this year, the National Bank of the Kyrgyz Republic announced it’s preparing two draft laws to regulate local cryptocurrency exchanges. According to the bank, the bills are introducing an array of measures aimed at reducing the risks of money laundering and financing of terrorism. The trading platforms were required to report their activities to the government.

Cryptocurrencies have enjoyed growing popularity in Kyrgyzstan over the past year. Decentralized digital money is viewed as a new investment opportunity and also as an alternative solution for cross-border payments. Last October, the country’s central bank suspended SWIFT transfers and banking activities amid raging anti-government protests.

Source: Bitcoin News

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Market enters a 'wait-and-see phase' as Bitcoin struggles below $40,000

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Market enters a 'wait-and-see phase' as Bitcoin struggles below $40,000

Traders remain cautious following last week’s brutal sell-off, but on-chain data is beginning to signal increasingly bullish activity while the crypto market awaits the next major move.

Price action for Bitcoin (BTC) and the wider cryptocurrency market was relatively subdued on May 27 as nervous traders remain unsure of what comes next following last week’s market plunge that saw leveraged traders wiped out as BTC dipped as low as $30,000 before its price rebounded. 

Data from Cointelegraph Markets Pro and TradingView shows that while Bitcoin's price has managed to put in higher highs and higher lows over the past week, bulls continue to face stiff resistance at any meaningful attempt to break above $40,000 as bears defend the psychologically important level.

BTC/USDT 4-hour chart. Source: TradingView

For many traders, the recent correction likely triggered PTSD-like flashbacks of the market crash of 2017 and 2018 and the ensuing two-year crypto winter, and this could be a reason why the market seems indecisive at the moment.

Given that many traders are unsure of what might come next for Bitcoin's price, it's wise to consider the various bullish and bearish scenarios that could play out and to also take stock of the opinions of analysts in the sector.

Traders remain cautious after the recent sell-off

According to David Lifchitz, managing partner and chief investment officer at ExoAlpha, it's important to look closely at the recent market events and review the catalysts that created the current situation.

Lifchitz told Cointelegraph that following an “almost uninterrupted bull run from $10,000 in October 2020 to an all-time high for BTC at $65,000 in mid-April 2021,” the market saw several waves of profit-taking ahead of the “great deleveraging of 2021,” which saw the price of BTC fall by 54% to $30,000, while Ether (ETH) and altcoins were hit even harder.

According to Lifchitz, the correction succeeded in "drastically reducing the amount of leverage that prevailed in the ecosystem," which can be seen as a healthy development for the overall market, as it will help "to build on a more stable base."

Estimated leverage ratio for Bitcoin. Source: CryptoQuant

Lifchitz cautioned that while data shows that some early dip-buyers managed to pick up tokens near the lows, both volumes and futures open interest have remained weak, “showing no urgency to reload."

The monthly options expiration for Bitcoin and Ether are less than 24 hours away, and Lifchitz believes they are standing in the way of “any meaningful move in the very short term.” He also suggested that it will be “difficult to convince burned investors to get back in the game just now” due to a lack of upside catalyst and the recent reminder that “prices do not always go up.”

This has put the market in a “wait-and-see phase,” according to Lifchitz, with both trend followers and contrarian investors needing “to see some motion, either up or down” before they engage in the market.

Lifchitz said:

“The market definitely needs a catalyst, either upward or downward to move ahead. A too long period without any catalyst could lead to investors fatigue who might decide to cash out and seek other pastures, which would act as gravity on cryptos triggering a downward move. The next few days/weeks will be very telling of what to expect next."

Bullish indicators abound

While the average crypto trader is currently in a state of stasis and awaiting the next major market move to signal what BTC might do next, on-chain data indicates bullish moves from larger players who took full advantage of the recent dip by buying.

According to Micah Spruill, managing partner and chief investment officer at S2F Capital, most of the selling that was seen at the recent lows “has been from newer entrants to the market” who have “been selling at a loss and seem to be exhausted at this point.”

In a conversation with Cointelegraph, Spruill pointed to BTC net transfer volume, which shows that following the bearish downturn between May 17 and 20, “Massive amounts of USDC and USDT have been sent to exchanges (to buy BTC, ETH, etc.) and pull them off to long term storage.”

BTC net transfer volume to/from all exchanges. Source: Glassnode

Further analysis shows that retail wallets holding between 0.1 and 1 BTC, as well as whale wallets holding between 1,000 and 10,000 BTC, have been accumulating at these levels in preparation for an overall move higher.

Another bullish indicator mentioned by Spruill is entities' net growth, which "is recovering back to prior levels” and may signal that “the bull market is back in full force” if this trend continues over the next few weeks and the metric resumes its highs.

Entities net growth for Bitcoin. Source: Glassnode

Overall, Spruill sees a positive move for BTC in the future, although the timing is questionable due to a variety of factors.

Spruill said:

“I think there's a possibility we could spend an extended period of time (months) between the $30,000 to $42,000 level as the market digests recent events and we endure a mid-cycle re-accumulation period. Alternatively, it's possible we have a COVID-like recovery whereby we see Bitcoin break outside this range soon and recover much faster than others are expecting.”

Source:Cointelegraph.com

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Analyst Expects Bitcoin to 'Grind Down' to $15K, With a 'Periodic Dead Cat Bounce' Along the Way

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Analyst Expects Bitcoin to 'Grind Down' to $15K, With a 'Periodic Dead Cat Bounce' Along the Way

An analyst from the biotech consulting group Biotechvalley Insights believes after bitcoin lost 53% from the crypto asset’s all-time high, “the party is clearly over.” The biotech consulting group analyst thinks crypto investors will witness a slow “grind down the slope of hope with a periodic dead cat bounce” and expects prices to drop to $15,000 in the next few weeks.

Analyst Says to Drop Bitcoin and Never Look Back

According to an analyst from Biotechvalley Insights, crypto investors should sell bitcoin and “do not look back.” The analyst said that he had warned investors in a previous article, before bitcoin (BTC) collapsed from a high of $64,895 to $30,066 losing more than 50% in value. The biotech consulting group investor stresses that people “should consider liquidating anything related to bitcoin or short it.”

“[The] recent collapse proves that Bitcoin isn’t a safe haven, store of value, or a hedge against inflation/market correction, but a speculative token that can go down 50% in a week,” the article published on Tuesday notes. “Bitcoin has exhausted its exotic catalysts and is under coordinated regulatory attack by governments around the world. At this point, I don’t think there is anything that can save it from collapsing more,” the analyst’s report adds.

The Biotechvalley Insights’ researcher is not the only individual who believes that “bitcoin is dead.” Two days ago, the gold bug Peter Schiff tweeted about ethereum and bitcoin with distaste.

“Ethereum took out its May 19th low of $1,850. Bitcoin is less than $2K away from taking out it’s May 19th low too. On May 10th the total market capitalization of 10,000 crypto currencies hit a high of $2.485 trillion. It took less than two weeks to fall below $1.3 trillion,” Schiff said.

Biotechvalley Analyst Plans to Short Bitcoin All the Way Down to a $15K Target

The Biotechvalley Insights’ analyst believes that bitcoin’s downward spiral will take longer than most expect. The analyst’s target price is $15,000–$16,000 per BTC, but further says “the million-dollar question at this point would be, are we out of the woods?” The biotech consulting group researcher’s study emphasizes:

I believe Bitcoin has a long way to fall from here. I think it will slowly grind down the slope of hope with a periodic dead cat bounce. As the technology is severely damaged, it is better to be the first one to sell into the bubble before the whole ship sinks.

Bitcoin (BTC) and a myriad of other cryptocurrencies have been facing fierce scrutiny over environmental concerns, and governments are cracking down with excessive regulations. The biotech analyst says those are definitely issues, but cryptocurrencies also “have an extreme level of leverage.”

“Any unexpected price movement downward can lead to rapid liquidations as many investors can’t meet the margin requirement,” the report notes. “Adding to that, it is no secret that bitcoin whales profit from this excessive leverage by manipulating the market and causing unexpected volatility to liquidate retail investors’ positions.”

The analyst’s game plan is to short bitcoin (BTC) “until US$31k and liquidate 30-50% of the position to cover the cost base and continuously short with the house’s money.” The researcher thinks there will be key resistance in this range but after it breaks down resistance around “$19-20k” is expected.

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Source: Bitcoin.com

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Amid rising stablecoin inflow, cautious traders fear a dead cat bounce

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Amid rising stablecoin inflow, cautious traders fear a dead cat bounce

Strong hands accumulated Bitcoin throughout last week’s historic correction but BTC’s inability to reclaim the $40,000 level has some traders afraid of a dead cat bounce.

The recent extreme volatility in the cryptocurrency market following Bitcoin’s (BTC) dip to $30,000 and the recovery to $38,000 has traders confused about whether the current price action is a ‘dead cat bounce’ which will see token prices head lower or a solid reversal that will set the floor for the next leg higher for the market. 

While BTC price still remains more than 40% below its all-time high of $64,863, bulls have managed to weather multiple attempts to significantly break below support at $36,000. 

BTC exchange inflows. Source: Delphi Digital

FUD-o-rama destabilizes the market

Experienced traders accumulate at lower prices

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Korea’s crypto market is among the strongest — and the strangest — in the world

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Korea’s crypto market is among the strongest — and the strangest — in the world

Between strict capital controls and regulations, Korea’s cryptocurrency industry is so closed off that Bitcoin commands a steep premium and DeFi is in its infancy.

On a day in which Bitcoin crashed briefly to $30,000 in a rampant bear market, the leading cryptocurrency never got anywhere close to that on Korean exchanges. The so-called “kimchi premium” saw to that, keeping the price of Bitcoin as much as $5,000 above its level on leading U.S. exchanges.

The major reason for this kimchi premium is that Korea’s exchanges are fairly isolated by a combination of the country’s strict capital control laws preventing funds from leaving the country, and the tax code and anti-money laundering (AML) regulations that make it difficult for foreigners to use Korean exchanges — even giants like Bithumb and Upbit — without local Korean bank accounts.

Nor is that premium the only part of South Korea’s crypto industry that sets it apart from the rest of the world. Among other things, the market’s isolation combined with the extraordinary stability of the Korean won has kept stablecoin usage low and the embrace of decentralized finance, or DeFi, well behind that of the rest of the world.

Korea’s Bitcoin boom

Despite this isolation, Korea’s embrace of Bitcoin in particular and cryptocurrency in general is very strong. In April, more than five million unique cryptocurrency users — about 10% of the country’s population — reportedly bought or sold digital assets at least once since the beginning of 2021.

On May 19, the day the kimchi premium hit $5,000, just one Korean exchange, Upbit, had a 24-hour transaction volume of more than $31.5 billion, according to CoinMarketCap. Add in the rest of the country’s “big four” cryptocurrency exchanges, Bithumb, Korbit and Coinone, and it was $38.1 billion — substantially more than has been traded recently on the leading Korean stock exchange KRX.

One interesting aspect of Korea’s cryptocurrency craze is how broadly it is spread across age groups. One February survey showed that almost half of the users of leading Korean exchanges Bithumb and Upbit were in their 40s or 50s — many of them mothers. That said, a broader survey of Korean crypto exchange apps in March showed that young people dominate the ranks of new Korean crypto users, with those in their 20s and 30s accounting for nearly two-thirds of the new monthly app users in the first three months of the year. However, they are investing small amounts, often less than $100.

All that’s clearly having an impact. Bithumb Korea recently announced that its Q1 2021 net profit was up 876% compared with the previous year.

Government roadblocks

At the same time, the Korean government and regulators are far from being fans of cryptocurrency. In February, Bank of Korea Governor Lee Joo-yeol told a National Assembly committee hearing that “a crypto asset is an asset that has no intrinsic value.” He added that “it is difficult to understand why the price of Bitcoin is so high."  

Korea’s crypto regulations also make it difficult for foreign competitors. In December 2020, the world’s biggest exchange, Binance, shuttered its Binance Korea operation less than a year after it launched, thanks in large part to a law that banned exchanges operating in the country from sharing order books — meaning Binance Korea could no longer lean on Binance’s liquidity.

That law came into effect in March 2021, the same month that another leading cryptocurrency exchange — OKEx — announced it was shuttering its Korean operations due to the new AML regulations. It has also been suggested that these rules will make it difficult for smaller Korean exchanges to compete with the big four.

Not a fan of stablecoins?

Despite this booming crypto market, Korea is far behind the rest of the world in adoption of stablecoins, in no small part because the Korean won is stable enough that there isn’t as strong a need for stablecoins in the largely walled-off crypto market.

Beyond that, the Korean government frowns on stablecoins, according to Oleg Smagin, head of global marketing at Delio, a leading Korean crypto lending and staking firm. That makes exchanges leery of them, he adds.

In addition, exchange fees are low — largely in the 0.15% to 0.25% range at the big four. While the fees for withdrawals in won are flat and very low — about $1 — the fee for moving cryptocurrencies directly off can be steep. The big four’s withdrawal fees range from 0.0005 to 0.0015 BTC to withdraw Bitcoins directly — $20 to $60 for one BTC at $40,000.

Which could help explain why the Korean won is the fourth-most traded national currency for Bitcoin, behind only the Japan yen, the euro, and the dominant U.S. dollar.

The CeFi-DeFi hybrid

One victim of Korea’s closed-off crypto market and unfamiliarity with stablecoins is that the booming DeFi industry hasn’t had a chance to take hold there, Smagin says.

“2019 became a tipping point for the wide adoption of DeFi globally, but in Korea it was barely recognized, mostly because most of the local retail investors lacked experience using overseas crypto services and the adoption of stablecoins was low,” he says.

Delio’s solution is a hybrid centralized-decentralized finance model that uses CeFi as a way to build the initial crypto lending ecosystem that will become more and more decentralized over time. In the meantime, the firm realized there is an “enormous niche for a CeFi crypto-to-crypto lending service that can serve the needs of the local traders,” Smagin says.

The firm currently has four CeFi lending offerings, as well as a new payment service that lets Delio wallet holders pay with Bitcoin at a network of more than 70 retail firms services by payment app Money Tree. In addition, it’s Delio Liquidity arm provides institutional clients with digital asset loans of between $800,000 and $45 million. 

Delio offers Bitcoin and Ethereum loans of up to 90% of the borrower’s BTC or ETH collateral, and also provides lending services to Bithumb customers, who can use either BTC or ETH, or Korean won, as collateral. Staking and yield farming are also available. Delio recently passed $2 billion in total value utilized.

Delio’s DeFi hybrid plans are centered around Ducato, a won-based stablecoin project scheduled to launch in the third quarter of 2021. The KRWD stablecoin — fixed at one won — will be generated by collateralizing cryptocurrency. Ducato is a DeFi protocol with its own token, DUCATO, which is used to pay fees and for governance. But the CeFi Delio platform provides the stablecoin with a user-friendly interface.

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Source: Cointelegraph

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Bitcoin Eyes $40K as Musk & Saylor Work on Green BTC Mining Initiatives

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Bitcoin Eyes $40K as Musk & Saylor Work on Green BTC Mining Initiatives

Elon Musk and Michael Saylor took part in a meeting with North American Bitcoin miners discussing renewable energy sources.

BTC has reclaimed the $40K level after Elon Musk’s surprise announcement that he had spoken to North American Bitcoin miners, who are committing to use renewable resources whilst mining bitcoin, and will request miners worldwide to follow suit.

• This meeting was hosted by MicroStrategy CEO and Bitcoin advocate Michael Saylor, and it included the leading Bitcoin miners in North America.

• The team agreed to form the Bitcoin Mining Council, with the objective of promoting energy usage transparency in order to accelerate sustainability initiatives worldwide.
• This whiplash move comes days after Musk announced that Tesla would no longer be accepting Bitcoin due to high energy usage, kickstarting BTC’s initial plunge.
• Bitcoin’s promising future, now potentially grounded in green energy, might lead to a reversal of Musk’s decision, invalidating a lot of fears that were spreading about Bitcoin’s long-term sustainability as a currency.
• Shortly after Elon Musk tweeted, the price of bitcoin touched an intraday high of $39,900.

Source: Cryptopotato

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Elon Musk said he's speaking with bitcoin miners about renewable energy

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Elon Musk said he's speaking with bitcoin miners about renewable energy

A tweet from Tesla CEO Elon Musk indicates he's taking steps to encourage renewable energy usage by bitcoin miners.

 

In a tweet today, Musk said he spoke with bitcoin miners based in North America. During the conversation, those miners committed to publishing a plan for renewable usage, as well as disclosing their current modes of obtaining renewable power. They also committed to calling globally on other miners to do the same, according to Musk.

"Potentially promising," his tweet concluded.

MicroStrategy CEO Michael Saylor said he convened the meeting. Saylor tweeted that the North American miners Musk spoke with have agreed to form the "Bitcoin Mining Council," which Saylor said would promote energy usage transparency to "accelerate sustainability initiatives worldwide." 

Saylor said executives from Argo, Block Cap, Core Scientific, Galaxy Digital, Hive, Hut8, Marathon and Riot were in attendance. According to Saylor, they "decided to establish an organization to standardize energy reporting, pursue industry ESG goals, & educate+grow the marketplace."

Last week, Saylor said his "entities" collectively hold 111,000 bitcoin. He's continuously added bitcoin to software firm MicroStrategy's balance sheet and voiced his support for the network and cryptocurrency.

Musk was also once an outspoken advocate of bitcoin, adding it to electric vehicle firm Tesla's balance sheet, accepting payments in the cryptocurrency and touting its innovation in the payment system. However, he later halted bitcoin payments due to environmental concerns. At the time, he said the firm was looking at using other cryptocurrencies "that use <1% of Bitcoin's energy/transaction."

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Source: Theblockcrypto

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Another Binance Smart Chain Project Suffers an Attack

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Bogged Finance suffered a flash loan attack over the weekend. The price of the project's native token plummeted as a result of the incident.

Shutterstock cover by Dmytro Tyshchenko

Bogged Finance reported that an unknown attacker successfully drained $3 million from its liquidity pools.

• The attack used a flash loan to exploit a code vulnerability.
• The rising number of attacks on Binance Smart Chain projects has created major security concerns for the blockchain

Bogged Finance, a project built on Binance Smart Chain (BSC), faced a malicious attack in which $3 million worth of funds was drained from its liquidity pool on PancakeSwap. The incident is the second flash loan attack taking place on BSC in the last week.

Bogged Finance Attacked

Bogged Finance, a trading platform built on Binance Smart Chain (BSC), has suffered an attack.

The team reported that an unknown attacker had successfully drained $3 million in liquidity over the weekend. This was done through a complex attack that leveraged a flash loan and a vulnerability in its smart contract code.

Bogged Finance Attacked

Bogged Finance, a trading platform built on Binance Smart Chain (BSC), has suffered an attack.

The team reported that an unknown attacker had successfully drained $3 million in liquidity over the weekend. This was done through a complex attack that leveraged a flash loan and a vulnerability in its smart contract code.

In a Medium blog post, the Bogged Finance team explained that the attacked exploited a bug in its smart contract that is linked to the platform’s fees that are given to liquidity providers as rewards.

Using a vulnerability, the attacker was able to artificially mint new tokens that produced a high rate of inflation. This led to a distribution of over 15 million BOG tokens to liquidity providers.

The inflated supply helped in executing a flash loan attack in which the attacker from able to drain funds from the BOG/BNB liquidity pool on PancakeSwap. The Bogged Finance team wrote:

“The attacker was able to utilize flash loans to exploit a flaw in the staking section of the BOG smart contract to manipulate the staking rewards and cause an inflation of supply—without the transaction fee being charged and burned—causing net inflation.”

Malicious actors have been known to use flash loans to borrow large amounts of funds so that they can artificially manipulate the price of a token, before returning the funds in the same transaction.

In the reports on the attack, the team claimed it was able to prevent the attacker from draining full liquidity by quickly turning off the transaction fee function.

Nevertheless, the attacker was able to get away with 11,358 Binance Coin (BNB), which equates to around $3 million of the $6 million available in the pool at the time of they attack. They did it all in only 45 seconds across 11 transactions.

Following the attack, the price of the BOG token collapsed from around $1.8 to almost zero ($0.0001).

The team said it removed all liquidity from the old contract and plans to migrate its contract to a new one to prevent a similar attack from happening in the future. The contract will be deployed to the following address. Meanwhile, the team has warned users of not purchasing the existing tokens. The team has also promised the newly deployed smart contract would burn off the extra supply of tokens artificially minted by the attacker. This would reinstate the supply of tokens before the attack.

Red Flags on Binance Smart Chain

With this, Bogged Finance joins a growing list of projects on BSC that have been exploited or suffered rug pulls.

On Thursday, Bunny Finance, a BSC yield aggregator, faced a similar flash loan attack that crashed the price of its native token by more than 96% and led to a loss of funds worth more than $45 million.

Other notable BSC projects that have suffered attacks this year include Uranium Finance, Spartan Protocol, Meerkat Finance, and bEarn. The attacks were collectively worth $122 million.

Exploits on BSC have increased in frequency as the total value locked (TVL) on the blockchain has grown to billions of dollars within the last six months.

Binance Smart Chain is an EVM-compatible chain that replicates many of the DeFi features found on Ethereum. It’s sometimes referred to as a “CeDeFi” network, meaning a centralized alternative to DeFi.

Soon after it was launched in Sep. 2020, BSC witnessed rapid growth and adoption. This was partly because of the low costs of trading and yield farming on the network relative to Ethereum, which is known for its exorbitant fees. However, after the recent spate of attacks, the blockchain is becoming better known for its high-risk ecosystem.

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Source: Cryptobriefing

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Bitcoin Price Prediction: BTC recovery toward $40,000 begins amidst mounting investor skepticism

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Bitcoin Price Prediction: BTC recovery toward $40,000 begins amidst mounting investor skepticism

Bitcoin approached $30,000 again after failing to confirm last week’s break above $40,000. The weekend session has been another bloodbath in the cryptocurrency market, sparking questions of how far the correction will go and if recovery is at all possible.

The flagship cryptocurrency plunged back to $30500 but sustained the position within the relatively sharp descending parallel channel. Its lower boundary has continued to play a key role in keeping the bears in check. However, the channel’s upper edge limits recovery action.

At the time of writing, BTC trades marginally above $35,000 amid a seemingly strong bullish swing toward $40,000. It is a priority for the bulls to make a real break above $35,000. This will shift the focus toward $40,000, which will likely trigger massive buy orders for the ultimate upswing to $50,000.

Bitcoin back to the drawing board

The four-hour chart brings to light the gradually improving technical picture. The narrative has been highlighted by the Relative Strength Index RSI), following a bounce from the oversold region. A confirmed movement above the midline would emphasize a solid bullish grip as the price lifts to $40,000.

According to the Moving Average Convergence Divergence (MACD), the bullish outlook is about to get stronger. This asset’s momentum indicator is slowly closing the gap heading to the mean line. Moreover, the MACD line could soon cross above the signal line, adding credibility to the uptrend.

BTC/USD four-hour chart

Bitcoin is dancing in the upper column of the descending channel. The middle boundary is crucial support must be defended to ascertain the developing uptrend.

Otherwise, Bitcoin is not out of the woods because investors could continue selling for profit at the slightest hint of market instability. Note that the support at $30,500 is also vital because if lost, Bitcoin may freefall toward $20,000.

Bitcoin intraday levels

Spot rate: $35,300

Trend: Bullish

Volatility: Low

Support: $3,500

Resistance: $39,000 and $43,000.

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Source: Coingape

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Ethereum Falls Below $2,000 Amid Latest Crypto Crash

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Ethereum Falls Below $2,000 Amid Latest Crypto Crash

The price of Ethereum is firmly less than half of its all-time high.

The price of Ethereum has fallen below $2,000 for the first time since April 7. The cryptocurrency’s price is now under half of Ethereum’s all-time high of $4,165 on May 12—just eleven days ago.

The market cap of Ethereum has halved accordingly, from highs of about half a trillion dollars on May 12 to current levels of about $230 million.

ETH

-15.17%$1,945.89

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ETH Price 

Ethereum has fallen about 18% in the past day and 45% in the past week. This is far more than Bitcoin, the largest cryptocurrency by market cap that is currently worth about $35,000; Bitcoin has fallen by about 5.5% in the past 24 hours and about 30% in the past week.

Ethereum’s latest dip follows a fortnight of tough news for the crypto market. Elon Musk kicked things off on May 12—the day of Ethereum’s all-time high—when he announced that Tesla would no longer accept Bitcoin, citing environmental concerns.

Ethereum uses the same energy-intensive proof-of-work mining mechanism as Bitcoin. However, it’s switching to an energy-efficient consensus algorithm called proof-of-stake later this year, which the Ethereum Foundation, the non-profit that maintains the network, promises will make Ethereum 99.5% more energy-efficient. 

More bad news came out of China this week. On Wednesday, three Chinese payment and banking firms warned that cryptocurrencies are highly speculative and harmful to a healthy society. On Friday, a government official added crypto mining to a list of sectors that ought to be monitored to ensure economic and social stability.

Much of the world’s cryptocurrency mining operations are housed in China, since miners take advantage of cheap electricity rates. Combined, the news has tanked the markets and sent the price of Ethereum into freefall.

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Source: Decrypt

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Rich Dad Poor Dad's Robert Kiyosaki Urges Crypto Investors to Buy the Dip, Says 'Stop Whining and Take Action'

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Rich Dad Poor Dad's Robert Kiyosaki Urges Crypto Investors to Buy the Dip, Says 'Stop Whining and Take Action'

Robert Kiyosaki, the best-selling author of “Rich Dad Poor Dad,” says now that bitcoin is “crashing,” it is a buying opportunity, especially for those who said that they could not afford it before. Alternatively, he said they can “Buy coins that outperform bitcoin for pennies,” reiterating that the Fed, Treasury, and Biden are the problems, not bitcoin or Elon Musk.

Robert Kiyosaki’s Bitcoin Advice

Famous author and investor Robert Kiyosaki has once again pushed for investors to buy bitcoin now that the price of the cryptocurrency has fallen sharply from its record highs. He sees the price “crash” as a buying opportunity.

Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. Over 32 million copies of the book have been sold in over 51 languages across more than 109 countries.

Kiyosaki tweeted last week:

I hear ‘I can’t afford bitcoin.’ Bitcoin is crashing, good news. Now is your chance. Get Educated. Buy coins that outperform bitcoin for pennies. Stop whining and take action.

This tweet followed another one of Kiyosaki’s pro-bitcoin tweets which was posted on May 14. The Rich Dad Poor Dad author wrote: “Bitcoin crashing. Good news. Getting ready to buy more.” He continued:

Remember the problem is not Elon Musk or bitcoin. The problems are the Fed, Treasury, and Biden. Gold, silver and bitcoin are the solutions.

Kiyosaki did not name any cryptocurrencies other than bitcoin in particular and there are thousands of coins to choose from. Investors need to do their own research thoroughly before investing. For example, people who got in early on dogecoin have reported making a substantial amount of money and recently the Shiba Inu coin has made some people millionaires. A Goldman Sachs executive has reportedly quit his job at the investment bank after making a fortune with dogecoin.

The renowned Rich Dad Poor Dad author further explained that the “Fed wants inflation to pay debt with cheaper $ [money]. Fed will raise interest rates causing stock, bond, real estate & gold crash. Biggest problem: Boomer retirement. Social Security Medicare & America broke. Fed to [print] more fake money. Stick with gold, silver, and bitcoin.”

Kiyosaki has been recommending bitcoin for quite some time as he believes that the dollar is dying. In April, he predicted that the price of BTC will be $1.2 million “in five more years.”

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Source: News bitcoin

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Elon Musk Says He Won't Sell Any Dogecoin — Admits He's the 'Ultimate Hodler'

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Elon Musk Says He Won't Sell Any Dogecoin — Admits He's the 'Ultimate Hodler'



Tesla CEO Elon Musk has confirmed that he has not sold any dogecoin and will not sell any as the price of the cryptocurrency continues to slide over the recent weeks. The “Dogefather” has been working with dogecoin devs “to improve system transaction efficiency” after Tesla suspended accepting bitcoin for payments, citing environmental concerns.

Elon Musk Will Not Sell His Dogecoins

Elon Musk confirmed this week that he has not sold any dogecoin and will not sell any. On Thursday, the Tesla CEO posted an image on Twitter with the question: “How much is that Doge in the window?”

Twitter user “Dave Lee” responded, “If you missed it this is the sticker on Elon Musk’s gaming laptop. Yes, that’s a dog on a dollar bill.” Musk replied with a clarification: “A longtime Tesla supporter gave me the Doge dollar sticker at Giga Berlin.”

Lee further tweeted: “To clarify, I don’t think Elon would ever sell any his Doge holdings. He’s the ultimate hodler.” The Technoking of Tesla confirmed:

Yeah, I haven’t and won’t sell any Doge.

It is not known how much dogecoin Musk actually owns other than his tweet on Feb. 10 that he “Bought some dogecoin for lil X, so he can be a toddler hodler.” People have speculated anything from him not owning any DOGE to him being a dogecoin whale. Bitcoin News reported on Friday that Musk could be the owner of a mystery dogecoin whale address currently holding 36.7 billion dogecoins. The price of DOGE is currently $0.3560.

Musk previously voiced some concerns about the meme cryptocurrency. “Too much concentration is the only real issue,” he said in February, adding, “I will literally pay actual $ if they [dogecoin whales] just void their accounts.”

Nonetheless, he has been all about dogecoin lately, calling himself the Dogefather on several occasions, including during his performance on Saturday Night Live (SNL) on May 8. Musk’s company Spacex also announced that the Doge-1 satellite will be launched to the moon next year. On May 11, Musk set up a poll on Twitter asking his followers if Tesla should accept dogecoin; 78.2% of voters said yes.

After announcing that Tesla has suspended accepting bitcoin for payments, Musk revealed he was “Working with Doge devs to improve system transaction efficiency.” On May 15, he tweeted: “Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.” His comments have drawn much scrutiny from the crypto community.

As for whether Tesla will sell its BTC stash, Mush tweeted that “Tesla has [diamond hands emojis]” and “Credit to our Master of Coin.” Both Musk and Tesla have confirmed that Tesla has not sold its bitcoins while Musk said that he himself has not sold his BTC.

Meanwhile, the environmental debate between Musk and the bitcoin community has escalated with a growing number of people trying to show Musk that he has been misinformed. For example, Ark Invest said that bitcoin mining could be a net positive for the environment while Shark Tank star Mark Cuban explained that accepting bitcoin actually benefits the environment.

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Source: News bitcoin

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Crypto is a Long-Running Ponzi Scheme, Says Nobel Prize Winner Paul Krugman

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Paul Krugman – Nobel Prize laureate – believes that crypto is a Ponzi scheme that can last for the next decades.

Prominent American economist Paul Krugman once again shared his negative stance towards cryptocurrencies. He compared a Ponzi scheme.

Taking Aim at Crypto

The most recent adverse price developments in the cryptocurrency market sparked many negative comments. Joining them was the Nobel Prize laureate – Paul Krugman.

In an interview for the New York Times, he described cryptocurrencies as a ”long-running Ponzi scheme.” He said that investing in digital assets is very similar to the infamous form of fraud from the last century that created the illusion of a sustainable business but, in the end, turned out to be a pyramid scheme.

However, he opined that this type of hoax would not disappear shortly soon, comparing it to Bernie Madoff’s notorious investment scam:

”But could a Ponzi scheme really go on for this long? Actually, yes: Bernie Madoff ran his scam for almost two decades and might have gone even longer if the financial crisis hadn’t intervened.”

Additionally, Krugman related cryptocurrencies to gold. He opined that some cryptocurrencies would be able to compete with the endurance of the precious metal:

”It’s conceivable that one or two cryptocurrencies will somehow achieve similar longevity.”

Furthermore, the Nobel Prize winner predicted that the American government might take severe measures against crypto just like they cracked down on gold in the 1930s.

Who Else Thinks The Same?

This is not the first time a prominent person refers to crypto as a ”Ponzi scheme”. Legacy market day trader Dave Portnoy, for example, shared the same opinion about Bitcoin last year. To him, the digital asset lacks accountability due to its anonymous founder.

His history with the primary cryptocurrency is quite controversial as first he revealed he is ”coming to Bitcoin” and reaffirmed that he purchased amounts from it. Shortly after, though, Portnoy claimed a loss of $25,000 and declared that he is out. In his turn, Portnoy explained the decision saying that Bitcoin is ”one big Ponzi scheme.” He further argued that ”you get in, and you just have to not be the one left holding the bag.”

He later admitted he was wrong about it.

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Source: Cryptopotato

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EXCLUSIVE Bitcoin (BTC) Bounces Back but Fails to Crack Resistance

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EXCLUSIVE Bitcoin (BTC) Bounces Back but Fails to Crack Resistance

Bitcoin (BTC) bounced to the upside on May 20, temporarily halting the historic correction of the previous day.

Despite the recovery, it has yet to clear a crucial horizontal resistance level or break out from a descending resistance line. Therefore, it has not yet confirmed a bullish reversal.

BTC bounces above support

BTC increased on May 20 after finding support the previous day. However, it was rejected by the 0.382 Fib retracement resistance at $41,200. This is only a minor resistance level. The most critical resistance for BTC to overcome is $48,170.

Despite the rejection, technical indicators have created the first bullish sign in the daily time frame. The RSI has moved above the 30-line, crawling out from oversold territory. However, both the MACD and Stochastic oscillator are still bearish. 

The primary support area is found at $30,000, a level which was reached on May 19.

Future BTC movement

The six-hour chart shows several more bullish signs.

Firstly, the candlestick patterns are bullish. There is a bullish engulfing candlestick (highlighted) that followed a bullish hammer (green icon). Furthermore, the MACD has given a bullish reversal sign. 

However, BTC has yet to break out above the descending resistance line that’s been in place since May 11. The line also coincides with the previously outlined $41,200 resistance area.

Until it reclaims these levels, the short-term trend cannot be considered bullish.

Wave count

The short-term wave count is not entirely clear since the move from the lows consists of three waves instead of five.

So, it’s either following a leading diagonal (black) or a complex corrective structure (white). Currently, it cannot be determined which is more likely.

In any case, the main support levels are found at $38,000 and $35,000.

If the move is a leading diagonal, BTC could bounce at the $38,000 level. If it’s a complex correction, BTC could potentially fall all the way to $35,000 before any further upwards movement.

For the longer-term count, click here.

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Crypto Twitter Mocks Elon Musk After He Tried To Bully Michael Saylor

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Elon Musk tried trolling Michael Saylor today but ended up being trolled himself. However, when it comes to moving the markets, he is the king of Crypto Twitter.

It seems that Elon Musk is not the nice guy in the neighborhood anymore. Instead, people could be getting tired of his tweets —or maybe the losses after the flash crash following his claims that Bitcoin was dangerous for the environment were the last straw for many cryptocurrency enthusiasts who are no longer afraid to criticize him.

Recently, Musk became the trolled troll of Crypto Twitter. Just moments after he tried to mock Michael Saylor, the CEO of Tesla received so much negativity that he quickly had to step back.

Elon Gets Rationed on Twitter

When Saylor disputed the veracity of an article about Bitcoin’s energy problems, Elon Musk promptly rushed to mock him, calling him “Gigachad.”

The reactions were so negative that he quickly deleted the tweet.

People say a tweet got rationed when the comments and interactions superseded the number of likes. Also, some considered it a bad signal when a tweet receives a lot of criticism on the replies because it means that either the tweet failed to accomplish its goals, or the author was so good at trolling that it triggered an entire community.

In the case of Elon’s comment, the first explanation seems to be the most accurate and justifies why he did damage control by deleting his tweet.

Elon Musk subsequently tried to share a meme questioning Saylor’s intelligence at doing business. Again, Crypto Twitter used the very same meme to mock him back repeatedly.

It seems that for now, Elon has the Dogecoin Army to back him up, but Michael Saylor has also an Army of bitcoiners willing to support him on Twitter as well.

You Don’t Like Him, But Prices Do

Even though he got trolled on Twitter, Elon Musk once again proved that he still moves the markets, no matter how much bitcoiners hate that idea.

After dubbing Dogecoin “a hustle” on national television and crashing its prices, the billionaire saved the cryptocurrency with his tweets shortly after. And as twisted as it sounds, he did the same thing today.

A few hours ago, the entrepreneur assured that he was not going to sell any Dogecoin just moments before he shared a picture of a dollar bill with a picture of a dog. He did not say anything specific, but many considered the tweet was implying the possibility of Dogecoin reaching 1$ soon.

The idea of Dogecoin at $1 has been floating around the minds of many fans and investors, and it is the new goal of the community after breaking past the 69 cents barrier.

But what is important to note is that Elon’s tweet, you guessed it, served to pump up the cryptocurrency about 20% in minutes.

A similar effect had a tweet he shared yesterday at the height of Bitcoin’s decline. After saying Tesla had diamond hands, Bitcoin stopped falling and recovered nearly 10%, moving from a low near $30k and back to the near $40k range again.

So perhaps, it is not a bad idea to keep an eye on Elon’s timeline —no matter how bad you want him to stop tweeting.

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Source: Cryptopotato

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Bitcoin's Black Wednesday: How Crypto Influencers Are Reacting

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Whatever way you look at it, the crypto market’s huge sell-off has got people talking.

Bitcoin

TESLA CEO ELON MUSK. IMAGE: SHUTTERSTOCK.

In brief

• Bitcoin has crashed—hard.
• This is what the big wigs, analysts, and investors have to say about it.

Ah, crypto Twitter. That magical place that can send your precious digital holdings to the moon—or down the pan. All it (usually) takes is an eccentric billionaire with entirely too much time on his hands to fire off less than 280 characters and… chaos. 

And right now, everyone’s holdings are down the pan. Bitcoin fell 30% in 24 hours and the entire crypto market has lost more than $500 billion. Ouch. 

BTC

-28.03%$39,461.16

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BTC Price 

So what do crypto Twitter’s big influencers have to say about this now? 

Well, it’s largely positive. But if you had more than just a bit of skin in the game and could potentially move markets with what you fire off on your iPhone, you’d probably be optimistic too.

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Musk Says Tesla’s “Diamond Hands” Will Help Market

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Despite today's cryptocurrency market crash, Tesla will not sell its Bitcoin holdings.

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Key Takeaways

• Tesla CEO Elon Musk tweeted that his firm has "diamond hands," implying that Tesla will not sell its Bitcoin holdings.
• Musk's statement comes in the wake of a cryptocurrency market crash that brought Bitcoin prices down to $30,400.
• Justin Sun of TRON and Michael Saylor of Microstrategy also announced their dedication to holding Bitcoin.

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Following today’s cryptocurrency market crash, Tesla CEO Elon Musk has tweeted that his firm has “diamond hands.”

Tesla Will Hold In Spite of Crash

Musk’s statement implies that Tesla intends to keep holding its $2.5 billion worth of Bitcoin despite the asset’s falling price.

Today’s drop was apparently motivated by China’s decision to restrict crypto payments. In just hours, Bitcoin fell to $30,400, a low point not seen since late January. Though prices have partially recovered to $38,000, the coin is still well below last week’s high of $50,000.

Musk’s tweet is relevant in light of the fact that earlier crashes have been blamed on his actions and comments.

On May 12, Musk announced that Tesla would suspend Bitcoin payments due to the coin’s high energy consumption. That news caused Bitcoin to crash from $57,000; prices continue to decline.

Additionally, Musk’s recent Saturday Night Live appearance failed to attract investors to cryptocurrency. Instead, the price of Dogecoin dropped by approximately 30% following a professional investor skit from Musk that seemingly disappointed investors.

Other Whale Investors Will Hold

Musk is not the only one to announce that he and his company are holding crypto assets in the midst of the market crash.

TRON CEO Justin Sun announced today that he has bought $289 million worth of BTC and ETH. Meanwhile, Microstrategy CEO Michael Saylor has tweeted that his business entities hold 110,000 BTC ($4.2 billion) and have not sold any of those holdings.

Those large investors could help cryptocurrency prices stay fairly high and combat any future price losses on the horizon.

Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.

Source : Crypto Briefing

Important Disclaimer: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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THERE’S ENOUGH BITCOIN FOR EVERYONE

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The divisibility of bitcoin is what allows it to be utilized by any amount of people in a myriad of use cases

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Bitcoin is unique in that when the last bitcoin is mined, around the year 2140, there will be approximately 20,999,999.9769, rounded off to 21 million, bitcoins in circulation. Also, by 2140, there’s going to be more people on the planet than there are right now (expectedly).

Here’s a question to ponder on: Are 21 million bitcoins enough for the human race?

THE BEAUTY OF DIVISIBILITY

The Bitcoin protocol can absorb huge amounts of capital through its transactions across digital borders. It is able to do this through one of its key characteristics: divisibility.

Divisibility is one of the properties of any form of money, commodity, fiat or cryptocurrency that makes something of use or value into exchangeable money. In order to exchange goods of varying values, money has to be broken down into smaller units so it can be accounted for. In order to adopt and encourage the practical usage and purchase of bitcoin as an everyday currency alternative, bitcoin divisibility is crucial. Just like a one dollar bill can be broken down into 100 pennies, bitcoin can also be divided into smaller units. As the value of one bitcoin has increased, it is reasonable to buy a fraction of the digital currency instead of an entire bitcoin all at once. Bitcoin is divided into units as small as 0.00000001 BTC, which makes bitcoin perfect for micropayments. The divisibility of bitcoin comes from the currency’s maximum supply and other factors, such as the block reward. The smallest fraction of a bitcoin, 0.00000001 BTC, or 1 satoshi, was named to honor its mysterious creator, Satoshi Nakamoto. A single bitcoin is made up of 100,000,000 units called “satoshis.” Bitcoin’s divisibility could be a factor that contributes to its adoption because it will facilitate a wide range of payments that will not be possible with traditional currencies and payment methods. Online monetization and international remittances services can benefit from this feature. Successful currencies are divisible into smaller units. In order for a single currency system to function as a medium of exchange across all types of goods and values within an economy, it must have the flexibility associated with this divisibility.

A further breakdown: 21 million bitcoins is vastly smaller than the circulation of most fiat currencies in the world. Fortunately, bitcoin is divisible by up to eight decimal points. This allows for quadrillions of individual units of satoshis to be distributed throughout a global economy.

This is why bitcoin has a much larger degree of divisibility than the U.S. dollar, as well as many other fiat currencies.

For example, whilst the U.S. dollar can be divided into 1/100 of one USD, one Satoshi is 1/100,000,000 of one BTC. It is this extreme divisibility which makes bitcoin’s scarcity possible. If bitcoin continues to gain in price over time, users with tiny fractions of a single bitcoin can take part in everyday transactions. In contrast, without any divisibility, a price of $1,000,000 for one BTC would prevent the currency being used for most transactions.

Traditional cross-border payment solutions usually require a minimum amount and generate a fee, making micropayments unfeasible; however, micro cross-border payments are possible with bitcoin and more use cases will continue to appear as it evolves.

EVERYBODY EATS

There are over two trillion galaxies with over one hundred billion stars in each. Such large numbers exist in the physical world but are difficult to understand. If my math is correct, 21,000,000 bitcoins can be broken down into over two quadrillion satoshis, which is an insane number that I find difficult to even wrap my head around. You may be put off by the current price of bitcoin. A friendly reminder that you don’t need to buy a whole coin to join in on the future.

KEEP STACKING SATS PLEBS!

There is enough room to split bitcoin to get it into the hands of those who really need it the most. Have a great day!

This is a guest post by Paul Opoku. Opinions expressed are entirely their own and do not necessarily reflect that of OGL Echange.

Source: Bitcoin Magazine

Disclaimer: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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If Bitcoin Was Dependent on the Likes of Elon Musk – it Would Have Failed (Opinion)

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Bitcoin was here before Elon Musk and Tesla got involved and before many other institutional players. And it doesn’t exactly need them.

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The past week was quite the rollercoaster in the cryptocurrency market – both in terms of price and sentiment.

And by sentiment, I mean the community’s affection to one of the most influential, popular, and rich people on the planet. Of course, I’m talking about Tesla’s CEO – Elon Musk.

Before I go in details with my opinion as to why I believe Bitcoin doesn’t need him (or anyone else of his kin, for that matter) and if it does – it means it failed, I’m going to give a short outline on what happened that caused bitcoin’s price to drop so sharply in the past few days.

What the Hell Happened?

Elon Musk’s relationship with Bitcoin is one that went through quite a few phases. It’s important to differentiate, though – as he himself stated, he draws a line between specific assets and crypto in general.

Without going too much back in time, let’s see what happened in 2021. In January, he put Bitcoin as the only word in his Twitter bio.

 

It was also around that time when he said that he doesn’t mind getting paid in the primary cryptocurrency.

In February, he continued showing his positivity on Bitcoin.

“I was a little slow on the uptake… I do think at this point that bitcoin is a good thing.” – He said, adding that he’s a supporter.

It’s worth noting that, back then, the overwhelming majority of people were highly enthusiastic that one of the brightest minds of our generation has jumped on the bitcoin bandwagon.

Right around that time, Tesla, the company that Musk spearheads, announced a whopping $1.5 billion BTC buy, sending the price to a new all-time high and becoming the stepping stone for what would later become an even more impressive surge.

At the time, though, Musk threw one comment which raised a few eyebrows. It came as a response to a Bloomberg interview of Changpeng Zhao – the CEO of Binance.

“Tesla’s action is not directly reflective of my opinion. Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company.” 

It’s also worth noting that during all this time, Musk has been heavily pushing Dogecoin (DOGE) – a meme-inspired cryptocurrency with little to no development activity in the past few years, which was admittedly created as a joke.

Nevertheless, a month after its bitcoin buy, Tesla also announced that the company will accept bitcoin payments for its vehicles, sending the price yet in another considerable advance.

Everything was going great for crypto proponents, and not many were those who were concerned with Musk’s involvement in the field – on the opposite, many called for other companies that will follow Tesla’s example and add BTC to their balance sheets.

The U-Turn

In retrospect, it may have been inevitable. See what I did there? Of course, not many were those who were expecting a complete u-turn of the kind, though going back through the history of events could have hinted that we had this coming.

A few days ago, on May 12th, Tesla announced that it had stopped accepting bitcoin as payment for its products. The company cited environmental concerns with the mining process, and Musk was very quick to support it.

Quickly enough, the Bitcoin community reacted in a somewhat expected yet (in my opinion) unfortunate way. Proponents started calling Musk a hypocrite for creating government-subsidized vehicles while using fossil fuels to send his rockets to outer space.

While he didn’t really bat an eye for a few days, it seems that people got under his skin. The tipping point came on May 16th when Musk responded to a question pinning Bitcoin and Dogecoin against each other. He said that if DOGE manages to “speed up block time 10x, increase block size 10x & drops fee 100x – then it wins hands down.”

This fired up the community even more. Following up were a few comments on Peter McCormack’s Twitter thread that he saw as “obnoxious” and making him “want to go all-in on Doge.”

Furthermore, Musk said that “Bitcoin is actually highly centralized, with supermajority controlled by a handful of big mining (aka hashing) companies.” His irritation was evident in one more of the answers under the same thread:

Things Escalated Quickly

At this point, it was becoming pretty evident that Musk’s tweets have a direct impact on bitcoin’s price, which was bleeding at the time.

Many shared the opinion that bitcoin proponents shouldn’t piss off Elon Musk because of price implications. And, to clarify, I do not share this belief – if Musk is spreading false information or, at the very least, highly questionable facts without serious research, he should be called out for it, irrespective of what it does to bitcoin’s price. But more on that later.

Musk also went so far as to agree with an account that many in the community consider to be a scammer.

He later confirmed that Tesla hadn’t sold any bitcoins.

Down to the Issue

Bitcoin doesn’t need to rely on Elon Musk anymore, so that it needs any other billionaire endorsing it. Bitcoin was here long before Musk started getting involved publicly in cryptocurrency and long before Tesla accepted it for payments and put it on its balance sheet.

Bitcoin was here before Michael Saylor started endorsing it and before MicroStrategy bought almost 100K of it.

Bitcoin was here before Paul Tudor Jones invested in it and before Anthony Scaramucci started shilling it.

Bitcoin went through massive challenges in the face of a few hard forks, and the market consensus is as definitive as it gets. Despite the recent drop in bitcoin’s dominance, it’s still worth 40% of the entire cryptocurrency market.

But we’re in a bull market. In a bull market, people tend to forget about fundamentals and fixate on price. This led to the glorification of individuals who’ve done little to nothing to push bitcoin forward (don’t read everyone from the abovementioned, I don’t necessarily mean any of them).

Catering to the whims of a single person or company is just as bad as being centralized. Bitcoin is sound money that users can take full custody of and still be easily portable and verifiably scarce. And it surely doesn’t need billionaires endorsing it. Remember – people change their minds, and Musk is the perfect example.

Whether he knew of bitcoin’s “mining issues” in advance or not is absolutely irrelevant – the fact is that he has a serious platform to voice his opinions, and his opinions move markets, and more importantly – they influence people.

I may not necessarily agree with everything McCormack said and the tone he used (though amusing, I can also see how it can be taken as an offense), but he’s 100% right about one thing – Elon Musk is deleting hard work without putting in the research.

The Other Issue

Every single post that Musk puts on Twitter is absolutely swarmed by crypto-related comments. This shows the state of affairs at the moment – the market is saturated with people who fixate on one thing only – “when moon?”

The response to Musk’s bitcoin comments was also completely shocking for me. The toxicity coming from some of the most popular BTC proponents was downright baffling to me.

If I know one thing about disputes, it’s that using ad hominem arguments means you lose.

 

*The above is the sole opinion of the writer. Featured image courtesy of Financial Times

Source:Crypto Potato

DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Famous analyst calls $43K Bitcoin price 'logical'

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Famous analyst calls $43K Bitcoin price 'logical'

Current BTC price action is no surprise given recent support and resistance focuses, says Bollinger bands creator John Bollinger.

Bitcoin (BTC) may have lost 35% since its all-time highs of $64,500, but its current price is actually “logical.”

That’s according to veteran analyst John Bollinger, creator of the Bollinger bands trading indicator.

Bollinger: Current price action "can tell a lot"

In a tweet on May 18, Bollinger, who is well known as a source of Bitcoin analysis despite decades in the market, called for calm following fresh volatility.

“~43,000 is what we call a logical level for $BTCUSD. It is defined by the January peak and the March trough,” he explained.

“Price action at logical levels can tell the smart trader/analyst who is paying attention a lot.”

Bollinger referred to Bitcoin’s previous all-time high at around $42,000, which is also a level at which it bounced in early March during another retracement.

As Cointelegraph also reported on Tuesday, the focal level is something of a natural support line in the sand — it represents the average 35% correction from a high that Bitcoin has seen throughout its history. Even for more bearish voices, the significance of the $42,000 cannot be discounted. Among them was CNBC regular Carter Worth, who has predicted that a further downward move for BTC/USD could send the pair as low as $29,000. No bears to see here Meanwhile, the Bollinger bands indicator itself continues to track BTC/USD with precision. Its constricting and widening bands have successfully called episodes of price volatility up and down, including the past week’s moves. The bands are fixed around a 20-day simple moving average using a single standard deviation. Bollinger himself has also had his moments of Bitcoin price clairvoyance. With the exception of trader concerns over China adding to selling pressure, Bitcoin is broadly in a resilient mood — and multiple other indicators and analysts alike remain bullish on the future. "Bitcoin still on track as always. We could see an incredibly bullish month or 2 ahead," Danny Scott, CEO of exchange CoinCorner, added on Tuesday, comparing 2021 to previous bull cycles.

As Cointelegraph also reported on Tuesday, the focal level is something of a natural support line in the sand — it represents the average 35% correction from a high that Bitcoin has seen throughout its history.

Even for more bearish voices, the significance of the $42,000 cannot be discounted. Among them was CNBC regular Carter Worth, who has predicted that a further downward move for BTC/USD could send the pair as low as $29,000.

No bears to see here

Meanwhile, the Bollinger bands indicator itself continues to track BTC/USD with precision. Its constricting and widening bands have successfully called episodes of price volatility up and down, including the past week’s moves. The bands are fixed around a 20-day simple moving average using a single standard deviation.

Bollinger himself has also had his moments of Bitcoin price clairvoyance.

With the exception of trader concerns over China adding to selling pressure, Bitcoin is broadly in a resilient mood — and multiple other indicators and analysts alike remain bullish on the future.

"Bitcoin still on track as always. We could see an incredibly bullish month or 2 ahead," Danny Scott, CEO of exchange CoinCorner, added on Tuesday, comparing 2021 to previous bull cycles.

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Source: Cointelegraph

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Crypto Exchanges See Fastest Bitcoin Inflows Since ‘Black Thursday’ in March 2020

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Inflows are mainly concentrated on the retail-focused Binance, while institutions continue to hold.

Bitcoin inflows to cryptocurrency exchanges surged on Monday by the most in 15 months, blockchain data shows, in what might be a sign of more retail traders looking to liquidate their holdings in a falling market.

Crypto exchanges registered a net inflow of 30,749.89 BTC on Monday, according to the data provider Glassnode. That was the biggest single-day tally since March 12, 2020, when the bitcoin price tanked by 40% amid coronavirus-induced panic selling in the global financial markets – earning the date the moniker of “Black Thursday.”

Investors typically transfer bitcoins to exchanges when they want to liquidate their holdings. On Black Thursday, for example, exchanges witnessed a net influx of over 40,000 BTC.

Bitcoin fell to $42,102 on Monday, extending the preceding week’s 20% decline and hitting the lowest level since Feb. 8, according to CoinDesk 20 data. The sell-off gathered steam over the weekend with some Twitter users suggesting that the U.S. electric car maker Tesla may be selling its bitcoin holdings.

Tesla CEO Elon Musk clarified early Monday that the company has not sold any coins. So far, however, Musk’s declaration has failed to lift the cryptocurrency beyond $45,000.

Bitcoin daily net exchange flows.

Source: Glassnode

While net inflows spiked on Monday, the majority of the action was concentrated mainly on Binance, a preferred venue for retail investors, as per Glassnode. Meanwhile, the U.S. exchange Coinbase continued to register bitcoin outflows, potentially indicating persistent demand from institutional investors looking to buy the price dip.

“Coinbase has seen almost entirely net outflows of BTC since breaking last cycles $20,000 all-time high, a trend that has continued this week,” Glassnode said in the weekly newsletter published on Monday. “Coinbase is the preferred venue for U.S. institutional accumulation, and given the scale of typical daily withdrawals (10,000 to 20,000 per day), it suggests that larger buyers remain in active accumulation during this correction.”

While Binance received more than 80% (or 26,000 BTC) of the total net inflow of 30,749.89 BTC on Monday, the U.S.-based Coinbase registered a net outflow of 146 BTC.

The two exchanges have seen diverging trends in net flows in recent weeks. The balance held on Coinbase has declined by 34,408 BTC since April 19. Meanwhile, the amount held on Binance has increased by 95,397 during the four weeks.

The magnitude of the net bitcoin flows on Binance has picked up sharply in recent months in a sign of “volatility in Binance user macro sentiment,” as noted by Glassnode.

“This provides further indication that the recent inflows are likely to be driven by both new market entrants (panic sellers) and potentially due to capital rotation into other crypto assets,” Glassnode’s weekly newsletter said. For example, some investors could be transferring bitcoin to Binance to snap up alternative cryptocurrencies.

That said, inflows do not imply immediate liquidation, just traders getting into position to make a quick sale, and it’s hard to gauge how many of the coins were already liquidated, partly due to limitations on the data.

There’s also the possibility that some of those traders may hold out for higher bitcoin prices.

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Source: Coindesk

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Central Bank of China Bans Crypto Trading For Institutions and Businesses

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Three associates of the People’s Bank of China (PBOC), the Chinese central bank has issued a document prohibiting institutions and businesses from engaging in any form of virtual currency transactions. The latest set of regulatory paperwork ban payment service providers and financial institutions from offering any form of service involving cryptocurrency transactions. The three associate bodies that issued the document include the National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China.

The official document read,

“Recently, crypto currency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property and disrupting the normal economic and financial order,”

The issued document highlighted that virtual currency trading is banned in the country and is not protected by law. The warning comes at a time of the growing popularity of altcoins in the country and rising investment interest.

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Source: Coingape

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Tether to Launch on High-Speed Avalanche Blockchain

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The world’s highest market cap stablecoin, Tether (USDT), has announced that it will be available on the Avalanche network.

In a tweet on May 17, Tether revealed its latest initiative to expand beyond Ethereum to add a ninth network option for traders to use. The launch is expected to occur in mid-June according to CTO Paolo Ardoino.

Escalating Ethereum network fees are likely to perpetuate this trend. Avalanche was chosen because it has support for Ethereum Virtual Machine (EVM). This allows DeFi protocols to easily migrate and also take advantage of faster transactions and lower fees. Tether already has an EVM-compatible system making it a good candidate for Avalanche.

The announcement elaborated:

“Avalanche has emerged as a hub in the nascent space of decentralized finance (DeFi). Avalanche is compatible with Solidity, a high-level object-oriented programming language, primarily used on Ethereum. This enables Ethereum developers to quickly build decentralized apps (DApps).”

State of the stablecoins

At the time of press, the total supply of Tether was close to an all-time high of 58.5 billion according to the Tether transparency report. Since the beginning of 2021, the USDT supply has surged by 178% from 21 billion on Jan. 1 to current levels and it still dominates the stablecoin market.

Of that total, around 27 billion (46%) is based on Ethereum. This total has been dwindling steadily over the past six months, however, as gas fees escalate.

There is now more USDT on the TRC-20 TRON network than there is on Ethereum with 31 billion, or just over 52% of the entire supply. Around 1.3 billion is on Omni and the rest is spread thinly over EOS, Liquid, Algorand, Solana, and the Bitcoin Cash Simple Ledger Protocol (SLP).

Tether’s closest competitor for stablecoin supremacy is Circle’s USD Coin (USDC), of which there is 16.8 billion in circulation according to CoinGecko. USDC has seen even bigger growth this year with a 330% increase since the beginning of 2021.

Binance USD (BUSD) is the third-largest stablecoin on the market with a capitalization of 8 billion, followed by the decentralized DAI at 4.7 billion.

AVAX price reaction

Avalanche’s native token (AVAX) reacted strongly to the announcement with a 9% gain on the day to reach $37.53 at the time of press according to CoinGecko.

AVAX has made around 10% over the past month and has not been so rattled by the big marketwide correction. However, it’s still down from its all-time high of $59.40 on Feb. 10, 2021.

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Source: Beincrypto

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Moneygram Lets Customers Buy and Sell Bitcoin With Cash at 12,000 Locations

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Moneygram will start letting customers buy and sell bitcoin at 12,000 locations, thanks to a partnership with Coinme. The collaboration “will bring bitcoin to thousands of new point-of-sale locations in the U.S. with plans to expand to select international markets in the second half of 2021,” the companies say.

Bitcoin at Moneygram Locations

Moneygram International Inc. and Coinme, a licensed crypto-to-cash exchange in the U.S., announced Wednesday the “launch of a new partnership to enable the cash funding and payout of digital currency purchases and sales.”

A global leader in cross-border P2P payments and money transfers, Moneygram serves nearly 150 million people across the globe over the last five years. Coinme is a crypto exchange and ATM operator that currently powers over 20,000 physical locations to buy and sell bitcoin using cash through partnerships with Coinstar and Moneygram.

The collaboration “will bring bitcoin to thousands of new point-of-sale locations in the U.S., with plans to expand to select international markets in the second half of 2021,” the companies detailed. The new service will create “global cash on and off-ramps” to “ensure access to bitcoin.”

According to the announcement:

The Moneygram and Coinme integration will provide a fast and easy way for customers to purchase bitcoin with cash and withdraw bitcoin holdings in cash.

Initially, the service will be available at select Moneygram locations in the U.S. in the coming weeks. However, the companies plan to add more countries and cryptocurrencies shortly thereafter. According to Coinme’s website, the service is “available at 12,000 Moneygram locations.”

The companies noted that the new service “is specially designed for customers who may be interested in utilizing bitcoin for the first time.”

Alex Holmes, Moneygram’s CEO, opined:

This innovative partnership opens our business to an entirely new customer segment as we are the first to pioneer a crypto-to-cash model by building a bridge with Coinme to connect bitcoin to local fiat currency.

Source: Bitcoin News

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Shiba Inu Crypto Investors Turn Multimillionaires After Almost Jobless, Relying on Stimulus Checks

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Two brothers have shared the story of how they became millionaires after investing in Shiba Inu, the cryptocurrency nicknamed “dogecoin killer,” for just under two months. Before the investment, the covid-19 pandemic almost killed their business, and the government’s stimulus checks did not last long.

Shiba Inu Crypto Investors Become Millionaires

Two brothers from Westchester, New York, have shared their story of how they went from nearly jobless, and relying on the government’s stimulus checks, to becoming multimillionaires by investing in cryptocurrency, CNN reported Friday.

Tommy, 38, and James, 42, put $200 each into Shiba Inu (SHIB), the ERC-20 token nicknamed “dogecoin killer,” in late February. One Shiba Inu coin was worth a fraction of a cent at the time but one of their friends, whom they called “a crypto expert,” told them that the coin could be a big moneymaker. In just two months, the brothers became millionaires.

Before investing, Tommy said:

I kind of thought about bitcoin — that was once a fraction of a penny and now it’s tens of thousands of dollars, and this happens to people, it’s possible. I trusted my friend and I figured if it went to zero, that’s OK. I thought of it as a lotto ticket that wouldn’t expire.

The brothers also presented their investment idea to their mom, dad, sister, and a few other family members.

“My mother and sister were skeptical but they each put in $100, too. After a few weeks when it was up about 300% they put another $100 in each, and then it kept going up,” Tommy recalled. He added that in total they invested about $7,900 altogether and as of Thursday, their investment was worth almost $9 million.

Prior to the coronavirus pandemic, the brothers made a living by filming weddings. However, the Covid-19 outbreak nearly shuttered their business. Instead of booking 30-40 weddings that year, James said they only did eight weddings.

Tommy explained:

We kind of fell through the cracks. The government stimulus checks weren’t enough to sustain us. I’m a positive person but it was really tough, and not knowing the future was kind of scary.

Their Shiba Inu crypto investment, however, kept rising. After it shot up to $100K, it kept climbing, Tommy described, elaborating:

We woke up the next morning and it doubled. We were like, ‘Oh my god.’ Then it went up to $700,000 and I told my brother it’s going to hit a million. I kept refreshing my phone.

The next day, their investment hit a million dollars. “The day it hit a million — my mom and sister, they didn’t think it was real,” he recalled.

Bitcoin News recently reported on a few other people becoming millionaires by investing in cryptocurrency. In April, a dogecoin investor became a millionaire after investing in DOGE for two months. He got into the meme cryptocurrency after being inspired by Tesla CEO Elon Musk. Last week, a Goldman Sachs executive reportedly left the investment bank after making millions of dollars in dogecoin.

Source: Bitcoin News

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Banking system consumes two times more energy than Bitcoin: research

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According to Galaxy’s estimates, the annual energy usage of Bitcoin stands at 114 TWh, while the banking industry consumes over 260 TWh each year.

Amid the ongoing concerns over Bitcoin's (BTC) energy consumption, a new study states that the traditional banking system consumes much more energy than the Bitcoin network.

Michael Novogratz’s cryptocurrency firm Galaxy Digital released a report Friday titled “On Bitcoin’s Energy Consumption: A Quantitative Approach to a Subjective Question,” providing open-source access to its methodology and calculations.

Compiled by Galaxy’s mining arm, the study estimates Bitcoin’s annual electricity consumption to stand at 113.89 TWh, including energy for miner demand, miner power consumption, pool power consumption, and node power consumption. This amount is at least two times lower than the total energy consumed by the banking system as well as the gold industry on an annual basis, according to Galaxy’s estimations.

While Bitcoin’s energy consumption is transparent and easy to track in real time using tools like Cambridge Bitcoin Electricity Consumption Index, the evaluation of energy usage of the gold industry and the traditional financial system is not that straightforward, Galaxy Digital Mining stated.

“The banking industry does not directly report electricity consumption data,” the report says, adding that the retail and commercial banking system requires multiple settlement layers, while Bitcoin offers final settlement. Given Galaxy’s estimations of power usage by banking data centers, bank branches, ATMs, and card network’s data centers, the total annual energy consumption of the banking system is estimated to be 263.72 TWh globally. 

In order to calculate the energy consumption of the gold industry, Galaxy Digital Mining implemented estimates for the industry’s total greenhouse gases emissions provided in the World’s Gold Council’s report titled “Gold and climate change: Current and future impacts.” As estimated in the study, the gold industry utilizes roughly 240.61 TWh per year. “These estimates may exclude key sources of energy use and emissions that are second order effects of the gold industry like the energy and carbon intensity of the tires used in gold mines,” Galaxy noted.

Galaxy Digital’s analysis on Bitcoin’s energy consumption comes amid a major crypto market crash that follows Tesla CEO Elon Musk’s decision to stop accepting BTC as payment for car purchases due to environmental concerns. “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment,” the CEO wrote on Twitter last week.

Musk’s move spurred wide-scale criticism from the crypto community, with some stating that SpaceX would have to switch it rockets to “more sustainable energy” in order to not “look like a clueless big hypocrite.”

Crypto markets shed over $500 billion after Musk took to Twitter with his announcement, with Bitcoin today slipping below $43,000 for the first time since early February. The exec apparently brought more stress to the market by hinting that Tesla has plans to dump Bitcoin from its balance sheet soon.

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Source: Cointelegraph

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Bitcoin Drops After Musk Suggests Tesla May Sell Holdings, Says It Hasn’t Yet

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Elon Musk cannot stop talking about bitcoin and doge.

UPDATE (09:05 UTC, May 17 2021): Elon Musk confirmed that Tesla has not sold its bitcoin holdings some 10 hours after this story was published. He tweeted: “To clarify speculation, Tesla has not sold any Bitcoin.”

Bitcoin took an 3.7% drop to near $45,100 Sunday afternoon EST after Tesla CEO Elon Musk did not outright deny that his electric-car company has sold or could soon sell all of its more than $1 billion holdings of bitcoin (BTC, -8.25%) because of the criticism he’s received after suspending the world’s largest cryptocurrency as a form of payment.

"Indeed," Musk tweeted at 2:48 p.m. EST in a response to a tweet by Twitter handle @CryptoWhale, which said that "Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings."

Bitcoin's price dropped immediately after the tweet, to near $45,100 and eventually sank to as low as $44,459.02 before recovering.

BTC/USD trading pair on Coinbase.

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Square CEO Says 'Bitcoin Changes Everything for the Better'

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Square CEO Says 'Bitcoin Changes Everything for the Better'

The CEO of Square Inc. says that “bitcoin changes everything for the better.” His comment followed one from Square’s CFO reaffirming the company’s corporate bitcoin strategy. The CEO also made a commitment to “forever work to make bitcoin better.” Meanwhile, Square and Ark Invest have published a report arguing “for bitcoin as a key driver of renewable energy’s future.”

‘Bitcoin Changes Everything for the Better’

Following a comment from Square’s chief financial officer, Amrita Ahuja, stating that the company has not changed its bitcoin strategy, CEO Jack Dorsey tweeted Friday: “Bitcoin changes ‘everything’ … for the better. And we will forever work to make bitcoin better.”

Dorsey’s statement followed CFO Ahuja’s tweet that says: “Our bitcoin strategy hasn’t changed. We’re deeply committed to this community, including working towards a greener future through our Bitcoin Clean Energy initiative.” She emphasized that “as shared in February, Square continues to access its bitcoin investment strategy on an ongoing basis.”

Dorsey then participated in a discussion thread that started with a tweet stating: “Neither Jack, nor Elon, nor anyone else can change Bitcoin. Bitcoin will change Jack, Elon and everyone else.” Another Twitter user asked about institutions, questioning: “Is that the threat that we all are concerned about?”

Dorsey responded by saying:

No single person (or institution) will be able to change it, or stop it.

This week, Tesla CEO Elon Musk announced that his electric car company has suspended accepting bitcoin for payments. The company cited environmental issues, stating, “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.” The price of bitcoin took a hit following Musk’s comment.

In April, Square and Ark Invest authored a white paper “to argue for bitcoin as a key driver of renewable energy’s future,” Square explained.

In the report, Ark wrote: “With real-world data, we (Ark Invest) demonstrate that bitcoin mining could encourage investment in solar systems (solar grid + batteries), enabling renewables to generate a higher percentage of grid power with potentially no change in the cost of electricity.”

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Bitcoin Price Hit 11-Week Low: BTC Retesting The Lowest Weekly Close Since February

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Last Updated May 16, 2021 @ 08:10

Bitcoin prices have fallen to their lowest levels since the end of February as momentum wanes and the bears start rousing from their six-month hibernation.

In early Sunday trading, BTC prices had fallen to their lowest levels for over 11 weeks, hitting $46,700 before a minor recovery.

The last time Bitcoin dropped to these levels was at the end of February during the second major correction of this ongoing rally. A rebound off that bottom sent prices above $60K for the first time in the two weeks that followed.

Later today, Bitcoin is going to close another weekly candle. In case the candle closes at those levels, this will become the worst weekly close since February 22nd, when BTC ended the week at $45,240, according to Bitstamp. Two weeks ago the weekly candle closed at $49,200, which the current lowest week close since February.

Second ‘Lower Low’ For Bitcoin

This time around, things feel slightly different and the bearish sentiment is returning to crypto-asset markets. Since its all-time high of $65K on April 14, Bitcoin has made a lower high and has now formed a second lower low on the daily chart, which is indicative of a larger downtrend developing.

Analyst ‘CryptoFibonacci’ has been eyeing the weekly chart which also suggests the bulls could be running out of steam.

 The move appears to have been driven by Elon Musk again with a tweet about Bitcoin’s energy consumption on May 13. Bitcoin’s fear and greed index has dropped to 20 – ‘extreme fear’ – its lowest level since the March 2020 market crash. At the time of press, BTC was trading at just under $48,000, down 4% over the past 24 hours.

Market Cap Shrinks by $150B

As usual, the move has initiated a selloff for the majority of other cryptocurrencies resulting in around $150 billion exiting the markets over the past day or so.

The total market cap has declined to $2.3 trillion after an all-time high of $2.5 trillion on May 12. Things are still high on the long term view but losses could accelerate rapidly if the bearish sentiment increases.

Not all crypto assets are correcting this weekend, and some have been building on recent gains to push even higher – although they are few in number.

Those weekend warriors include Cardano which has added 4.8% on the day to trade at $2.27 according to Coingecko. ADA hit an all-time high on Saturday, May 15 reaching $2.36, a gain of 54% over the past 30 days.

Ripple’s XRP is also seeing a resurgence with a 13% pump on the day to flip Cardano for the fourth spot. XRP is currently trading at $1.58 with a market cap of $73 billion. The only other two cryptocurrencies in the green at the time of writing are Stellar and Solana, gaining 3.7% and 12% respectively.

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Hungary to Cut Tax on Crypto Profits in Half, Down to 15%

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The government in Budapest has put forward measures aimed at streamlining taxation and reducing the tax burden on businesses and citizens. As part of the package, Hungary plans to cut the tax levied on capital gains from cryptocurrency transactions, expecting to increase budget revenue with the move.

Tax Cut to Attract Cryptocurrency Traders to Hungary

Hungarians now pay 30.5% on profits made from cryptocurrency transactions, but their government wants to reduce the tax rate to 15%. The primary goal is to minimize tax evasion, but the lower tax rate could also attract more crypto traders and investors to country. The Hungarian government believes this will generate “several billion forints” in additional budget receipts.

The crypto tax cut was announced in a video address posted by Hungary’s Finance Minister Mihály Varga on Facebook, along with other steps to kick start the country’s economy following the Covid-19 crisis. The measures will soon be proposed to Hungarian lawmakers. If the new legislation is approved by the parliament, the changes will take effect in 2022.

Varga also revealed that the government wants to reduce the payroll tax to 15% from next July, Daily News Hungary reported. It currently stands at 15.5% but employers are also obliged to contribute a fixed share of payroll, 1.5%, to a training fund. The vocational training contribution will be added to the payroll tax, the minister explained, and then the rate will be dropped by two percentage points. The adjustment should save businesses 250 billion forints annually (around €698 million).

The new tax policies could also affect 70,000 sole proprietors in Hungary as the legislation would make it easier for them to opt for flat-rate or lump-sum tax forms. Under the new eligibility thresholds – ten times the annual minimum wage (50 times for retail activities) – they will get an exemption from their personal income tax of up to a half of the minimum wage.

Another important proposal is to do away with the sectoral tax that capital fund managers and stock exchanges are required to pay now. Starting from next year, the tax cut is expected to support market participants who are actively involved in the efforts to relaunch the Hungarian economy after the pandemic. Another step aiming to reduce overhead costs is to allow energy suppliers to deduct losses from their pre-tax profit for the next five tax years.

Source:  Bitcoin News

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IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Former Finance Secretary Urges Indian Government to Encourage Crypto Services, Regulate Cryptocurrencies

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Former Finance Secretary Subhash Chandra Garg, who headed the committee that drafted India’s cryptocurrency bill, says that the government should not ban cryptocurrencies but regulate them instead. He further urges the government to encourage crypto services.

Indian Government Should Regulate Cryptocurrencies and Encourage Crypto Asset Services

Subhash Chandra Garg said Thursday at a virtual event organized by industry body Assocham that the Indian government should regulate cryptocurrencies instead of prohibiting them, PTI reported.

He elaborated:

I don’t think we still have full clarity and understanding about how to regulate cryptocurrencies … Regulate, control cryptocurrencies but allow the crypto assets, encourage the crypto services.

Garg, who resigned from his government position in July 2019, headed the interministerial committee (IMC) that drafted the cryptocurrency bill entitled “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019.”

However, Garg said early this year that when he drafted the crypto bill, cryptocurrencies were competing with India’s national currency and crypto assets were not prominent at the time. Now, he believes that crypto assets should not be banned.

The Indian government had planned to introduce the crypto bill in the Budget session of parliament which already ended and no bill was introduced. The Indian finance minister and the Minister of State have answered some questions about the crypto bill. However, the government has not announced a new plan of when the bill will be introduced.

Source:Bitcoin News

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Binance Faces Investigations By U.S. Justice Department And IRS

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Binance Holdings Ltd. is reportedly under investigation by the United State Justice Department, as well as the Internal Revenue Service. Binance currently stands as the crypto industry’s largest exchange in operation, with some $79 billion in daily trade volume across 1228 markets.

According to a report first released by Bloomberg, the two U.S. government agencies have sent officials to inquire and gather information from individuals with insight into Binance’s business. The probe is part of a larger crackdown on “illicit activity” in a largely unregulated market such as the crypto industry. Officials sent by the Justice Department and the IRS were agents investigating money laundering and tax offenses, according to Bloomberg’s sources.

Earlier in March, the U.S. Commodity Futures Trading Commission (CFTC) has also disclosed that it has ongoing investigations on whether Binance allowed U.S. citizens to do illegal trades.

Binance, the world’s largest crypto exchange, was established in 2017 by Changpeng Zhao, nicknamed CZ. According to data from Forbes, Zhao currently has a net worth of over $1.9 billion. As outgoing CEO of the crypto exchange firm, Zhao has grown Binance into its top spot, which the firm claims to have about 25% market share. The Chinese-Canadian technologist and entrepreneur currently ranks as #1664 in Forbes’ billionaire rankings list.

The crypto and blockchain industry has grown exponentially over the past decade, ever since the inception of Bitcoin in 2009 after the historical whitepaper released by Satoshi Nakamoto, its inventor and creator. Throughout its decade-long development, regulatory oversight over crypto and blockchain has become a matter of intense disagreement.

While certain projects openly move for institutional adoption, the technology itself has led to the development of digital currencies (CBDCs) backed by centralized banks and governments. Moreover, offshoot movements from within the crypto and blockchain community such as decentralized finance (DeFi) have openly challenged these centripetal trends.

Some projects and protocols, however, have also sought to integrate DeFi with centralization, blending its technical edge with regulation from centralized authorities, thus birthing projects aligned with CeDeFi, or decentralized finance with centralized characteristics.

According to 2020 on-chain aggregated data from blockchain forensics firm Chainalysis, both Binance and Huobi (the top two crypto exchange by trade volume) were used as points of transaction for allegedly criminal activity from unlicensed brokers. The intelligence firm, however, pointed out that the report was not directed to either exchange.

Chainalysis was named as a partner by Binance in 2018 for its AML/KYC (anti-money laundering and know-your-customer) compliance frameworks, alongside Thomson Reuters affiliate Refinitiv, which provides automated KYC services. Chainalysis’ blockchain forensics and analytics services includes federal agencies,  crypto firms, regulators, and traditional financial institutions.

Binance spokesperson Jessica Jung issued a statement on the matter, saying: “We take our legal obligations very seriously and engage with regulators and law enforcement in a collaborative fashion.”

“We have worked hard to build a robust compliance program that incorporates anti-money laundering principles and tools used by financial institutions to detect and address suspicious activity.”Jung added.

In 2019, Binance established Binance.US, its American subsidiary. Binance.US is overseen by BAM Trading, and is registered with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury. Binance’s U.S. subsidiary is actively engaged in pursuing state-level regulatory compliance. Binance Holdings Ltd. is registered in the Cayman Islands, with an office in Singapore. Outgoing CEO Changpeng Zhao has previously stated that the crypto exchange has no headquarters and operates with a globally distributed workforce.

The investigations are ongoing and the federal agencies involved have not yet issued any official statement on the matter as of press time. 

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Source: Cryptodaily

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Elon Musk's U-turn on bitcoin hits Tesla and other crypto-linked stocks as hundreds of billions get wiped off the digital assets market

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May. 13, 2021, 02:03 PM

• Elon Musk's turnaround on bitcoin sent Tesla and other crypto-linked stocks lower on Thursday.
• Crypto mining stocks like Riot Blockchain and Marathon Digital fell 13%.
• The entire cryptocurrency market lost as much as $365 billion in value at one point on Thursday.

Stocks linked to cryptocurrencies slumped on Thursday after Elon Musk's sudden change of mind on bitcoin sent the popular digital asset 15% lower.

Tesla suspended vehicle purchases through bitcoin and will instead explore other digital currencies that are less energy-intensive, Musk announced Wednesday.

The entire cryptocurrency market shed around $365 billion to about $2.06 trillion as bitcoin, Ethereum's ether and Ripple's XRP fell sharply. The market recovered some losses later in the day as the value of combined digital assets rose to about $2.24 trillion.

Tesla's realization that bitcoin could be increasingly environmentally-damaging sent its shares 2.7% lower in Thursday's pre-market trading.

Major cryptocurrency exchange Coinbase, which just went public last month, fell 5%. MicroStrategy, which holds around 90,000 bitcoins, plunged 10%, while Jack Dorsey's payments firm Square fell 2%.

Crypto-mining stocks were badly hurt too. Riot Blockchain and Marathon Digital Holdings fell 13%, while BitDigital fell 6%.

"All of a sudden, he's not so keen due to environmental concerns," Nigel Green, chief executive of investment firm deVere Group, said, and questioned why Musk didn't do more homework before Tesla invested $1.5 billion in bitcoin.

"Musk likes being known as a contrarian. He likes to go against the crowd in a high-profile way. Is his waning interest in bitcoin at a time when huge amounts of institutional investment from major Wall Street banks is pouring in, part of this?" Green said.

Musk's move to accept bitcoin payments for Tesla was one of the most legitimate catalysts for the cryptocurrency's rally this year. He recently tweeted a poll asking followers whether his EV-maker should accept payment in dogecoin. Although he has been a vocal advocate of cryptocurrencies, he has warned investors to be cautious.

"In any event, the more Musk and others mainstream Doge and other crypto, the more it will appreciate and the less crypto traders will want to use it as a means of payment, as opposed to a store of value," Eric Berman, senior legal editor of US Finance at Thomson Reuters Practical Law, said. "Financially, it would be like paying for goods and services with gold or oil - though slightly less cumbersome."

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Source: Businessinsider

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Analyst Warns of Broad Correction in the Cryptocurrency Market

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Vanda Research Vanda Research has warned of a broad correction in the cryptocurrency market. Ben Onatibia, the firm’s partner and senior strategist, said that the surge in cryptocurrency prices this year is reminiscent of bitcoin’s rally in 2017.

A Correction in Crypto Market Appears to Be Brewing, Says Analyst

Vanda Research published a report Monday warning of a broad correction in the cryptocurrency market. The firm’s partner and senior strategist, Ben Onatibia, explained that in 2017 the bitcoin price rise was followed by a correction and a jump in interest in then-lesser known cryptocurrencies. He added that “a broader correction” in crypto markets appears to be brewing.

“The meteoric rise in cryptocurrencies has a whiff of deja vu,” Onatibia described, adding that in 2017 when the bitcoin rally started to wane down, “investors rotated to lesser-known altcoins like ripple and ethereum.” Noting that during that time XRP peaked on Jan. 8 while ETH held onto its gains for another week or two, he described:

In the months that followed, cryptocurrencies cratered as retail investors rushed to the exit.

The analyst explained that now the crypto market is in “precisely the same hot potato game” that took place in 2017. He detailed that “Under the pretext of institutional support, retail investors started rotating out of speculative retail stocks and pouring their money into bitcoin.” Vanda Research said in its note that following the most recent peak, retail buyers have flocked to dogecoin and ether, similar to what happened in 2017.

Onatibia pointed out that despite Tesla CEO Elon Musk’s attempt to boost dogecoin with tweets and mentions on Saturday Night Live (SNL), dogecoin has failed to fully recover. “If and when ethereum suffers the same fate, the cryptocurrencies will likely face a wave of redemptions,” said the macro strategist.

Emphasizing that “open interest data from different crypto exchanges shows that there has been a rotation from bitcoin to ethereum since the Coinbase IPO,” the strategist opined:

We think a correction in crypto would push retail investors back into equities, where some of their favorite stocks are now trading at a significant discount vis a vis the February highs.

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Source: News bitcoin

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Cryptocurrency prices drop after Tesla says it will stop accepting Bitcoin

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Cryptocurrency prices fell Thursday after Tesla CEO Elon Musk said the automaker will stop accepting Bitcoin as a form of payment.

As of Thursday morning, the prices of top cryptocurrencies -- bitcoins and ethers -- fell more than 10% over the last 24 hours, according to crypto market data site CoinGecko.

However, it appears both are recovering some of those losses. Ethereum, the system behind ethers, was back up by 2% over the last hour, while Bitcoin rose 0.8%.

Wednesday afternoon, Musk tweeted Tesla would no longer accept Bitcoin as payment over concerns with "the rapidly increasing use of fossil fuels" for mining and transactions.

"Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment," wrote Musk in his statement.

Last month, Bitcoin was coming off a record high topping $64,000, as interest in cryptocurrencies has surged. The hype even fueled a surge in Dogecoin, a form of cryptocurrency initially created to poke fun at digital coins.

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Source: USATODAY

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Why Bitcoin Should Be Priced in Sats (and Why It Has a Divisibility Dilemma)

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Wed, May 12, 2021, 7:28 PM

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Bitcoin is expensive. Too expensive, according to Mike Novogratz. People are being put off by its high price. To attract smaller savers, exchanges should switch to quoting in satoshi:

Satoshis are bitcoin’s equivalent of cents, except there are far more of them. Just as one dollar is made up of 100 cents, so one bitcoin is made up of 100 million satoshis. This is defined in the Bitcoin system’s original code. 

In Bitcoin’s early days, when the bitcoin currency was only worth a few cents, no one bothered with satoshis. But now that bitcoins trade at $58,000, most people can’t afford to buy a whole bitcoin. Even those who can might not want to because bitcoin’s notorious volatility means they could lose much of their investment.

Bitcoin’s success as a store of value has been a double-edged sword. It has enriched early adopters, but in the process it has raised the barriers to entry by so much that late entrants – who tend to be younger and poorer – are finding it increasingly hard to buy in. Just like real estate, bitcoin is becoming a high-yield asset for older and richer people. 

Frances Coppola, a CoinDesk columnist, is a freelance writer and speaker on banking, finance and economics. Her book, “The Case for People’s Quantitative Easing,” explains how modern money creation and quantitative easing work, and advocates “helicopter money” to help economies out of recession.

But, unlike real estate, you don’t have to buy a whole bitcoin. Increasingly, people are buying fractions of bitcoin – and fractions of bitcoin can be quoted as multiples of satoshi. People who “stack sats” (make regular small purchases to build up a holding) already talk in terms of sats rather than bitcoin. Instead of buying 0.02 bitcoin, they buy 2 million sats. How many sats have you bought today?  

So there’s good reason to consider switching to satoshi as the unit of account. Quoting in satoshi rather than bitcoin could help convince people who don’t have a great deal of money that bitcoin can still be for them despite its high price. Sats can become the savings vehicle of choice for ordinary people who want a safer and higher-yielding place for their money than bank deposit accounts. 

Are there enough sats for everyone to have some? In theory, yes. The world’s population is just under 8 billion. 18.5m bitcoins have already been mined, so there are 1.85 trillion sats theoretically in existence. That’s about 231 thousand for every person on the planet. On this basis, therefore, everyone can indeed save in sats. 

Of course, it’s not quite that simple. Of the 18.5 million mined so far, an estimated 20% are lost or otherwise irrecoverable, and a further 10 million or so are never traded. That leaves only about 4.2 million bitcoin available for purchase, either whole or subdivided. So, let’s redo the math with the number of bitcoins actually available for purchase. Instead of 1.85 trillion satoshis, there are only 400 billion available for purchase. That’s about 50 sats per person. 

And this is where the limits of subdivisibility come into play. Just because something can be divided into very small pieces doesn’t mean it is practical to do so. I might be able to slice a pizza down to atomic level, but doing so wouldn’t solve world hunger because humans need a certain amount of food to live. 

Similarly, there are practical limits to how much bitcoin can be subdivided; 50 sats per person is not enough for everyone in the world to save in sats. And sats wouldn’t be distributed equally among small savers anyway. Realistically, people who have more money will be able to buy more sats, and this will drive up the price, pricing out those with the least money to invest. So sats can’t be the sole saving vehicle for ordinary people. 

There’s another limit, too, which starts to bite much more quickly than the sats supply limit. That limit is transaction fees. 

As demand for bitcoin increases, network traffic also increases, and this raises the average transaction fee. People who are buying or selling small amounts of bitcoin, and therefore don’t want to pay high fees, have to wait longer for their transactions to settle – if they ever settle at all. Higher transaction fees effectively price smaller transactions out of the market. For people with not much in the way of spare U.S. dollars, this can be a huge barrier to investing in bitcoin. 

These limits to subdivisibility raise profound questions about the nature of bitcoin.

Transaction fees are already a considerable obstacle to very small investors. At bitcoin’s price of about $58,000 (at the time of writing), 50 sats are worth less than 3 cents. Bitcoin’s average transaction fee is about $22 at the time of writing and has been as high as $60. So 50 sats would be a very expensive purchase. Furthermore, very small holdings like this can’t be sold, because the holder doesn’t own enough bitcoin to pay the transaction fee. They are known as “dust.” The higher the average transaction fee rises, the more dust accumulates in the Bitcoin ecosystem.  

Layer 2 solutions aim to resolve the “dust” problem by taking small transactions off-chain. But I do wonder why the savings and transactions of ordinary people apparently don’t need the same anonymity, security and immutability as those of the rich. Surely we should be protecting the wealth of ordinary people who can’t afford to lose money, not the wealth of big whales for whom losses are a flea bite?

These limits to subdivisibility raise profound questions about the nature of bitcoin. What exactly does the community want it to be? Do they want it to be a reserve asset underpinning a new international payments system similar to the gold standards of the past, or do they want it to be the preferred safe savings vehicle of ordinary people? 

This is essentially the same dilemma the Bitcoin community faced in the “blocksize wars” of 2015-2017. Then, the argument was over whether bitcoin should accommodate the world’s transactions, or whether it should simply be the base layer underpinning a new generation of transaction systems. Those who wanted it to be a base layer won the wars, but didn’t resolve the fundamental dilemma. That has now re-emerged in the form of an argument about whether bitcoin should accommodate the world’s savings. 

Subdividing into sats will resolve this dilemma for a while. But if Bitcoin continues on the path set in the outcome of the “blocksize wars,” then transaction fees will eventually be far too high for ordinary people to save significantly in sats. So Bitcoin will need layer 2 solutions not just for transactions, but for savings. New products that can provide the security needed by people who can’t afford to lose money.

The crypto world is a hugely creative and innovative place. I am confident there can be a solution to this dilemma. I just hope it will be one that works in the best interests of the poor.

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Source:Yahoo

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Bitcoin price bounces despite stocks rout as Ethereum hits new $4,350 high

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New all-time highs for the largest altcoin combine with fresh bullishness across crypto after this week's sell-off.

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Bitcoin (BTC) gained 4.3% on May 12 as cryptocurrencies recovered losses despite increasing turmoil on global stock markets.

BTC price reverses upwards

Data from Cointelegraph Markets Pro and Tradingview showed BTC/USD erasing almost all the previous day's losses on Wednesday to trade above $57,500 at the time of writing.

The move came amid concerns over froth in tech stocks, fueled by problems in Taiwan which saw the country's equities index post its biggest one-day loss in history. 

Bitcoin and altcoins had sold off with tech stocks more broadly earlier in the week, but the latest macro dip failed to worsen their performance.

Conversely, as has become a hallmark trait of an increasingly asymmetrical market, most major cryptocurrencies bucked the trend and returned to growth.

"BTC is bouncing here and Altcoins are recovering strongly," popular Twitter commentator Rekt Capital summarized on Tuesday as the United States Federal Reserve buoyed the crypto cause by refusing to suggest that economic inventions could be lessened. 

Previously, concerns had surfaced that Bitcoin could ultimately fall through $50,000 under current conditions, opening up the path to as low as $40,000.

Ethereum all-time highs persist

In a continuation of "alt season 2.0," meanwhile, Ether (ETH) led gains once again, touching new all-time highs while maintaining support at $4,000. Gas fees, however, remain a headache for traders and Ethereum network users.

Other alts also challenged record highs, among them Cardano (ADA), which at the time of writing was just four cents away from all-time highs of $1.83.

Amid continued controversy over meme coins, Dogecoin (DOGE) was flat, while "tribute" coin Shiba Inu (SHIB) lost 23% to fall out of the top twenty cryptocurrencies by market cap. Weekly gains for the coin still stood at nearly 1,500%.

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Source: Cointelegraph

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Boxing Legend Floyd Mayweather Set to Launch His First NFT Collection

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Another celebrity joined the non-fungible token bandwagon as boxing legend Floyd Mayweather is set to launch his NFT collection.

The boxing icon Floyd Mayweather plans to join the NFT craze by launching his digital collection on May 26th ahead of his fight with Logan Paul. IronBend combined forces with Reality Gaming Group and Zytara Labs in order to release the Mayweather non-fungible tokens.

Floyd Mayweather Joined The NFT Club

Floyd Mayweather – one of the greatest fighters of all time – partnered up with IronBend, Reality Gaming Group, and Zytara Labs to release an exclusive NFT collection ahead of his long-awaited exhibition fight against the YouTube star Logan Paul.

Each digital artwork will be dedicated to the boxer’s legendary career and personal life, who has never tasted a loss during his reign on the ring. The compilation is scheduled to launch on May 26th.

Mayweather, the self-proclaimed TBE (”The Best Ever”), opined that these digital collectibles will allow his fans to be part of the ”Mayweather Legacy”:

”I started from nothing and beat all the odds to achieve what I did in my career and I think that’s the American dream. I don’t look at myself as a celebrity – I look at myself as an icon, one who made it. My name will always live on for the things that I did and the mark that I left in sports. These digital collectibles give everyone a chance to be part of the Mayweather Legacy.”

This is not the first time when the undefeated boxer has been involved with the crypto community. Back in 2017, the crypto start-up Centra Tech raised more than $25 million during its initial coin offering (ICO). However, the operation turned out to be a scam, and Floyd Mayweather, together with the famous rapper DJ Khaled, was among the employed celebrities of the company.

NFT Collections in Sports

The NFT mania has been a very hot topic recently as many celebrities and especially world-known athletes launched their own collections.

As CryptoPotato reported, another boxer – the world heavyweight boxing champion Tyson Fury – plans to launch his own NFT series partnering up with FomoLab. The non-fungible token collection will be available in June 2021.

Additionally, Ethernity Chain came up with an idea to eternalize Muhammad Ali’s legacy via an NFT collection. Artist Raf Grasetti shared his thoughts about the project:

”Muhammad Ali inspired me in my personal and professional life as he did to most of us. It’s an honor and privilege to use my craft and work with new technologies to celebrate his life and create this collection to help us remember the Greatest Of All Time.”

Furthermore, the rapidly expanding non-fungible tokens craze caught the attention of the seven-time Super Bowl champion Tom Brady. He plans to launch an NFT platform called Autograph.

Featured Image Courtesy of FoxSports

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Source: Cryptopotato

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Crypto Twitter decodes why Zuck really named his goats 'Max' and 'Bitcoin'

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Mark Zuckerberg sent Bitcoin hodlers into a frenzy after naming his new pet goats “Bitcoin” and "Max."

Mark Zuckerberg, the Co-founder of Facebook has riled excitement across the crypto community after taking to social media to announce two of his pet goats have been named “Bitcoin” and “Max.”

Zuckerberg announced the curious names for his pet goats in a May 11 Facebook post stating: “My Goats: Max and Bitcoin.”

Crypto-Twitter has been whipped into frenzied speculation in response to the goats' names, with analyst LilMoonLambo Tweeting to their 97,000 followers: “You have two weeks to accumulate as much $BTC as you can before Mark Zuckerberg announces that he and Facebook have purchased Bitcoin during their annual shareholders meeting... The pump will be glorious.” 

The co-founder of Morgan Creek Digital, Anthony Pompliano, chimed in to ask whether Zuckerberg is “Telling us he is a bitcoin maximalist with the names of his goats?

Influencer “Thinking Crypto” was also highly bullish on the news, tweeting “If you thought the Elon Musk and Tesla pump was something, get ready for the Mark Zuckerberg Facebook pump!”

However, Robert Leshner, CEO of Compound Labs was skeptical of crypto-Twitter’s excitement, interpreting the tweet as “Communicating that [Zuckerberg] will be eating Bitcoin Max(imalists) for dinner.”

Leshner may have a point about Bitcoin and Max being served for dinner. In 2019, Twitter CEO, Jack Dorsey, famously revealed  that Zuck killed one of his goats with a laser gun and served it to him for dinner.

Despite onlookers inferring that Facebook’s CEO may be sending a deliberate message to the crypto sector with his goats' new names, it is possible Zuckerberg may simply be trying to poke fun and stir up a reaction on social media amid the recently surging popularity of crypto assets.

Last month, rumors circulated that Facebook would reveal Bitcoin holdings on its balance sheet in its Q1 earnings report. However, the April 28 report would  reveal that the company does not hold any crypto assets.

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Source: Cointelegraph

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Ethereum price surges above $4,000 but overshadowed by dogecoin buzz. What is Ether?

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Ethereum price surges above $4,000 but overshadowed by dogecoin buzz. What is Ether?

Referenced Symbols

DOGEUSD
0.98% 
ETHUSD
0.65% 
BTCUSD
-0.19% 
GC00
0.28% 
DJIA
-0.10% 
SPX
-1.04% 
COMP
-2.55% 

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5 minutes

00:00 / 05:19

1x

Ether prices on the Ethereum blockchain have been steadily and quietly carving out new highs as buzz in the crypto has centered predominantly on the fervor around more speculative assets like dogecoin DOGEUSD, 0.98% in recent weeks.

However, for many blockchain enthusiasts, the rise of Ether ETHUSD, 0.65% is a significant development that is driven by the growing importance of the world’s second-largest crypto on the planet behind bitcoin BTCUSD, -0.19%.

At last check, Ether was changing hands at $4,140.95 on CoinDesk, up 5.7% on Monday, with that climb bringing its year-to-date gain to nearly 460%. Ether prices traded at all-time high at $4,213.46 around Monday.

By comparison, bitcoin was flat on the day at $57,444.65, and up more than 97% so far in 2021.

Here’s what investors need to know about the digital asset and its rise:

What is Ether?

Ether is the coin, launched in 2015 by a team including Vitarik Buterin, Charles Hoskinson, and Gavin Wood, that has come to be known for the ease by which software developers can write bespoke programs atop its network. Sometimes these applications are referred to as smart contracts.

Ether is similar to bitcoin inasmuch as it is a digital asset that is decentralized, (i.e., no one party controls it), and uses distributed-ledger technology known as blockchain that records transactions immutably. The blockchain network is supported by a digital-mining community.

Miners are the record-keepers on blockchains like bitcoin and Ether and they are rewarded with coins for their efforts.

How is Ether used?

Bitcoin’s major selling point has been its claim by enthusiasts as a store of value and as a currency to a lesser extent, but Ethereum’s network is viewed by many as a powerful, open-source, decentralized backbone off which a number of applications can be based.

Ether values have been supported partly by growing appetite for nonfungible tokens, or NFTs, and other corners of the nascent digital crypto market supported on the Ethereum blockchain.

Momentum, however, is building around so-called decentralized finance, or DeFi, projects, which are also mostly supported on the Ethereum network.

DeFi are applications and services that can facilitate borrowing, lending and trading crypto assets without an intermediary. It is seen as a possible threat to traditional financial markets, or as an application that could be more readily used to enhance buying, selling and lending on Wall Street.

A research report published on the Federal Reserve Bank of St. Louis’s website recently said that DeFi has some issues with security but if addressed could shake up the financial industry.

“However, if these issues can be solved, DeFi may lead to a paradigm shift in the financial industry and potentially contribute toward a more robust, open, and transparent financial infrastructure,” wrote Fabian Schär, a professor for distributed-ledger technologies and fintech at the University of Basel and the managing director of the Center for Innovative Finance.

“It is little wonder why institutions are getting excited about the technology,” wrote Fawad Razaqzada, market analyst at ThinkMarkets in a Monday note.

“ETH uses blockchain not only for payments but also for storing computer code which can have many real-world applications,” he wrote.

Gaining Ether prominence

 The European Investment Bank, a lender owned by European Union member states, issued $120 million worth of two-year bonds last week on the Ethereum network, a first for such a large-scale issuance.

What’s the outlook?

Nigel Green, chief executive and founder of deVere Group, had forecast that Ether would be at $5,000 by today. His prediction so far is a bit off the mark but he has been mostly right directionally.

It’s hard to say where Ether prices go from here but some speculate that momentum is only just beginning.

“The good thing is that it is still only a beginning for this rally as money continues to pour into Ethereum,” wrote Naeem Aslam, chief market analyst at AvaTrade, in a daily note.

“In fact, there is strong evidence that traders and investors are actually liquidating small positions in Bitcoin and putting that money in Ethereum as they believe that this coin is still massively undervalued,” he said. 

Ether’s gains make most traditional asset returns this year look mundane. Gold futures GC00, 0.26% are down 3% year to date, while the Dow Jones Industrial Average DJIA, -0.10% and S&P 500 index SPX, -1.04% are up by at least 12% and the Nasdaq Composite Index COMP, -2.55% has gained over 5% so far in 2021.

Highly speculative dogecoin, which is up over 10,000% this year, has drawn much of the attention in the crypto world, lately. However, many investors in blockchain view Ether as a more serious digital asset with more utility than dogecoin.

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Dogecoin Falls as Musk Underwhelms and Reality Intrudes

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Given the hype, Musk needed to have been perfect. He wasn't.

May 9, 2021 at 4:23 p.m. Updated May 9, 2021 at 5:14 p.m.

Dogecoin Falls as Musk Underwhelms and Reality Intrudes

If ever there were a case of “buy the rumor, sell the fact,” it occurred Saturday night with dogecoin (DOGE, -25.22%).

Since Tesla head and self-proclaimed “CEO of dogecoin” Elon Musk tweeted last month that he would be hosting Saturday Night Live on May 8, the excitement level surrounding the meme-based cryptocurrency ascended to even more astronomical levels in the lead-up.

After all, since Musk’s tweets had acted as jet fuel to dogecoin’s price all year, just imagine what an appearance on national television could do!

Musk, through his appearance, was apparently going to somehow bring awareness of the Shiba Inu-repreesented meme coin to the masses and propel the price of the cryptocurrency to Mars and beyond. Not since Jesus rode on the back of a donkey through the streets of Jerusalem on Palm Sunday had expectations for one person been so high.

Yesterday, that excitement reached a crescendo with the price of dogecoin hitting an all-time high of 74 cents, up more than 15,000% year to date. After giving back some gains yesterday after Barry Silbert (CEO of Digital Currency Group, CoinDesk’s parent) announced he was shorting dogecoin, excitement again mounted as SNL’s 11:30 p.m. ET start neared, with DOGE climbing back to 70.18 cents apiece.

Given the hype, the dogearmy needed Musk to do something super big. He didn’t. While he was charming and more relatable than usual – his mom joining him on stage during the monologue helped – this was far from the history-making, chock-full-of-memes moment the dogearmy was praying for. Nor was Musk very funny. Dogecoin was never going to replace the U.S. dollar as the global reserve currency based on this performance.

As such, almost from the moment Musk appeared onstage unaccompanied by 100 Shiba Inus and a fawning Janet Yellen and Jerome Powell, the price of dogecoin started falling. And falling. By the time SNL ended early Sunday ET, dogecoin was under 56 cents, a drop of more than 20%. By 9 a.m. ET it had reached as low as 41.8 cents giving back almost all the gains of the previous week – along with more than $20 billion in market cap – before rebounding somewhat to 48.5 cents at press time, down 32% in the last 24 hours.

As Michael Antonelli, market strategist at Baird, put it:

Twitter.
https://twitter.com/BullandBaird/status/1391245080300867584?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1391245080300867584%7Ctwgr%5E%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.coindesk.com%2Fdogecoin-falls-as-musk-underwhelms-and-reality-intrudes

Still, even with today’s drop, dogecoin is up more than 10,000% year to date. And the dogearmy has undoubtedly resigned itself to waiting for the next tweet that will push dogecoin to $1.00 and beyond.

Hope, like the dogearmy, springs eternal.

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India’s Central-Bank Owned Retail Payments Platform Refuses to Ban Crypto Transactions

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The agency told banks they should consult their legal and compliance departments on whether they should block transactions on their own systems.

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The National Payments Corporation of India (NPCI), a central bank-owned retail payments system, has deferred the issue of whether to allow customers to make and receive payments from cryptocurrency trading to commercial banks, according to the Economic Times.

Some bankers apparently had asked the agency to block crypto transactions on its network, the paper reported. Instead, the agency told banks they should consult their legal and compliance departments on whether they should block transactions on their own systems.

“The banks had approached NPCI for restricting direct UPI transactions,” the Economic Times wrote, citing an industry official. “However, the committee has put the onus on banks.”

The development represents the latest chapter in the ongoing saga of whether the Indian government might crack down on cryptocurrencies, even as trading volumes in digital assets have exploded over the past 12 months.

In March 2020, the Supreme Court of India set aside the Reserve Bank of India’s banking ban on cryptocurrency trading. Since early this year, the Indian government has been mulling a ban on private cryptocurrencies.

NPCI’s decision to put the onus on the banks comes at a time when few lenders are blocking cryptocurrency deals.

Per the ET report, some banks have blacklisted merchants buying or selling cryptocurrencies, though few are restricting customers from funding crypto trading accounts via net banking and united payments (UPI) interface.

“Customers of banks which have disabled crypto cannot anyway use facilities like UPI, net banking or cards,” the industry official told ET. “However, trades continue to happen as many banks are still allowing.”

Some experts say the government would be better off legitimizing bitcoin (BTC, -1.3%) by regulating it like corporate stock.

“Just like you cannot ban porn, you cannot ban cryptocurrency,” Ratan Sharda, author, editor, and TV panelist, said last year.

IndiaTech.org, an industry association representing India’s consumer internet startups and investors, published a white paper on Wednesday, asking the government to recognize cryptocurrencies as digital assets and not currencies.

“If NPCI had taken a central decision to disable united payments interface and RuPay cards for investing in cryptos, it would have applied to all banks uniformly and left investors with fewer payment options,” an industry official told ET.

Source: Coin Desk 

Disclaimer: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Cryptocurrency ether rises to new record high over $3,600

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FILE PHOTO: A representation of virtual currency Ethereum are seen in front of a stock graph in this illustration

Thu, May 6, 2021, 4:46 PM

(Reuters) -Ether, the world's second-largest cryptocurrency after bitcoin, on Thursday extended a breakaway rally to a new record high of $3,616.10, gathering momentum as investors diverted focus from its main rival.

On the Bitstamp Exchange ether was last up about 4.0% at $3,568.92. Bitcoin was down 0.3% at $57,353.03 and about 11% below its record intraday high at $64,895.22 set on April 14.

Ether, the token traded over the ethereum blockchain, topped $3,000 for the first time on Monday. It is up more than 385% this year, compared with 96% for bitcoin.

The rise is in part a spillover from flows into bitcoin, which has grown in stature as big-name investors from Elon Musk's carmaker Tesla Inc to Wall Street investor Stanley Druckenmiller bought in.

"Ethereum has been able to maintain its positive momentum, a crushing series of all-time highs in the past week," said Konstantin Anissimov, executive director at cryptocurrency exchange CEX.IO.

"The current all-time high has reignited the ambitious sentiment that ethereum may eventually flippen (supplant) bitcoin by market capitalization in the near future."

Also, a technical adjustment called EIP (ethereum improvement proposal) 1559, expected to reduce the supply of ethereum and go live in July, has provided a lift for the digital currency.

Still, there is a speculative frenzy going on in the asset class. Joke cryptocurrency dogecoin is up by 24,000% over the last 12 months and is now the fourth-largest cryptocurrency by market capitalization.

(Reporting by Alden Bentley and Gertrude Chavez in New YorkEditing by Matthew Lewis)

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Source: Yahoo

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Bitcoin Price Ready for Another Leg up According to On-Chain Metrics: Analyst

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Bitcoin’s price could be preparing for a price surge as HODLers have gradually withdrawn massive portions of their BTC holdings lately.

Bitcoin investors have withdrawn considerable quantities of their holdings from crypto exchanges, suggests on-chain data provided by CryptoQuant. The firm believes there’s a potential price uptick in the making as sell pressure has declined.

BTC Investors Withdraw Their Tokens

As with every tradeable asset, bitcoin’s price is formulated based on supply and demand. In bitcoin’s world, the amount of available supply on exchanges could impact the asset’s value as investors holding the coins can quickly dispose of theirs.

Vice-versa, when there’re fewer coins on exchanges, there’s less selling pressure. This is what CryptoQuant’s CEO highlighted earlier today.

Ki Young Ju outlined a “significant” amount of bitcoins that flew out of crypto exchanges in the last several days. Consequently, he predicted that the primary cryptocurrency is “ready to get another leg up.”

This came as bitcoin indeed jumped from a low of $56,400 to a three-day high of over $58,400.

As the graph above demonstrates, the amount of BTC stored on trading venues indeed has a correlation with the asset’s price movements. In the middle of 2019, bitcoin fell in a matter of days from $14,000 to sub $9,000 as there were lots of coins on exchanges.

The opposite scenario has also transpired. In late 2020, hodlers started to withdraw substantial quantities of BTC coins, which coincided with the start of the current bull cycle.

ETH Investors Withdraw Too

Further data from the analytics company showed that Ethereum investors also have similar plans for their holdings. The firm indicated that the number of exchange outflows spiked in recent weeks.

Somewhat expectedly, the price of the second-largest cryptocurrency has been tearing up new records. Less than three weeks ago, ETH dabbled with $2,000, but it exploded since then to above $3,000 as reported. It didn’t stop there and continued upwards to its latest record registered earlier today at $3,560.

In Ethereum’s case, a large portion of the coins is locked in ETH 2.0 contracts. The number of new depositors and the total value locked frequently reaches new records as investors anticipate the network’s migration from proof of work consensus algorithm to proof of stake.

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Bitcoin will eventually hit '$1 million a coin,' CoinDesk editor predicts

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Wed, May 5, 2021, 6:28 PM

• BTC-CAD

  +5.21%
• BTC-USD

  +5.79%
• GBTC

  +5.57%
• +5

As investor interest in cryptocurrency spikes, bitcoin could rise to $1 million over the next five years, one expert told Yahoo Finance Live.

“Bitcoin is going to $1 million a coin,” CoinDesk Learn Editor Ollie Leech said. “I actually believe that it will, at some stage, with just the scarcity aspect alone, it makes it an incredibly exciting asset to hold... Bitcoin is uncontested.”

The timing of bitcoin crossing $1 million is the big question. Leech says the next bitcoin halving — a key technical event when the amount of bitcoins awarded to miners is cut in half— is set to take place in 2024, and that will likely trigger a massive price surge.

“The year after halving always seems to create a huge rise,” added Leech. “That's what we are seeing now. The last halving for bitcoin was in 2020, and so far this year, we have seen prices explode. I don’t know when [bitcoin will cross $1 million] but it will likely be after 2025.”

Bitcoin’s market cap is currently at more than $1 trillion, about double where it was at the start of the year. The rally has been fueled by a couple of factors, including the fact that more institutional investors are embracing the cryptocurrency.

Earlier this year Tesla invested $1.5 billion in bitcoin, while Morgan Stanley and Goldman Sachs plan to offer select clients exposure to crypto. JPMorgan is also reportedly looking at its own product in partnership with NYDIG.

Crypto is gaining momentum in the payment space as well, with Mastercard, PayPal and Visa increasing crypto exposure over the past several months.

Wall Street’s big banks and payments firms are getting involved in digital assets as a result of client demand. A recent Mastercard survey found that 40% of people plan to use cryptocurrency in the next year.

Despite the growing bullish sentiment towards crypto on Wall Street and main street, some well-known investors remain skeptical.

Legendary investor Warren Buffett’s long-time business partner Charlie Munger was critical of bitcoin at Berkshire Hathaway’s annual shareholders meeting on Saturday, saying “I think the whole damn development is disgusting and contrary to the interests of civilization.”

And that’s not the first time Buffett or Munger have criticized the cryptocurrency. Back in 2018, Buffett warned that bitcoin was “probably rat poison-squared” while Munger said investing in cryptocurrencies is “just dementia.”

Regardless of warnings from skeptics that bitcoin is highly speculative and overvalued, investors are still buying. Bitcoin was trading just above $57,000 at the time of publication, well off the highs of the year but a gain of 94% since January 1. And if Leech is right, we could see a rally of more than 1,650% in the next five years.

Source: Yahoo

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New York May Halt Bitcoin Mining For Three Years Over Climate Concerns

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A bill proposed in New York would pause the Bitcoin mining industry until its impact on the environment can be fully understood.

In brief

• The State of New York could put a halt to Bitcoin mining for three years.
• New York isn't the only place concerned about the environmental impact of Bitcoin mining.

A proposed bill would see Bitcoin mining in the State of New York halted for a period of three years in order to properly assess the industry’s environmental impact. 

New York Senate Bill 6486 was proposed by Senator Kevin Parker (D) to the State Senate’s Environmental Conservation Committee earlier this week. The bill—if approved—will allow for the operation of a Bitcoin mining center only after a full review of the industry’s environmental impact. 

“Cryptocurrency mining centers are an expanding industry in the State of New York,” the bill reads, noting that they are often located in “retired or converted fossil fuel power stations.”

In addition to Senator Kevin Parker (D), the bill is co-sponsored by Senator Rachel May (D). 

Should the Senate Environmental Conservation Committee approve the bill, it must still pass the Senate before being delivered to Governor Cuomo, who will have final sign-off on whether the bill is signed into law or not. 

What will happen if the bill becomes law? 

Should the Governor sign off on the bill—if and when it reaches his desk—it will signal one of the most significant decisions against the Bitcoin mining industry in its current form. 

Elsewhere in the world, Bitcoin mining has already run into legal trouble because of its environmental impact. For example, in China’s Inner Mongolia, the regional government announced that it would ban all Bitcoin mining in the area earlier this year. The measures are part of China’s wider climate commitments, which include peaking carbon emissions by 2030.

In New York, however, Bitcoin mining has been growing, as retired power plants are converted into Bitcoin mining centers. One such example is Greenidge Generation LLC, a mining and power generation facility in Dresden, New York. Per an announcement earlier this year, the company expects to be listed on the Nasdaq in Q3 through a merger with Support.com. 

A growing concern

Bitcoin mining is an energy-intensive business. In order to create more Bitcoin, some of the world’s most powerful computers perform complex calculations that eat up a lot of energy. 

While some of the Bitcoin mining industry uses renewable energy—39%, according to Cambridge University—the majority of the industry still relies on fossil fuels.

The resulting impact is an industry that’s annual energy consumption is equivalent to a country like Argentina, and a carbon footprint is broadly equivalent to 61 billion pounds of burned coal. And with a track record like that, New York’s legislators have taken notice. 

“The continued and expanded operation of cryptocurrency mining centers will greatly increase the amount of energy usage in the State of New York, and it is reasonable to believe the associated greenhouse gas emissions will irreparably harm compliance with the CLCPA in contravention of state law,” the bill adds.

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Source: decrypt.co

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Dogecoin Hits New All-Time High After eToro, Gemini Listings

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Multi-asset brokerage eToro announced support for the cryptocurrency Monday.

Dogecoin (DOGE) tapped fresh lifetime highs on Tuesday in the wake of two new exchange listings.

The Shiba Inu dog-branded cryptocurrency rose to $0.577 during the European trading hours, topping the previous record price of $0.47 registered on April 16, according to CoinDesk data. Year to date DOGE is up 11,000%.

The latest leg higher comes a day after multi-asset brokerage platform eToro announced support for the cryptocurrency, citing strong client demand. The new listing opens dogecoin to some 20 million users spread across the globe. Then Tuesday morning Gemini announced it too will support the meme-based crypto, adding fuel to DOGE’s upward trajectory.

Additional buying pressure may have stemmed from pro basketball team Oakland Athletics’ decision to sell tickets for dogecoin. In an announcement on Monday, the major league basketball team said it was selling two-seat pods for 100 DOGE ($48.80 at the time of writing) for its three-match series against the Toronto Blue Jays.

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Just-in: eBay CEO Hint at Adding Cryptocurrency Payment

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eBay CEO Jamie Iannone in a recent interview suggested that the company is looking to expand payment options on its platform and they are exploring the idea of adding cryptocurrencies as well.

eBay would join the league of PayPal, Tesla, and Square that has opened the gates for Bitcoin and Crypto payments.

Source: ebay.com

The CEO of eBay Inc. Jamie Iannone in a recent interview with CNBC has said that the company is exploring the addition of cryptocurrencies as the payment option on its platform. The decision comes as the popularity of crypto assets as a payment option has been on the rise and the likes of Tesla and PayPal have opened the gates for crypto-based payments on its platform.

This bull run Bitcoin and other cryptocurrencies have not just attracted the attention of wall street giants and Fortune 500 companies who are using crypto assets as an investment tool as well as treasury hedging asset, in fact, the long asked question about the use case of digital asset as a form of payment has been answered as well. This year Tesla announced they would accept Bitcoin payment for the purchase of its popular range of electric vehicles.

PayPal which added a crypto buying and holding option last year announced that it would allow its 300 million customers to spend crypto at their 70 million-plus vendors.

Crypto Payment Option on the Rise

The addition of cryptocurrencies as a form of payment is not just limited to Bitcoin and Ethereum, Dogecoin also saw a rise in popularity, price, and adoption as billionaire Mark Cuban announced that his NBA team Dallas Mavericks would sell all their merchandise for Dogecoin. Cuban who had earlier added a Bitcoin payment option had said that the only reason to do so was to prove that nobody uses these digital assets, however that opinion has changed fast this bull season. MasterCard and VISA, the two largest centralized payment processing giants have also ventured into the crypto ecosystem allowing crypto payments and spending through their network.

Apart from Mark Cuban-owned firm, a Nissan dealership and medical equipment and product offered also started accepting Dogecoin payment this year. As the value of Bitcoin and most of the altcoins have more than doubled and even the biggest wall street critics are rushing to add some form of crypto exposure, the use cases of cryptocurrencies especially as a form of payment have been on the rise.

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What Changed in Crypto Markets While You Were Sleeping — May 3

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BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.

Bitcoin update

BTC rebounded impressively last week, creating a bullish engulfing candlestick in the process. This suggests that the buyers are back in control after the selling that briefly took the price below $50,000 two weeks ago. 

Technical indicators are also bullish. The RSI has generated a hidden bullish divergence, a strong sign of trend continuation. In addition, the Stochastic oscillator has bounced, invalidating a potential bearish cross. 

The MACD is losing momentum but is still increasing. Therefore, it’s likely that the long-term BTC trend is still bullish.

Altcoin movers

Nearly every cryptocurrency in the top-100 are in the green today following big moves in bitcoin and ether. Ethereum reached a new high of $3,180 on May 3 bringing its market cap up to $366 billion. This is approximately 33% of the entire bitcoin market cap.

Bitcoin Cash (BCH) finally managed to flip Litecoin (LTC) out of the top-ten in a 6% move to the $1,022 price point.

Venus (XVS) is the day’s biggest altcoin gainer so far. It’s up nearly 32% in the past 24 hours to trade for $130. XVS is also one of the top gainers over the past week, seeing 82% growth.

Only three cryptocurrencies in the top-100 are in the red today when excluding stablecoins. Fantom (FTM) is the biggest altcoin loser in the past 24 hours. It’s fallen back to $0.77 in a 4% loss on the day. This isn’t a great loss however, especially when considering that FTM is still up by more than 118% in the past week.

In other crypto news

• Ethereum has struck a new all-time high of $3,150 on May 3, making its co-founder, Vitalik Buterin, a crypto billionaire.

• The latest decentralized finance (DeFi) hack has resulted in major losses for the Binance Smart Chain-based Spartan Protocol.

• A recent poll shows that most South Koreans support capital gains taxation of crypto, which is due to roll out next year.

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Ether Hits $3,000 as Bitcoin’s Crypto Dominance Declines

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Ether Hits $3,000 as Bitcoin’s Crypto Dominance Declines

Joanna Ossinger

Mon, May 3, 2021, 6:18 AM

• COIN

  +0.97%

(Bloomberg) -- Bitcoin’s domination of total cryptocurrency market value is declining as its next-biggest rival Ether reaches the $3,000 milestone, suggesting room for more than one winner among digital tokens as the sector evolves.

The largest digital currency now accounts for about 46% of total crypto market value of $2.3 trillion, down from roughly 70% at the start of the year, according to tracker CoinGecko. Second-ranked Ether is up to 15% and a group of others outside the top few has doubled its share over the same period to 36%.

Bitcoin remains the biggest cryptocurrency but the momentum in other tokens is drawing increasing interest, such as Ether, which breached $3,000 for the first time Monday after quadrupling this year. Crypto proponents argue investors are getting more comfortable with a variety of tokens, while critics contend the sector may be in the grip of a stimulus-fueled mania.

“Ethereum is rising and not much seems to be in its way,” Edward Moya, a senior market analyst at Oanda Corp., wrote in a note Friday, adding that other tokens were also seeing “fresh interest.”

The current distribution of market share also reflects an April shakeout in the cryptocurrency sector. Bitcoin has yet to recover all the ground it lost after tumbling from a mid-April record of almost $64,870.

Last month’s listing of crypto exchange Coinbase Global Inc. in the U.S. is the latest sign of how more investors are embracing the sector despite risks from high levels of volatility and expanding regulatory scrutiny.

Ether is currently occupying the limelight. An upgrade of the affiliated Ethereum blockchain as well as the network’s popularity for financial services and cryptocollectibles are among the factors cited for the rally.

Evercore ISI strategist Rich Ross has set a target of $3,900 for the token. Ether rose 2.8% to $3,052 as of 1:05 p.m. in Hong Kong on Monday.

Other cryptocurrencies have jumped too. The price of Binance Coin is up 3,460% over the past 12 months, according to CoinGecko. Dogecoin, a token started as a joke in 2013 but now a social-media favorite touted by the likes of Elon Musk, has surged 15,000% to a market value of around $50 billion.

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Source: Yahoo

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University of Wyoming to Generate Revenue From Crypto Staking

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Public education is expensive. One university is experimenting with crypto for funding

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In brief

• Wyoming appropriated $4 million for cryptocurrency staking.
• The profits will go toward funding capital expenditures.

Wyoming has already welcomed crypto banks and blockchain investment. Now, it’s putting some skin in the game itself.

In an appropriations bill signed by the governor this month, Wyoming earmarked $4 million for a cryptocurrency staking program to be run by the University of Wyoming, the state’s lone public four-year university. 

“Staking,” which amounts to locking up cryptocurrency so it can be used to validate blockchain transactions and mint new tokens, is a popular way for cryptocurrency holders to put their assets to work and earn some profit. The University of Wyoming Cryptocurrency Staking Program provides a glimpse at possible alternative revenue streams for public universities, which—even before the coronavirus pandemic—were facing budget crunches.

After the state approves the university’s spending plan, UW will have $4 million to spend on operating nodes (computers that are connected to and sustaining the blockchain network) and accumulating cryptocurrency to develop “staking pools”—which let crypto users chip in tokens and begin staking without themselves needing any technical knowhow—in at least three cryptocurrencies.

The revenue generated from the scheme will first go toward paying operating expenses, with up to $4 million in profit going to the university’s Strategic Investments and Projects Account (SIPA), where it can be spent if it receives 2:1 matching funds—in fiat or cryptocurrency—from private entities or from university reserves. Any profit beyond $4 million is earmarked for “blockchain programs and activities at the university and community colleges throughout the state.”

The state has tapped SIPA to fund construction projects, including an expansion of the university’s law school.

Source: DECRYPT

Disclaimer: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Japan's Gaming Giant Nexon Buys 1,717 Bitcoins — Company Says BTC 'Offers Long-Term Stability and Liquidity'

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Japanese gaming firm Nexon has purchased 1,717 bitcoins for approximately $100 million. The company believes “bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.”

Japan’s Nexon Buys Bitcoin

Major gaming company Nexon Co. Ltd. announced Wednesday that it has purchased 1,717 bitcoins for approximately $100 million (¥11.1 billion) at an average price of approximately $58,226 per bitcoin, inclusive of fees and expenses. The Tokyo stock exchange-listed company noted:

This purchase represents less than 2% of Nexon’s total cash and cash equivalents on hand.

Founded in 1994, Nexon describes itself as “a global leader in multiplayer online games.” With more than 10 franchises, the Tokyo-headquartered company currently has more than 60 live games, operated in more than 190 countries. Nexon’s iconic games include Maplestory and Dungeon Fighter.

Nexon CEO Owen Mahoney explained, “Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets,” elaborating:

In the current economic environment, we believe bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.

Nexon joins a growing list of publicly listed corporations that have added bitcoin to their balance sheets, including Elon Musk’s Tesla, Jack Dorsey’s Square, Microstrategy, and Chinese tech firm Meitu.

Source: Bitcoin News

Disclaimer: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Bank of Brazil Becomes the First State-Backed Bank to Allow Customers Exposure to a Crypto ETF

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Brazil’s first crypto ETF debut is postponed, but not because plans have failed whatsoever. The Bank of Brazil (Banco do Brasil) is now joining the bandwagon of ETF issuances, following the same steps as Bank Itaú and BTG Pactual did.

New Launch Date Set for April 26

According to a letter sent by Hashdex to its clients, the state-backed banking institution will be able to offer its customers the possibility of buying the crypto ETF of Hashdex, which will have the ticker “HASH11.”

That said, the Bank of Brazil’s customers could have exposure by investing in the fund, which will replicate the Nasdaq Crypto Index (NCI). The letter clarifies that the new date of the ETF debut is set to take place on April 26, 2021, as the original date was April 22.

With such maneuver, the banking institution becomes the first public bank in the world to offer such kind of exposure.

Subscription orders can be made until April 20, according to Hashdex, and the only ones who can be able to do it are authorized agents “who can do this on their own behalf or behalf of customers.”

The Hashdex Nasdaq Crypto Index (HASH11) – coordinated by Itaú, BTG Pactual, and Genial – is composed of crypto assets such as bitcoin (BTC), ethereum (ETH), litecoin (LTC), chainlink (LINK), bitcoin cash (BCH), and Stellar (XLM).

HASH11 to Be Traded on the Brazil Stock Exchange

Overall, the inception of the crypto ETF into the Brazilian market supposes another hurdle passed in terms of crypto adoption. Strict regulatory rulings by the CVM (Securities and Exchange Commission) restrict small investors from exposure to the crypto market due to the “high risks” it possesses.

Moreover, the Hashdex 100 fund offered in Brazil is also restricted to professional investors that hold over 10 million Brazilian real ($1.79 million) in financial markets investments.

After the official launch on April 26, 2021, HASH11 will be traded through the Brazil Stock Exchange.

Source: Bitcoin News

Disclaimer: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Microsoft and Intel Introduce a Shield Against Cryptojacking

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By partnering with Intel, Microsoft has introduced a new defending system against cryptojacking called Microsoft Defender for Endpoint and Intel TDT.

The tech giant Microsoft has integrated the Intel Threat Detection Technology into its Microsoft Defender for Endpoint. This should increase detection ability and enhance protection against cryptojacking malware.

The New Addition and Its Technology

During the last few years, the primary cryptocurrency along with the many other altcoins have significantly appreciated in value which caused an uptick of interest for crypto mining as well. The process involves validating data blocks and adding transaction records to a public ledger known as a blockchain.

However, this caught the attention of bad actors and cybercriminals. By setting up coin miners on electronic devices of victims, hackers are able to mine digital assets without their knowledge.

Cases of such illicit activities have skyrocketed lately. A recent Avira report revealed that there was a rise of 53% in coin miner attacks in Q4 2020 in comparison to Q3 2020.

To fight these threats, the tech behemoth Microsoft has partnered with Intel to integrate the latter’s Intel Threat Detection Technology or TDT. The innovation is established on telemetry signals coming straight from the PMU.

As coin producers issue duplicated mathematical operations, saved by the PMU, the new development generates a warning when a certain verge is attained.

The tech corporation reported that its product doesn’t require further investments, IT configuration, or installation of agents.

Michael Nordquist, Senior Director of Strategic Planning at Intel, said the innovation would be highly effective and useful to the customers:

”The scale of this CPU-based threat detection rollout across customer systems is unmatched and helps close gaps in corporate defenses.”

Beware of Cryptojacking

As briefly mentioned above, hackers are able to mine cryptocurrencies using other people’s devices in a process called cryptojacking. They maximize their gains by avoiding paying the high electric bills, while still profiting from lucrative crypto assets.

According to a Kaspersky report from last year, cryptojacking attempts have surged by 300% in Q1 of 2020. The paper outlined nations in the Southeast Asia region as the most affected countries. Furthermore, Singapore has seen 11,700 cryptojacking attacks just for the first three months of the year.

On the other side of the globe, Mexico has also reported cryptojacking assaults on a rising level. Local organizations have complained that their networks were dangerously exposed to external hazards.

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Source: Cryptopotato

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IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Iran Authorizes Banks and Currency Exchangers to Use Cryptocurrencies to Pay for Imports

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The Central Bank of Iran has authorized banks and currency exchangers to use cryptocurrencies mined by licensed crypto miners in the country to pay for imports. Meanwhile, a bill is being drafted to provide regulatory clarity regarding crypto-related activities.

Using Cryptocurrencies to Pay for Imports

The Central Bank of Iran (CBI) has announced that banks and licensed currency exchangers can use cryptocurrency mined by licensed crypto miners in Iran to pay for imports, the Financial Tribune reported on Saturday. The publication described:

The central bank says that lenders and licensed currency exchange offices have been notified about the regulatory framework for crypto payment.

In October last year, the Iranian government amended its cryptocurrency regulation to enable the country’s central bank to fund imports with bitcoin legally mined in the country. Licensed crypto miners are required to sell their coins directly to the central bank. The measure was proposed by the CBI and the Ministry of Energy.

Iran has issued over 1,000 licenses to crypto miners, including one to the Turkish bitcoin mining giant Iminer. Power plants in Iran are allowed to mine cryptocurrencies and bitcoin miners have been granted exclusive access to electricity generated from three of them. In January, Iran shut down 1,620 illegal crypto mining farms.

Meanwhile, Mohammadreza Pourebrahimi, head of the economic commission, said the commission has done a comprehensive examination of crypto activities in Iran and will present its results next week.

“We plan a bill in which a new mechanism for cryptocurrency-related activities is laid out,” he was quoted by Tasnim News Agency as saying.

The bill will define the obligations of administrative bodies, namely the Central Bank of Iran and the ICT, industries, energy and economy ministries.

What do you think about this new directive by the central bank about using cryptocurrencies to pay for imports? Let us know in the comments section below.

Source: Bitcoin

Disclaimer: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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No Turning Back As Bitcoin and Crypto Set To Replace Current Financial System, Says Coin Bureau

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Widely followed crypto influencer and host of Coin Bureau says that there’s “no turning back” as the crypto sector erodes the entire current financial system.

In a new video, the pseudonymous trader who goes by Guy lists some key factors allowing Bitcoin and cryptocurrencies to reshape the existing financial sector.

Guy notes that with the increasing concerns of inflation and currency debasement, investors around the world are starting to take notice of Bitcoin’s scarcity, as well as its upside potential relative to gold.

“This makes Bitcoin an optimal hedge against inflation and this hedge seems to be the reason why so many institutions have started to buy BTC recently. 40% of all US dollars in existence were printed last year to keep the corpse of the economy lurching along.”

The analyst observes that with Covid-19 restrictions keeping businesses shuttered, many people don’t have the choice to spend their savings or stimulus money on anything except tradable assets like stocks and crypto, speeding up the adoption of Bitcoin.

“This likewise leaves consumers with no other options but to save that stimulus money or invest it in assets. Individuals and institutions have consequently been accumulating BTC like mad, with PayPal and Square collectively buying 100% of all the newly mined BTC in March of this year.”

The closely-followed crypto trader predicts that as the emerging awareness of currency debasement grows, the average person will opt for holding digital crypto assets, rather than saving their fiat or buying precious metals.

“Bitcoin is getting bigger by the day, but that’s just half the story. The other half of the story is that fiat currencies around the world are losing value at a record pace and people are starting to realize that they’re better off holding magic internet money than so-called real money. In the past, people would have held precious metals to protect against inflation, but something tells me we won’t see people paying with gold or silver as long as the internet is up and running.”

Coin Bureau also posits that some of the major pieces of the crypto infrastructure like stablecoins, DeFi (decentralized finance) and NFTs (non-fungible tokens) are solving much-needed problems within the financial landscape, which will lead to a new world order in which crypto dominates.

“Governments are realizing that they just learn to live with crypto in some form or another. At this point, there’s no turning back and that can only mean one thing. Cryptocurrency will eventually replace the current financial system.”

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Source: Dailyhodl

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IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Today marks the 10-year anniversary of Satoshi Nakamoto’s final message

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On April 26, 2011, Bitcoin’s pseudonymous creator, Satoshi Nakamoto, allegedly left the nascent cryptocurrency community to work on other projects. Nobody has been able to track them down ever since.

Bitcoin creator Satoshi Nakamoto left the cryptocurrency community with a parting message exactly one decade ago today: “I’ve moved on to other things.” 

In the years since, Bitcoin (BTC) has evolved from an obscure, esoteric project to a trillion-dollar financial asset drawing attention from governments, financial institutions, corporations and investors. Despite dozens of plausible theories, Nakamoto’s identity remains elusive, and their estimated stash of 1 million BTC remains unmoved.

With a current BTC price of around $54,000, Nakamoto’s projected fortune is roughly $54 billion. As Cointelegraph recently speculated, a BTC price of $182,000 — considered probable by many crypto enthusiasts — would make Nakamoto the world’s richest person. Bitcoin's price peaked above $64,000 earlier this month before correcting lower.

The mystery surrounding Nakamoto was the subject of a March Cointelegraph Brasil interview with Dustin D. Trammell, one of the first cypherpunks to mine the digital currency. In that interview, Trammell speculated that it was unlikely Nakamoto worked on an e-cash protocol before Bitcoin, given their “lack of bias” in implementing new technology.

He explained:

“In hindsight, Satoshi didn’t seem to be trying to solve a technical problem, but rather a social problem. A systemic problem with the legacy financial system. At the time though, they were very focused on the technology, so some of the philosophical points may have been overlooked or downplayed by those not paying close enough attention.”

Although Bitcoin has yet to live up to all the tenants of Nakamoto’s original 2008 white paper, its proven monetary policy has made it an attractive store of value. For now, the narrative surrounding Bitcoin being an immutable “digital gold” is resonating with mainstream investors.

It’s not entirely clear whether Nakamoto will ever resurface — or whether they’re still alive, for that matter — but the cryptocurrency community has come to terms with the founder’s anonymity. Nakamoto’s work spawned the widespread adoption of blockchain technology under a new ethos of decentralization. That ethos was recently on display in the Cointelegraph Top 100, with crypto's most influential person being "all of us" who are contributing to a more decentralized world:

“In these networks, in which we often participate pseudonymously, we sense the opportunity to regain some of what we’ve lost to increasingly centralized entities that capture our data, invade our privacy, dictate the terms under which we might exchange value, and specify the level of financial risk to which we should be exposed.”

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Bitcoin Price Jumps 9%, Most Since Early March

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Bias for short-term bitcoin puts or bearish bets has weakened in the wake of price rise.

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Bitcoin surged 9.7%, its biggest percentage rise since March 1, rebounding from a seven-week low reached a day earlier and reestablishing a foothold above $50,000.

The price increase came amid continuing signs of growing adoption of cryptocurrencies. Hours after the bitcoin price started rising early Monday, CoinDesk reported that investment banking giant JPMorgan could soon launch a bitcoin fund for its deep-pocketed clients. 

The top cryptocurrency was changing hands at $53,860, per CoinDesk 20 data. 

The ascent began early in Asia trading hours when the cryptocurrency reached lows near $48,000 and looked oversold as per the relative strength index – an indicator widely used by traders to assess the price momentum.

JPMorgan could launch an actively managed bitcoin fund for private wealth clients as early as this summer, sources told CoinDesk. The investment bank has yet to confirm its plans to launch a fund dedicated to the top cryptocurrency, which seen a sixfold rally since October 2020.

JPMorgan’s bitcoin fund could accelerate institutional adoption. Rivals Morgan Stanley and Goldman Sachs have already announced plans to offer bitcoin exposure to their wealthy clients. 

While the cryptocurrency is gaining ground for the first time in six days, the options market continues to show bias for short-term puts, or bearish bets, with the one-week “put-call” skew above zero. 

Put-call skews measure the cost of puts relative to that of calls, and they’re seen as a gauge of the market’s bias. However, the metric has come off sharply to 6% from highs above 20% seen last week, an indication of reduced bearishness. According to some analysts, it’s a sign the market has bottomed out.

Market chatter shows some investors are skeptical about the sustainability of the price bounce, as the weekly chart MACD histogram, an indicator used to gauge trend strength and trend changes, has crossed below zero, in a sign of a bearish shift in the market sentiment.

Seven of the past ten bear crosses on the weekly MACD histogram led to deeper price declines. As such, the latest developments on the MACD are a cause for concern for the bulls.

Source: Coin Desk

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IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analzse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Bitcoin Dominance Drops to 50% For The First Time in 33 Months

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According to data from Tradingview, Bitcoin’s market dominance dropped to 50% on April 22 marking the lowest point it has been for 33 months. At the time of writing, it has recovered marginally to 51.48%.

A two-month consolidation period around the 62% level ended at the end of March when altcoins started to take off. BTC dominance fell steadily throughout April shedding 12% to the current level.

Bitcoin dominance weekly view – Tradingview.com

The last time Bitcoin’s market share plunged to 50% was in July 2018 when it was priced at just under $8,000. It was the middle of a long bear market that would see the asset’s price plunge to $3,200 by the middle of December the same year.

BTC dominance has been lower, in January 2018 when altcoins were at their peaks, the king of crypto only commanded 35% of the market.

Ethereum, BNB, Stablecoins Growing

As was the case during the last bull run, Ethereum has taken the largest chunk out of Bitcoin’s market pie. ETH is currently just below 30% of Bitcoin’s market cap with $285 billion compared to $978 billion. As a percentage of the total, Ethereum has a market share of 14.25% according to Coingecko.

ETH prices have remained high while BTC has corrected around 27% to Sunday’s low of $47,250. Ethereum’s total correction since ATH has been 18% by comparison as it fell to $2,150 over the weekend.

Binance Coin has also powered up the crypto coin cap charts into third with $82 billion and a 4% share of the total market, which has just topped $2 trillion again.

The surge in stablecoins in circulation has also contributed to Bitcoin’s diminishing share. The top four – USDT, USDC, BUSD, and DAI – have $74 billion between them making them collectively the fourth largest crypto asset.

BTC Price Update

At the time of writing, Bitcoin had recovered 5.3% from its weekend dip to trade at $52,300 during Monday morning’s Asian trading session. Analysts are now marking it as in the oversold territory.

Resistance currently lies in the $55K zone so this is where it needs to head in order for the uptrend to continue in the short term.

On the downside, there is support at $45K but a revisit of these levels could spell the end of the bull market if there is no immediate recovery.

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Source: Cryptopotato

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IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analzse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Bitcoin latest: The FIVE cryptocurrencies that could outshine Bitcoin - ones to watch

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BITCOIN has taken the world by storm and is currently one of the most successful attempts at digitizing money. Here are the five cryptocurrencies that are expected to outshine Bitcoin.

Cryptocurrency is the latest financial trend gripping the world with more and more people looking to opt into digital currency as the technological revolution grows. Bitcoin uses a decentralized system to record bank transactions in a distributed ledger called blockchain. Bitcoin has to be mined, and miners run complex computer rings to solve complicated puzzles in a bid to confirm groups of transactions called blocks, and upon success, these blocks are added to the blockchain record and the miners are rewarded with a small number of bitcoins. Other participants in the Bitcoin market can buy or sell tokens through cryptocurrency exchanges or peer-to-peer.

Five cryptocurrencies that could outshine Bitcoin

Cryptocurrency analyst and YouTuber Benjamin Blunts has revealed five alternative crypto coins that he believes will do better than Bitcoin.

The cryptocurrency trader called Bitcoin’s crash in 2017 when the value of the cryptocurrency fell 45 percent from its peak after six weeks of record highs at the time.

Mr Blunts kicks off the list with Ethereum, which he thinks will do better than Bitcoin.

The cryptocurrency expert told Daily Hodl: “If Bitcoin still continues up to $100k and beyond, that’s just going to mean ETH [Ethereum] is pumping even more so, you know.

“If Bitcoin doubles from here that means ETH will triple from here because it’s going to be outperforming Bitcoin.”

The second Altcoin Mr Blunts believes will be huge is blockchain oracle Chainlink (LINK).

He said: “I’m not 100 percent sure how high LINK will go.

“I’m not sure whether or not it’s going to make a new all-time high against Bitcoin.

“But I do think from here it’s going higher, and It’s going to outperform Bitcoin, and its USD (US dollars) value is going to explode.”

Next on Mr Blunts’s list is the decentralized exchange SushiSwap (SUSHI).

On the SUSHI/BITCOIN charts, Mr Blunts projects that the decentralized exchange will increase by about 70 percent.

This, the cryptocurrency blogger predicts, will translate to larger gains when SUSHI is partnered with stablecoins.

He said: “[SUSHI will] probably go up around 70 percent or so against Bitcoin – so in USD value that will probably be more again.”

Decentralized finance lending protocol Compound (COMP) is another altcoin that is one to watch.

Mr Blunts believes COMP will record bigger gains than Bitcoin ever did in terms of percentages.

The cryptocurrency analyst expects COMP to rally by more than 160 percent against the flagship crypto coin.

He said: “So I think ultimately COMP is another nice DeFi project… 146 percent target against Bitcoin.”

Bitcoin is the fifth and last alternative crypto coin that Mr Blunts expects to outshine Bitcoin and other leading currencies by market cap.

According to Mr Blunts, “Litecoin is going to outperform a lot of the majors” in the short term.

While cryptocurrencies can yield high rewards for investors, be very careful and make sure to do research on what you’re pouring your money into before investing.

Source: Express

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Bitcoin’s Drop on Biden’s Proposed Tax Hike Just Temporary, BCB CEO Says

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Bitcoin (BTC) has slumped more than 8%, over a 24-hour period, a drop attributed to U.S. President Joe Biden’s proposed tax increase on capital gains on those earning above $1 million. But the effect may be temporary, according to the CEO of a leading crypto-dedicated payment services provider.

Biden’s proposed treatment of capital gains as income, which stipulates a rate of up to 39.6% instead of the current 23.8%, has had “a shock effect in all markets,” BCB Group CEO Oliver von Landsberg-Sadie told CoinDesk. Still, cryptocurrency is likely to be unaffected over the long-term, he said.

“While the shock may be sustained in stock markets, the nature of cryptocurrency will see straight through this dip,” Landsberg-Sadie said.

He said MicroStrategy’s Michael Saylor and Tesla’s Elon Musk have both made their views “abundantly clear” about holding bitcoin in their corporate treasuries.

“The difference between cryptocurrency and any other market is that we’re seeing more and more large-scale crypto buyers who simply have no intent on exiting the position,” Landsberg-Sadie said. Instead, the stock-to-flow model cited by blockchain hedge fund Pantera Capital for its prediction that the price of bitcoin will reach $115,000 this summer will be a “much stronger driver of value than fiat-based tax.”

According to Landsberg-Sadie, the drop in bitcoin’s value on Friday has been an “overreaction” to Biden’s capital gains proposal and will likely bounce back to the Pantera projections where its next high is somewhere above $70,000.

Source: Coin Desk

Important Disclaimer:  All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Bitcoin drops below $50,000, dented by rising U.S. tax worries

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In this file photo taken on December 17, 2020 shows a physical imitation of a Bitcoin at a crypto currency "Bitcoin Change" shop, near the Grand Bazaar, in Istanbul.

 OZAN KOSE/AGENCE FRANCE-PRESSE/GETTY IMAGES

Referenced Symbols

BTCUSD
-5.10% 
ETHUSD
-7.72% 
XRPUSD
-14.99% 
DJIA
-0.94% 
COIN
-5.92% 

The price of bitcoin dropped below the psychologically important $50,000 level on Friday, as worries over rising U.S. taxes filtered over to cryptocurrencies, adding to recent pressure already simmering on those alternative investments.

Bitcoin prices BTCUSD, -5.10% last changed hands at $49,225, a slide of nearly 10% over 24 hours and a level not seen since early March, according to Coindesk. Losses were spread across other cryptocurrencies, with ether  ETHUSD, -7.72%,  on the ethereum network, also droppping around 10% over the same time period, trading at $2,219. XRP  XRPUSD, -14.99%,  which is pegged to Ripple, has lost 21% in 24 hours, last trading at a new high of $1.00.

The fresh losses for bitcoin represent around a 24% drop from a recent peak of $64,829 for the cryptocurrency, meeting the widely accepted definition of a correction. Bitcoin saw a sharp slide last weekend, though the cryptocurrency’s volatility mean slides of more than 10% are not unusual. Fears of increased regulation were at the heart of last Sunday’s pullback.

Friday’s losses come on the heels of a 300-point loss for the Dow industrials DJIA, -0.94% after a media report that President Joe Biden is weighing a plan to nearly double capital-gains tax on the wealthy.

“It is clear that Bitcoin is more sensitive to capital gains tax threats than most ‘asset’ classes. The threat of regulation, either directly in developed markets or indirectly via the taxman, has always been crypto’s Achilles’s heel, in my opinion,” Jeffrey Halley, senior market analyst at OANDA, told clients in a note.

Halley said the next bitcoin level he’s watching out for is $42,000, which “might come this weekend, or next week or perhaps not at all.”

“Hopefully, we will hear as many ‘experts’ saying this is a sign of bitcoin becoming a ‘maturing mainstream asset’ if it falls 10% this weekend, as we do when it rises, or a crypto-exchange chooses to IPO,” he said.

A number of analysts have warned of a near-term downturn for bitcoin as the cryptocurrency has continued to track lower after reaching an all-time peak above $64,000 following the direct listing of cryptocurrency platform Coinbase COIN, -5.92%.

Source: Marketwatch

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IMPORTANT DISCLAMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Bitcoin or Digital Dollars, Systems are Still Systems

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“We’re looking at digital currency and saying this is going to solve all our problems. What’s the difference between a digital dollar and a paper dollar? This system is still a system,” said Steven Van Metre from Atlas Financial Advisors.

Governments are studying bitcoin and other cryptocurrencies to determine how their own would be designed and operate

Steven Van Metre with Atlas Financial Advisors said, “There’s no doubt when the Fed eventually does roll out a digital currency and we do eventually convert to that, they’re going to control every last coin just like they own every last dollar.”

To many, bitcoin’s limited digital supply cap of 21 million is one of its many more attractive qualities. With a finite supply of currency, it can theoretically resist inflation, whereas central bank money printing will inevitably lead to a decrease in the value of the dollar.

That’s exactly what stands in the way of bitcoin ever replacing the dollar as the world’s reserve currency, according to Erik Norland, executive director and senior economist at CME Group.

“For any currency, it has to lose value over time in a fairly predictable way in order to incentivize people to invest it or spend it,” he said at an online event hosted by Blockworks Tuesday. “Otherwise, the economy is totally dysfunctional.”

Norland went on to say the US had a similar, though less extreme, issue with the gold standard before it went off it in 1971. But the gold supply was determined by mining output, rather than the needs of the economy, he said.

“It’s the challenge for any central bank to create the right amount of currency to meet the needs of the economy, of population growth, productivity growth, plus some inflation to allow that currency to devalue slightly — maybe 2% per year so — in order to lubricate the engine of economic activity. Bitcoin itself cannot do that.”

Steven Van Metre, a certified financial planner with Atlas Financial Advisors, strongly agreed.

Governments are studying bitcoin and other cryptocurrencies to determine how their own would be designed and operate. It’s not likely the US will adopt a system created by any other entity than the US, he said.

“There’s no doubt when the Fed eventually does roll out a digital currency and we do eventually convert to that, they’re going to control every last coin just like they own every last dollar,” he said. “But it is neat to see it working and to see what the future will look like when we don’t have paper.”

While the case for implementing central bank issued digital currencies is strong—they’d bring the convenience of digital money, be widely accessible, regulated and reserve-backed, and remove the costs of maintaining paper money—there’s also a good chance they’ll just exacerbate the problems that stem from the existing system.

“We’re looking at digital currency and saying this is going to solve all our problems. What’s the difference between a digital dollar and a paper dollar? This system is still a system,” Van Metre said.

Norland, who was more optimistic on a potential digital dollar, called it a “double-edged sword,” noting that any economic policy tends to create both benefits and side effects that eventually “create political problems.”

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Source: Blockworks

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IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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21.2 Million US Adults Own Cryptocurrency – Gemini Survey

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Gemini has published a State of Crypto report for 2021, noting that over 50% of crypto-curious investors are women, and roughly 14% of the US population holds cryptocurrency.

New York-based exchange, Gemini, has released the State of Crypto report for 2021, providing several indicators of how the market is trending in the US. The survey involved 3,000 investors and consumers who were questioned between October and November 2020.

In the introductory section, Gemini notes that the arrival of institutions and companies like PayPal and MicroStrategy have put crypto on the radar. The report says that activity from potential investors is set to increase, with a wider range of demographics likely.

Who are the crypto-curious?: Gemini

Broadly, the survey examined the profile of current and potential investors, popular assets, knowledge level, and faith in it. Interestingly, more than 50% of those surveyed said that they wanted to know more about cryptocurrencies.

However, 53% of the investors who were “crypto-curious” were women. The average age of this group was 44 years old, with the average age of current investors being 38. This unique demographic is what spurs Gemini to say that the average crypto holder may take on a different face soon.

Unsurprisingly, the most popular age group in the crypto space is millennials and, to a lesser degree, Gen Z. It notes that 14% of the US population owns cryptocurrencies, which is a remarkably large amount. This level of growth indicates that crypto is on the cusp of transitioning into the mainstream.

Among ethnic groups, crypto was most popular among Caucasians. However, Hispanics and Asian Americans/Pacific Islanders come far behind, with under 15% each. This, too, shows a changing nature in the demographics.

Bitcoin remains the most well-known asset, says Gemini

There is some variance when it comes to the knowledge of crypto assets by investors and those interested in the market. 95% of those surveyed said they were aware of bitcoin, but only 38% were aware of ethereum. Bitcoin cash followed at 24%, and litecoin at 16%.

After pointing out the average knowledge of US adults, Gemini states that education is important to convert “crypto-curious consumers…to actual crypto holders” — which it is working on as well. 60% of the crypto-curious said that they were not very knowledgeable about crypto.

Bitcoin’s popularity stems from the fact that it has become a byword for cryptocurrencies. The oldest cryptocurrency has made a name for itself in the years since its creation, and it is only now that it has attracted broad retail attention.

Unlike the 2017 bull run, the current bull run has the support of institutions and major companies. This has lent it some legitimacy, and retail investors have gained more confidence in it.

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Source: Beincrypto

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IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Here Are 4 Indicators Showing Bitcoin Is Nowhere Near Top, According to Crypto Trader Lark Davis

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Crypto trader and influencer Lark Davis says a number of indicators are signaling that the end of the Bitcoin rally is still nowhere in sight, despite the recent correction.

In a new video, Davis names four well-known indicators to show that the world’s largest crypto asset by market cap still has gas in the tank.

The first indicator that trader brings up is the Bitcoin Heat Map, which uses colors to represent the percentage of increase of the 200-week moving average (MA) on a month-to-month basis. The spots turning red, which it hasn't done yet, is supposed to be a signal of overheated market.

"We do not have any red dots currently. In fact, we don't even have any orange dots currently...[We're] potentially still 4,5,6 months away from a real blowoff top for the cryptocurrency markets. Obviously, this is just Bitcoin we're looking at but Bitcoin does lead the markets so if Bitcoin gets up to let's say $150,00, $250,00 during this market cycle, well then we'll get our red dot coming in. But we're not there yet, so just keep that in perspective."





Source: lookintobitcoin.com

The next metric that Davis points out is the Puell Multiple, which examines the revenue of Bitcoin miners in relation to the price of BTC. Miners are known to be compulsory sellers due to their need to cover fixed costs. This indicator still hasn’t entered the overbought zone, from Davis’ point of view.

“This is not showing that there is a market blowoff top happening right now. What it’s actually more reminiscent of if you ask me is actually probably something like… July, August or September of the 2017 bull run. For comparison, that’s where we might be at the moment because we are seeing these big dips, these big corrections. We have not yet gotten into this area (red rectangle) that shows we are in an overbought market.”

     Source: lookintobitcoin.com

Davis also takes a look at the 2-year MA multiplier, a long-term focused indicator that uses a two-year moving average and another line that represents the 2-year MA multiplied by five.

The popular YouTuber notes that each time a Bitcoin bull rally ended, BTC first shot up past the red line. From his perspective, Davis says that the current price action of Bitcoin resembles mid-2017 when it began to nudge the red line for months before rocketing upward for a final blowoff.

                                Source: lookintobitcoin.com

  In addition, the analyst notes that the Bitcoin Rainbow price chart, a logarithmic growth scale, is signaling that BTC only recently hit the halfway point, and still has a ways to go before it loses steam.

"You can see in the previous market cycles we did get up to the 'Is this a bubble?' territory or even above in some situations. 2017 hit it very very nicely heading up to around $20,000. We are not there yet."

                                            

                                            Source: blockchaincenter.net

Looking at the four indicators, Davis highlights that he doesn’t believe the bull market has hit its apex.

“People out there packing saying that the top is in.. They’re not actually looking at the bigger picture here, looking at the indicators. understanding what’s going on. Look, I could be wrong about anything and everything that I say… But I look at the indicators, I look at the sentiment in the market and all these different things, and I don’t feel like this is the top of the bull run.” 

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Source: Dailyhodl

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IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Binance Smart Chain Transactions Hit Record High as Network Overloads

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Binance Smart Chain (BSH) has been enjoying a surge in activity and volumes recently, but the increased demand may be taking its toll on the network in terms of performance.

The Ethereum (ETH) rivaling BSC and associated decentralized exchanges have been one of the biggest growth engines in the decentralized finance (DeFi) industry this year.

As gas prices head north again, those new to DeFi or those with smaller amounts to invest have been flocking to the Binance-powered blockchain.

In a tweet on April 20, the Binance Chain Community posted a surge in daily transactions which has now hit a record six million. The jump had increased by 20% from the previous day, it added.

Source: Bscan.com

According to Bscan, at the time of writing, the daily transactions figure had now topped eight million, doubling over the past seven days.

BSC growing pains

The company’s CEO Changpeng Zhao has wasted no time deriding Ethereum to plug their faster and cheaper alternative. But according to Binance’s largest project, PancakeSwap, the network is suffering due to demand and is currently “overloaded.”

The post came in response to a growing number of users complaining about failed transactions and error messages when using the DEX.

While nowhere near the heights that the Ethereum network makes, the average gas limit on BSC has surged 87% over the past two weeks, with a huge spike yesterday, according to Bscan charts.

The amount of gas used on BSC per day also pumped almost 50% yesterday according to the charts.

Source: Bscan.com

PancakeSwap is responsible for the majority of this network load as it has seen a surge in usage over the past month or so.

According to a report by derivatives exchange Deribit, PancakeSwap’s average 24-hour volume surpassed Uniswap by over $1 billion and SushiSwap by $2 billion for the week ending April 16.

It added that the seven-day moving average of 24-hour trading volumes also put PancakeSwap ahead of its two rivals.

At the time of writing, DappRadar is reporting a record TVL for the DEX, topping $10 billion for the first time. This is reportedly higher than Uniswap’s $9 billion and SushiSwap’s $4.2 billion figures.

CAKE and BNB tokens surge

Native tokens for the DEX and crypto exchange are also performing well, with CAKE cranking to an ATH of $28.40 during today’s Asian trading session.

Binance’s BNB token is recovering from a recent dip to surge almost 20% on the day hitting $582, according to CoinGecko.

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Source: Beincrypto

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IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Biden Administration Developing Cryptocurrency Regulation — Treasury to Provide Direction to SEC

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The Biden administration is reportedly developing a regulatory framework for the cryptocurrency markets. The new chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, is waiting for direction from the Treasury to establish cryptocurrency regulation.

New Crypto Regulation Being Developed by Biden Administration

Fox Business’ Charlie Gasparino reported Monday that the Biden administration is in what’s been described to him by people close to them as “the early stages of developing a regulatory approach to the crypto markets.” He noted that the number one priority is infrastructure, followed by taxes.

Another area, which he said is being debated within the Biden administration, concerns crypto regulations by the SEC. Last week, MIT crypto professor Gary Gensler was confirmed to lead the commission. He previously served as the chairman of the Commodity Futures Trading Commission (CFTC). Gasparino explained:

SEC Chair Gensler is waiting for some direction from the Treasury for the overall policy of cryptocurrency regulations before he develops a specific regulatory approach for crypto which will likely be the types of enforcement actions he goes after.

He added that Treasury Secretary Janet Yellen is leading the U.S. government’s crypto regulatory efforts and Deputy Secretary of the Treasury Wally Adeyemo is the point man on crypto at the Treasury Department.

Commenting on talks of possible crackdowns, regulations, and outlawing cryptocurrencies, he emphasized: “We don’t know where they’re going with this. We don’t know what exactly is going to happen.”

While acknowledging that some countries are starting to outlaw cryptocurrencies, he said: “I don’t think it’s gonna happen here. Too many American investors are in the space right now.” In his opinion, “crypto is here to stay” and based on the people he has been talking to, the government will not outlaw cryptocurrencies, but he believes that “There will probably be more regulations.”

Furthermore, sources close to the SEC told him that the commission is debating whether to approve a bitcoin exchange-traded fund (ETF). “That’s a huge debate at the commission level between Republican commissioners and the Democrats about this issue,” he said.

“Gensler will throw the Republicans a bone by approving this as a way to sort of curry favor with them over other broader policy goals he wants to do at the SEC,” he continued, noting that some examples are ESG investing and the types of disclosures companies have to do going forward, including political contributions. In conclusion, he described:

That we know for sure is that we are in the second inning, I believe, of the regulatory approach being developed by the Biden administration through the Treasury.

As for the time frame of when these regulations will come to fruition, he expects that it will take at least a month.

Source: Bitcoin 

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Binance.US Finds New CEO in Former Coinbase Executive

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Binance.US officially announced the hiring of a former Coinbase executive to become their new CEO. Brian Brooks has also served as the acting head of the Office of the Comptroller of the Currency (OCC).

Binance making big moves atop its C-suite

North American-based crypto giant Binance made it official on Tuesday. Starting May 1, they will have a new CEO in Brian Brooks. The digital asset marketplace, which launched in 2019, Binance.US, offers a platform to buy and sell crypto.

Catherine Coley currently runs the team. At this point, her role with the company moving forward is unclear.

Before Binance, Brooks worked as the acting head of the Office of the Comptroller of the Currency (OCC). He also was an executive at Coinbase, where he led compliance, legal, and government relations for their digital asset system. He brings a lot to the table with years of crypto experience already under his belt.  

Throughout his eight-month employment at the OCC, Brooks helped pave the way for stablecoin issuers to host accounts within the banking system. He was even given the nickname “CryptoComptroller” for his support of the rise of digital currency. In an interview with the Wall Street Journal, Brooks stated:

“I am eager to work closely with industry participants and policymakers to develop an enduring regulatory framework that enables Americans to reap the benefits of decentralized finance for generations to come.”  

He went on to state that his goal is to take Binance sky-high. He also hopes to compete with his former employer, Coinbase.

Brooks has also worked as general counsel and corporate secretary at the mortgage company Fannie Mae and served on the boards of multiple financial and fintech companies. 

Crypto companies continue hiring former government employees

Just a few weeks ago, Binance announced the addition of former U.S. Senator and Ambassador to China, Max Baucus. He will be in the room to help navigate the murky waters of the U.S. regulatory process. 

Binance is not alone in its quest for former US Government employees. Many fintech and crypto companies have been doing the same thing for months. 

Coinbase recently took on Brett Redfearn to their team. Redfearn had previously worked for the SEC, running its capital-markets division. 

One River Asset Management also recently dipped into the SEC talent pool and fished out Jay Clayton to serve on their board of advisors.

Bringing on employees who understand the ins and outs of government regulation has become paramount for crypto companies in this ever-changing landscape. The companies hiring these ex-government officials are apparently banking a lot on the ability of these individuals to work around uncertain legislation.

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Source: Beincrypto

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IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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DOGE Price Analysis: DOGE Leads Crypto Market In Sea Of Red, Up by 500% WoW

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• Doge rises 25% on the day to $0.41
• Rising wedge formation spotted on 4 HR chart
• Doge Is up 500% in the last 7 days

Dogecoin is the talk of the town recently as it has been touted “the peoples crypto”. Earlier in the year DOGE price was trading for under a penny, thanks to Elon Musk DOGE has awoken from its 3 year slumber and surged 4000% in the last few months. After a bloody weekend, Dogecoin quickly revived off its low of $0.22 and has gained nearly 100% in the last 2 days. 

As investors await “Doge day” on April 20th, the price has formed a rising wedge formation. This pattern is known for its bearish outcome but in certain scenarios it can break upwards. For DOGE to set a new ATH, the price must hold the $0.40 level. Within the next 8 hours Doge coin will make its move as the wedge nears its peak. 

DOGE Price Analysis: DOGE/USD 4 Hr Chart

Chart By TradingView

In the case that the price of DOGE cannot hold over its current resistance level & fails to hold its bottom trend line of its wedge, we can expect DOGE to fall to key support of $0.318. This level has only held once in the history of DOGE, meaning it is not the strongest bounce level.

"If bears decide to take over control around that level, DOGE may experience another tumble to the key support range. This range is $0.265-$0.229 and has held the price of Doge coin well in the last few days."

The indicators showing on the DOGE chart seem to be unclear. This can indicate a neutral amount of bulls & bears currently playing in this market. The Stochastic RSI has bounced off its low and was halted at the overbought resistance line. This usually indicates the bulls lost strength and the price will begin to curl down. In some cases of extreme FOMO, the RSI will continue its run upwards and break to max strength levels. The MACD tells a similar story as the histogram ticks are small and the MA’s are going sideways. The next day will most likely be crucial for the direction of Doge coin. 

DOGE intraday levels 

• Spot rate: $0.398
• Trend: Bullish
• Volatility: High
• Support: $0.318
• Resistance: $0.40

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Source: Coingape

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What Changed in Crypto Markets While You Were Sleeping — April 19

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BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.

Bitcoin update

The BTC movement throughout the week of April 12 to April 18 was eventful. It reached an all-time high price of $64,854 on April 14. 

However, it began to decrease shortly afterward, with the rate of decrease accelerating on April 18. BTC reached a low of $50,931 the same day. 

Currently, BTC has bounced back and is trading near $57,000.

Despite the ongoing recovery, technical indicators are bearish. The MACD has given a bearish reversal signal and the RSI has dropped below 70. The Stochastic oscillator is decreasing but has not yet made a bearish cross. 

When combined with the bearish candlestick, the long-term trend is showing significant weakness.

BTC Chart By TradingView

Altcoin movers

The price dips over the weekend rearranged the top-10 by market cap. Dogecoin (DOGE) has shown resilience and is back to trading just short of $0.36. With a market cap of nearly $45 billion, DOGE has moved into sixth place and is around $4 billion away from overtaking Tether (USDT)

Uniswap (UNI) has fallen out of the top-ten and has been replaced by Bitcoin Cash (BCH). BCH managed to pass the $1,000 price point over the weekend for the first time since June 2018.

NEO is today’s top altcoin mover. It has completely shrugged off the market crash and is trading over $124 at the time of press. The last time NEO saw these prices was back in February of 2018, shortly after it fell from its all-time high of $190.

Most altcoins have enjoyed some recovery gains to kick off the week, but Klaytn (KLAY) hasn’t yet regained its footing. It’s currently down by more than 6%, adding to an 18% loss in the past week.

In other crypto news

• Coinbase CEO Brian Armstrong and early investors sold COIN shares worth roughly $5 billion on the opening day of trading.

• CEO of Galaxy Investment Partners, Mike Novogratz, recently commented on Dogecoin and XRP by stating that neither made sense regarding their price increases.

• China will be looking to make use of its own digital currency domestically rather than globally, according to the former governor of the central bank, Zhou Xiaochuan.

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Source: Beincrypto

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IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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DOGE Regains Top-5 Spot, Surging Over 38% to New ATH

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Cover image via stock.adobe.com

The meme-coin favored by the world's richest man, Elon Musk, has again returned to the fifth position on the top 10 list of digital currencies on CoinMarketCap and touched the $0.4409 level earlier today.

That was a new all-time high for the coin.

DOGE hits a new all-time high

Dogecoin has surged to another historical peak today, breaching the $0.44 level on the Bittrex exchange and rising more than 38 percent in the past 24 hours.

By now DOGE has rolled back a little, changing hands at $0.41.

Image via TradingView

On April 16, Dogecoin demonstrated an over 300 percent rise after yet another Elon Musk tweet about it.

On that day, the Tesla CEO posted a picture of "Doge barking at the Moon," pushing the coin up first 12 percent and then fueling its further rally.

Factors that have pushed Doge to an all-time high

There have been several triggers to drive DOGE to continue its rally. The first was the Coinbase direct listing on the Nasdaq, which also pushed Bitcoin and the whole cryptocurrency market to the north.

Then a Canadian web hosting provider, easyDN, announced it would be accepting DOGE payments, while it already accepts Bitcoin.

OTC-listed robotics company BOTS has made a similar announcement about Dogecoin. DOGE has seen a massive surge in adoption recently, including from Latvian airline airBaltic and Luxury hotel chain Kessler Group.

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Source: u.today

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Bank of America Survey: 74% of Fund Managers See Bitcoin as a Bubble

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The most recent Bank of America Fund Manager Survey shows that about three out of four professional investors think that bitcoin is a bubble. The fund managers also rated bitcoin second on the list of the most crowded trades. Recently, investment bank JPMorgan also warned that cryptocurrency as a sector is in a bubble.

Bank of America Survey Shows Most Fund Managers Think Bitcoin Is a Bubble

The Bank of America Fund Manager Survey for April shows that the majority of fund managers see bitcoin as a bubble. The survey asks 200 fund managers with $533 billion in assets under management.

Answering the question of whether bitcoin is a bubble, 74% of investors replied “yes.” Just 16% said “no” to the question and 10% said they either did not know or did not want to answer the question. In comparison, only 7% of investors think that the U.S. equity market is in a bubble. Most respondents think that the equity market is in “a late-stage bull market.”

The fund managers who responded to the survey also rated bitcoin second on the list of the most crowded trades, with 27% said BTC was the most crowded trade. Technology stocks rank first with just over three in 10 respondents citing tech as the most crowded trade.

Nonetheless, about 10% of fund managers still believe that bitcoin will outperform in 2021.

Bank of America has been saying that bitcoin is in a bubble for months. Earlier this year, Michael Hartnett, chief investment strategist at Bank of America Securities, said that bitcoin looks like “the mother of all bubbles.” In March, the bank’s strategist said that the only good reason for holding BTC is “sheer price appreciation.”

Recently, investment bank JPMorgan also named cryptocurrency as one of the sectors it believes is in a bubble. Despite this view, the firm has predicted that the price of bitcoin could reach $130,000 in the long term.

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Source: Bitcoin News

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China to Focus on Domestic Use For Digital Currency Says Former Central Bank Governor

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China will be looking to make use of their own digital currency domestically rather than globally according to former governor of the central bank, Zhou Xiaochuan

Xiaochuan believes that the use of a Chinese digital currency globally would cause issues. He indicated that international use could affect monetary policy independence. 

The former governor of the People’s Bank of China elaborated on the potential criminal usage and how it needs to be prevented, when talking at the Boao Forum in China.

The digital Yuan is being tested in China for the past several months. With pilot programs running across the country. China has not identified a timeline for the full roll-out of the digital asset.

However Deputy Governor Li Bo mentioned that the Central Bank is looking at increasing the testing scope of the digital Yuan. 

The central bank will be looking to test cross border payments of the digital yuan for preparations towards the upcoming Winter Olympics scheduled for 2022. The digital currency will be offered as a payment method for cross border payments for domestic and overseas users, including athletes, Li said. 

Digital Yuan set for more trials

The digital yuan has been expanding its testing into new regions. With the Hainan Province being the latest region to test the digital currency. 

The Central Banks Digital Currency (CBDC) will be tested with members of the Sansha City government. The latest trial will run for two weeks, and looks to raise awareness for the digital yuan. The government is also offering an impressive 15% discount for every 100 yuan spent within the island.

CBDCs discussion growing 

CBDCs continue to be a talking point between governments. The European Central Bank has also been in discussions regarding a digital euro. European Central Bank president Christine Lagarde has previously mentioned that the continent could launch its own digital currency. 

However the president has also stated that the process could take up to four years to successfully implement. 

In the meantime the United States have also been in discussions regarding CBDCs. With Treasury Secretary Janet Yellen stating that CBDCs could help those without access to the banking system in the future. 

Source: BeInCrypto

All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Bitcoin Price Falls $8K to 3-Week Low, Altcoins Crash

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Bitcoin nosedived to a three-week low of $52,148 during Sunday's Asian hours.

Bitcoin nosedived to three-week lows early Sunday, puncturing the frenzied speculative bubble built into several alternative cryptocurrencies (altcoins) in the wake of Coinbase’s recent debut on Nasdaq.

• The biggest cryptocurrency by market value dropped from roughly $60,000 to $52,148 in 15 minutes during the Asian session, liquidating almost $4 billion worth of positions in the derivatives market, according to Messari's Ryan Watkins.
• While the exact reason for the sudden crash is unknown, the market mood may have soured due to rumors that the U.S. Treasury is planning to charge several financial institutions for money laundering using cryptocurrencies. CoinDesk has been unable to independently verify any pending government action.
• At press time, bitcoin (BTC, -9.91%) is changing hands near $54,000, representing a 12% drop on a 24-hour basis, while ether (ETH, -12.38%), the second-largest coin is down almost 13%.
• Other altcoins such as XRP (-22.35%), polkadot, litecoin (LTC, -17.3%), bitcoin cash (BCH, -20.11%) have 17% to 20% in the past 24 hours, while dogecoin (DOGE, +17.54%) is nursing a 6% loss, as per CoinDesk 20 data.
• Payments-focused XRP and meme cryptocurrency dogecoin recently saw huge retail-led price rallies as Coinbase’s hotly-anticipated listing on Nasdaq on April 14 created general euphoria around the sector.
• Bitcoin rallied above $60,000 in the days leading up to Coinbase's listing and clocked a record high of $64,801 on April 14.

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Source: Coindesk

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IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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How Much Crypto Should Be In Your Investment Portfolio?

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Cryptocurrency adoption is increasing. As a result, many are wondering whether they should include crypto in their portfolios. Figuring out exactly how much is the next challenge.

The increase in adoption by companies like PayPal, the investment by institutions like Rothschild Investments and the recent Coinbase listing are making it harder to deny that cryptocurrencies are becoming a common feature not only in the world but in a well-rounded portfolio.

There are several who suggest different allocations based on the typical 60/40 stock/bonds portfolio. However, by using the Black-Litterman Model, investors can allocate the amount of crypto they hold according to their confidence in its growth potential.

Institutional investors’ interest in bitcoin

Just two years ago, Shark Tank celebrity investor Kevin O’Leary called bitcoin (BTC) “garbage.” Last year, he released a video entitled, “Why I’m Not Investing in bitcoin!”

However, as the total market capitalization of crypto recently surpassed $2 trillion, it’s become almost impossible for institutional investors to ignore.

Even O’Leary has changed his tune. Last month the celebrity investor announced he would be allocating 3% of his portfolio to bitcoin. For someone with a net worth of $400 million, this allocation amounts to $12 million worth of BTC.

Other companies have been setting a similar example over the past year. In August 2020, MicroStrategy invested $250 million in bitcoin. Since then, they’ve spent a total of $2.226 billion on bitcoin.

Payments service Square Inc. followed suit in October 2020, investing $50 million in bitcoin. It recently raised this by another $170 million. Finally, Tesla made a big splash in February 2021, investing $1.5 billion in the cryptocurrency. 

As with all investments, increased interest from these big players trickles down to smaller-scale investors who are interested in making smart portfolio moves.

Understanding bitcoin for your portfolio

Investors wanting to figure out how to invest in cryptocurrencies first have to understand them.

Investment firms are starting to provide explainers to potential clients. For example, Fidelity Investments released the report ‘Understanding bitcoin.’

In the report, Fidelity Head of Director of Global Macro Jurrien Timmer describes bitcoin’s growth potential and compares it with other assets to help investors understand it better.

Potential exponential growth

Timmer states that an increasing number of investors and portfolio managers consider bitcoin a legitimate and distinct asset class. Bitcoin, he explains, is a finite asset with a unique supply and a unique demand dimension. However, its distributed nature enables a network effect, which is not the case with other assets.

Specifically, Timmer refers to Metcalfe’s Law. Essentially, Metcalfe’s Law says that as the number of its users grows linearly, a network’s value grows geometrically.

Putting it another way, bitcoin’s utility, in this case, value, should grow much faster than its network of participants. Timmer notes that bitcoin’s growth curve appears to still be in its early, exponential phase—and could remain so for several years. This indicates a bullish case for bitcoin. As its demand could grow exponentially, its supply remains fixed at a total of 21 million.

Digital gold vs physical gold

Timmer then points out that some see bitcoin as a form of “digital gold.” This is because bitcoin could act as a stable store of value, potentially offering protection against inflation.

In this era, where economic stimulus against the coronavirus has seen governments all over the world printing money at an unprecedented rate, bitcoin may be stealing some of gold’s thunder when it comes to being a hedge against inflation.

Besides being easier to transfer and hold, Timmer notes that bitcoin has one unique advantage over gold — its finite supply. “Gold is scarce but not getting any scarcer,” he says in the report. 

Timmer concludes with several suggestions. First, he says that some investors may want to consider bitcoin as one component of the bond side of a 60/40 stock/bond portfolio. Since bond yields are near zero or negative, he suggests replacing some of them with gold or “assets that behave like gold.”

He points out that bitcoin does have several risks, including volatility, competitors, and policy intervention. However, he also admits that:

“bitcoin is a legitimate store of value, is scarcer than gold, and comes complete with a potentially exponential demand dynamic.”

As the report suggests, the question now changes from whether you should invest in bitcoin to how much?

Varied crypto allocation suggestions

Other financial experts have also made portfolio allocation suggestions based on the 60/40 model.

Ark Invest CEO Cathie Wood said that she believes bitcoin and other crypto may become a standard part of recommended portfolios for investors.

She posited that cryptocurrencies, like bitcoin, will eventually resemble bonds. Consequently, she believes that the bond portions of these portfolio allocations may finally give way to cryptocurrencies.  

Wood said:

“You think about the traditional 60/40 stock-bond portfolio, but look what’s happening to bonds right now,” she said. “If we are ending a 40-year secular decline in interest rates, that asset class has done its thing. What’s next? We think crypto could be the solution.”

Another allocation suggestion comes from a study performed by Yale economist Aleh Tsyvinski.

According to the study, cryptocurrencies enjoy higher potential returns than other asset types, despite their higher volatility. A portfolio should contain 6% bitcoin to achieve optimal construction, the study says.

Even for bitcoin skeptics, the research suggests at least a bitcoin allocation of 4%. If only for the purpose of diversification, those cautious of cryptocurrencies should have at least 1% in their portfolio.

This conservative amount is suggested by Ric Edelman, founder of Edelman Financial Engines. Replacing one percentage point of the 60% stock allocation with cryptocurrency would give investors the benefit of diversification without risking their portfolio.

“We need to acknowledge that 1% allocation isn’t going to materially harm a client,” he said. “It isn’t going to prevent them from achieving their financial goals and won’t damage their personal finances.”

Edelman lauds virtual currency for diversification, as they have little correlation with other asset classes.

The Black-Litterman Model

Although experts have various opinions of how much bitcoin one should have in their portfolio, how can an average retail investor decide?

Fortunately, there is a model that takes an objective approach while also including investors’ preferences. 

The Black-Litterman Model starts with a neutral, “equilibrium” portfolio. It then provides a formula for increasing holdings based on the investor’s view of the world. It incorporates not only an investor’s growth estimation, but also the confidence in that estimate. These inputs are translated into a specific portfolio allocation.

It starts with the global market portfolio, or all the asset holdings in the world, as the neutral starting point. If bonds occupy 51.98% of the total asset market, stocks 47.03%, and crypto at $2 trillion, 0.99%, then the base portfolio should have a similar allocation.

Next, for any given growth rate in cryptocurrency, the Black-Litterman Model returns the amount an investor should hold in their portfolio. The investor can then specify their conviction level in that assumed growth rate, and the model adjusts accordingly.

As crypto increasingly overshadow investors’ interests in other assets, it is apparently worth considering the Black-Litterman Model among the many tools in determining your optimal crypto investment.

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IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Dogecoin Is Not the Next Bitcoin – But Here Are the Similarities

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As dogecoin's gains top 9,392%, CoinDesk’s Adam B. Levine finds some surprising parallels between the top meme token and bitcoin.

To those of us who have been in the industry for a long time, Dogecoin has always been an oddity: A project that has exceptional approachability and appeal to new users while lacking most of the characteristics that make cryptocurrencies useful or valuable.

Created in 2013 by Jackson Palmer and Billy Markus, the project was abandoned years ago by its founders and developers, if not its fans. Until recently, it was in such a weak state that it couldn’t even power its own blockchain infrastructure and in 2014 hitched its proverbial wagon to another early cryptocurrency called litecoin (LTC, +0.07%).

At the time, that seemed like a necessary move – there were questions about whether DOGE (-2.74%) could survive at all. Then, yesterday, the top meme token eclipsed its patron chain.

For the moment at least, dogecoin is more than double the size of litecoin (and 330-year-old Barclays bank as well) when measured by market capitalization.

So what on Earth is happening here?

Money is what people make of it

A couple of years ago, I did a series of interviews with people in Iran, India, Singapore, Honduras, Nigeria and a couple of other places. I went in assuming that bitcoin (BTC, -1.8%) would not be the token of choice because the transaction fees are, in many cases, higher than a day’s wage and just generally are out of whack with the value scales locally.

I learned that, although that was true, people still saw bitcoin as their best option, which created a self-reinforcing cycle, the implications of which we’re still watching play out today.

Those decisions are driven by a simple question: Of all the currencies to which I have access, which one is most likely to be useful to me?

For bitcoin, that utility comes in two flavors. One is predictability. People turn their local currencies into bitcoin because they are looking for a way to store value that’s disconnected from local political and economic realities. Everyone knows about bitcoin’s fixed token supply as well as its largely unchangeable monetary policy, making it out of reach for governments broadly.

The other reason, which may be even more important, is liquidity. People want to be sure that when they decide to sell there will always be someone there who wants to buy at the market price.

So, even though in local terms bitcoin can be viewed as quite expensive, it is the consensus option. People can and do choose to buy other tokens, but this “long tail” of crypto investing is incredibly, and increasingly, diverse as the number of tokens to pick from expands. They’re more speculative because there is little or no consensus. That could change but the so-called first mover advantage and the network effect that bitcoin carries with it has been incredibly powerful. To put it simply, bitcoin is so useful because it’s what everybody uses.

Why is dogecoin rising?

For most of this year, I’ve increasingly come to believe that dogecoin is acting like that now. Just as bitcoin is the consensus pick for people looking for “predictable moneyness” in their currency, dogecoin is looking like the consensus pick for people who want “meme-y wackiness” in their currency.

That certainly seems to be the case among the Elon Musks, Slim Jims and Mark Cubans of the world, not to mention a growing share of meme culture broadly.

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Source: Coindesk

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IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Kenyan Fintech Startup to Use Stablecoins to Transfer Universal Basic Income Payments to African Refugees

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Kotani Pay, a Kenya based digital currency on and off-ramp service provider, has entered into an agreement wherein it will enable the transfer of universal basic income (UBI) payments to African refugees. Working in conjunction with the Refugee Integration Organisation (RIO) and Impact Market, the fintech start-up, which uses the Celo blockchain, will use its platform to ensure payments reach the intended beneficiaries.

According to Kotani Pay’s recent post on Medium, the start-up’s partnership with RIO and Impact Market will also see non-smartphone holders benefitting. Commenting on this unique feature, Kotani Pay said:

(The partnership) is achieving a never-before-done implementation of UBI through a stablecoin that is available to non-smartphone users. This is a pioneering achievement in the world of UBI, digital currencies, and the inclusivity of refugees.

The fintech start-up adds it is providing a familiar interface that works on feature phones. This interface “eliminates the need for an internet connection when interacting with blockchain protocols that were designed primarily for smartphone users.”

For its part, RIO says the use of the Celo blockchain “will certainly help keep fraud and corruption from this programme, ensuring that for once, every dollar will go to the people they are meant for.”

In the meantime, Brian Kimotho, the chief marketing officer at Kotani Pay, revealed some of the details relating to the funds that will be distributed as well as the number of refugees involved. Kimotho said:

The program will support 5,000 refugees. The refugees can claim the equivalent of $1 (100 shillings) in Celo Dollars (cUSD) daily up to a maximum of $400 (40,000 shillings) in a month. We’re currently running a pilot with 1,000 refugees with plans to onboard the remaining 4,000 within the next few months.

Meanwhile, in the Medium post, RIO dismisses the assertion that this UBI program will likely cultivate a dependency syndrome among refugees. The NGO says it believes the UBI “should not be implemented as a sole means of economic development.” Instead, the payments should be combined “with business training, entrepreneurship awareness, and other financial inclusion services, such as micro-loans.”

Source: Bitcoin News

IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Nigeria's SEC in Talks With Central Bank of Nigeria Over Crypto Regulation— 2020 Crypto Guidelines Still Suspended

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Nigeria’s Securities and Exchange Commission (SEC) has revealed that talks with the Central Bank of Nigeria (CBN) regarding the regulation of cryptocurrencies are ongoing. The securities regulator also reiterated that due to a CBN directive that was issued on February 7, 2021, the crypto guidelines it issued in September 2020 remain suspended.

Crypto Guidelines Set Aside

However, the regulator promises that at the conclusion of its engagements with the CBN, stakeholders will be informed of the outcome. Meanwhile, in his comments that were made during a Q1 Capital Market Committee (CMC) virtual conference, Lamido Yuguda, the director-general of SEC, tries to justify the regulator’s decision to suspend its own guidelines. He said:

"Because of the lack of access to commercial bank accounts, we had to suspend our own guidelines of September 2020, the implementation of that circular is suspended until these operators are able to have access to Nigerian bank accounts."

He adds this was the only logical step to take since no one can operate “in the Nigerian capital market if they do not have access to a Nigerian bank account.”

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IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Elon Musk Tweet Spurs DOGE to New All Time High

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A tweet from Tesla CEO Elon Musk has sent Dogecoin up to a brand-new all-time high. The latest ATH in a streak over the last few days.

The tweet, which went out on Thursday, is reported to have caused an 85% surge in Dogecoin’s value. An image of a painting by artist Joan Miró accompanied the Tweet, with a manipulated title of “Doge Barking at the Moon.”

The resulting surge allowed the virtual coin to hit a new all-time high of $0.313, as data states. The data from CoinMarketCap further indicates that Dogecoin currently has a market cap of nearly $41 billion. At the time of writing, it ranks in 7th place by market capitalization amongst all the other cryptocurrencies.

This record is just the latest in rapid growth over the past few days. According to data, DOGE had been on a decline since its high of $0.087 in Feb. However, since April 10th, there were signs of steady acceleration, culminating in a new ATH of $0.144.

It is not the first time that social media activity in Dogecoin’s favor has caused increases. Elon Musk’s cryptic tweets earlier in the year have had similar effects. For example, a tweet at the start of Feb., reading “Dogecoin is the people’s crypto.” This caused an increase of 75% for Dogecoin’s value. Furthermore, Musk’s tweets have been one of the main factors of the coin’s rise by 6,000% over the last six years.

The Tesla CEO is not the only one getting behind DOGE. Earlier this year, a Reddit group came out supporting the coin that originally started as a parody. At the end of January, the Reddit subgroup called SatoshiStreetBets’ sent Dogecoin’s value up by, at one point, over 600%. 

Unprecedented demand

The crypto and stock trading platform Robinhood experienced a major outage this morning. The demand surge is attributed to Dogecoin, leading retail investors into buying the crypto this morning. This is another instance of the Musk Effect.

Robinhood was out of action for around two hours before the issue was fixed. 

Earlier in the year, the platform restricted crypto trading on account of DOGE rallying. A decision that caused widespread complaints and consternation throughout the crypto community. 

How DOGE Started

Dogecoin was first founded as a joke all the way back in 2013. Created by software engineers Billy Markus and Jackson Palmer, DOGE was designed to parody altcoin growth. They took the doge internet meme as inspiration for a new cryptocurrency derived from LiteCoin.

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Source: CoinGecko

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IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Dogecoin Markets Soar as Token Nears a Half Dollar, DOGE Price Climbs 18,299% in 12 Months

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The popular meme-based crypto-asset dogecoin has seen phenomenal gains during the last few days. On April 16, 2021, the digital currency featuring the likeness of the Shiba Inu dog tapped an all-time high at $0.44 per token. However, the cost to send a transaction in dogecoin has jumped to that price as well on Friday.

Who Let the DOGE Out?

• Dogecoin (DOGE) has spiked massively this week in value shocking everyone watching digital currency markets in action. DOGE jumped to a high of $0.44 per unit on Friday morning at 9:45 a.m. (EST).
• At 11:16 a.m. (EST), DOGE 24-hour gains have jumped to 187.22% and seven-day gains have spiked over 497.11% against the U.S. dollar. Against bitcoin (BTC), dogecoin has gained 465.06% this week.
• Meanwhile, at the same time frame, stats also show that dogecoin has gained 3,872.55% in a mere three months. 509.30% during the course of the last month, and a whopping 18,299.46% against the U.S. dollar during the last 12 months.

• DOGE transaction fees have jumped as well and the average transaction now costs 1.25 DOGE or $0.465 USD according to bitinfocharts.com. The statistics show in recent weeks as dogecoin (DOGE) values rise, DOGE network fees follow suit.
• Dogecoin has also been getting a lot of attention from celebrities and businesses like Slim Jim, the famous beef jerky maker.
• “To kinda quote a movie ‘Doge keeps going up, but our pricing at [the] Dallas Mavs Shop stays the same,’” Mark Cuban tweeted on Friday. “We just set a 24-hour record for merch sales in Doge,” the investor added.
• At 11:00 a.m. (EST), dogecoin (DOGE) markets captured the 5th market position in terms of market valuation. At that time frame, DOGE’s overall market valuation was worth $50.35 billion. Some crypto advocates have been ecstatic and have been rooting DOGE on while others have called it “dumb money.”
• At 12:33 a.m. on April 15, 2021, Tesla’s Elon Musk tweeted about DOGE once again. The Tesla CEO shared a meme and said: “Doge Barking at the Moon.” Subsequently, dogecoin prices started to climb relentlessly after that tweet.
• On April 20, 2021, otherwise known as “4:20 Day” for many cannabis proponents, will also be “Doge Day,” according to a number of fans. “This day might push it to $1,” tweeted Christopher Muñoz on Thursday.
• Galaxy Digital’s Mike Novogratz took a jab at dogecoin (DOGE) and XRP during his latest interview with Marketwatch when he called them “weird coins.” Because tokens like these have been spiking, Novogratz has warned of a crypto market “washout.”

Source: Bitcoin.com

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IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Turkey Bans Crypto as Form of Payment; Bitcoin Price Drops

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Last month, the lira plunged after Turkish president Recep Tayyip Erdogan unexpectedly fired Naci Agbal, the nation’s central banker—the third central bank chief in two years—for raising interest rates as a way to control inflation.

On the heels of the devaluation of the Turkish currency in late March, which sent interest in bitcoin off the charts as citizens looked for ways to preserve their savings, the government announced today that it’s banning payments in bitcoin starting April 30.

According to the ban, citizens can own cryptocurrencies but not use them, and crypto exchanges will also be banned from operating in the country.

Volatility and risk are the two main reasons for the ban, according to the Turkish central bank, which said that crypto currencies are not subject to regulation or supervision by a central regulatory authority, wallets can be stolen, transactions are irrevocable, and they may be used for illegal actions due to their anonymous structure.

“Turkey’s recent crypto ban by the Central Bank is a move we have seen in other jurisdictions with similar concerns around capital flight and control of monetary policy; the bans reflect an attempt to control. Unfortunately, in our research, we have found that cryptocurrency bans don’t work,” Jesse Spiro, Chief of Government Affairs, Chainalysis, told Blockworks. “We have seen through our blockchain analytics, that after bans are enacted people continue to transact with cryptocurrencies in said jurisdictions. In fact, illicit activity is in some cases higher in these jurisdictions, a consequence of the lack of regulatory oversight and supervision.”

Last month, the lira plunged after Turkish president Recep Tayyip Erdogan unexpectedly fired Naci Agbal, the nation’s central banker—the third central bank chief in two years—for raising interest rates as a way to control inflation. However, the new central banker, Sahap Kavcioglu, has not changed interest rates since taking office.

Turkey’s ban comes two days after Coinbase’s direct listing, and at the same time as Royal Motors, distributor of Rolls Royce and Lotus in the country, announced it would accept crypto as payment for its automobiles.

Fears that other countries, including India, could also ban the cryptocurrency are impacting the price of bitcoin which hit a high of over $63,000 this week. 

India is on the brink of proposing a ban on cryptocurrencies and fines for trading or holding assets. Nigeria is looking at similar steps as officials there said that the use of bitcoin is eroding its local currency. China already has strict policies on bitcoin trading.

When it comes to other countries, Spiro said, “It’s hard to say which country might impose a ban next. For the populations in jurisdictions with unstable local currencies and economies, cryptocurrency poses an attractive stable alternative, which is reflected in an increase in investing in Bitcoin and stablecoins in those markets. This correlation provides insight into where we could hypothetically see proposed bans next.”

As for speculation that the US would ban crypto, Spiro added, “It is unlikely, in my opinion, that the US will ban bitcoin or cryptocurrency, as proper, effective regulation has been in place since 2013, and regulatory reform continues to push financial integrity in the domestic ecosystem.”

The BTC to USD rate for today is $60,984.72. It has a current circulating supply of 18.7 Million coins and a total volume exchanged of $75,525,717,374, according to CoinGecko.

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Source: Coindesk

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Co-Founder of South Africa's Crypto Index Fund Reveals the Plan to Launch Country's First Bitcoin ETF

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Earle Loxton, the cofounder of EC10 (formerly DCX Capital) the institution behind the South African crypto index fund, says plans are afoot to launch the country’s first exchange-traded fund (ETF). The ETF is expected to offer South African institutional

According to Loxton, an application for this ETF will soon be lodged with the Johannesburg Stock Exchange (JSE). However, Loxton also reveals in a podcast that before proceeding with the application, EC10 alongside Easy Equities will initially prioritize finding a suitable custodian for its crypto assets. Loxton explained:

To get to the level where we will be compliant with the requirements of a listed instrument, we definitely need the services of a dedicated, regulated and registered custodian.

Therefore, as part of an arrangement, Easy Equities, which acquired the controlling stake in DCX Capital in 2020, will help secure the services of a custodian. This custodian will safely store some of the ten crypto assets that constitute the EC10 Index.

Meanwhile, during the podcast, Loxton also took the time to explain the decision to hike the EC10 management fees from 1% to 2%. In justifying the fee increase, the fund’s co-founder said:

“At 1% to be absolutely honest with you, we were never going to make a profit at 1% growing at that rate.”

Loxton also adds that because the business, which now has $27 million worth of assets under management, experienced a slow start, it, therefore, made sense to hike the fee. The EC10 index fund.

Source: Bitcoin.com

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IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analzse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Guess Who Might Be Buying $BTC? Grayscale, the Power Behind $GBTC

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The investment comes a little over a week after Grayscale confirmed that it would convert GBTC into an ETF.

Grayscale CEO Michael Sonnenshein

Grayscale Investments, the world’s largest digital asset manager, has taken an equity stake in exchange-traded fund (ETF) issuer ClearShares – just as the issuer converted one of its ETF ticker symbols, from PIFI to BTC. 

The move comes a little over a week after Grayscale confirmed that it was committed to converting its Grayscale Bitcoin Trust (GBTC), to an ETF. Among competition from other closed-end funds and bitcoin ETFs in Canada, GBTC has been trading at a discount for more than a month. Grayscale is a subsidiary of Digital Currency Group, CoinDesk’s parent company.

“Grayscale has taken an ownership stake in ClearShares as part of its long-term commitment to bring digital currency ETFs to market, with the potential to collaborate on products with investment strategies related to the digital currency industry,” a Grayscale spokeswoman said. 

Bitcoin ETFs have seen renewed interest in 2020 and 2021 as vehicles that would allow retail and institutional investors exposure to the asset class when they don’t want to touch bitcoin itself. In the past, the SEC has rejected every bitcoin ETF application, but incoming SEC Chair Gary Gensler could change the regulator’s attitude to the novel investment product. Gensler is a former Commodity Futures Trading Commission (CFTC) chairman who has taught crypto and blockchain courses at MIT in recent years. 

ClearShares is a small ETF issuer that hasn’t done anything in the cryptocurrency or digital asset space, said James Seyffart, ETF research analyst at Bloomberg Intelligence. The fund formerly known as PIFI only had $32 million assets under management and “hasn’t done all that well performance-wise,” he added.

Converting ETFs to a different strategy is common among issuers, Seyffart said. One such example was when ETF Managers Group converted a Latin American Real Estate (LARE) ETF to a marijuana ETF with the ticker symbol MJX (later MJ). 

It’s unclear whether Grayscale bought a minority or majority stake in ClearShares. CoinDesk reached out to ClearShares to clarify the terms of the deal, but an external spokesman who works with Grayscale responded instead, saying Grayscale would not comment on the terms.

While Grayscale has been hiring ETF specialists, it’s possible that the investment manager could be planning to use ClearShares to launch its ETF business or it’s stake may be part of buying the rights to the $BTC symbol, Seyffart said.

“Exchanges own the tickers and issuers can put a ticker on hold for a number of years or certain time period if an issuer has the rights to a ticker at a specific exchange that could be valuable,” he said.

Coinbase, for example, went to Nasdaq for its public listing because the exchange could offer it the $COIN ticker.

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Source: coindesk

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IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Crypto Trader Ben Armstrong Is Buying $100,000 Worth of This Red-Hot Altcoin

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Widely-followed crypto trader and analyst Ben Armstrong says he’s heavily accumulating one large-cap altcoin as it continues to show signs of strength.

In a new video, Armstrong tells his 795,000 YouTube subscribers that he’s buying at least $100,000 worth of Binance Coin (BNB).

“I will tell you that I have been buying the **** out of some Binance Coin lately. It’s the one major coin outside of XRP that I wasn’t holding. I have changed that… I think we now have six figures in Binance Coin.”

In addition to Binance Coin, Armstrong reveals that he’s building positions in four other crypto assets.

“Polkadot (DOT) is another one we’re going to be adding some more, too. I bought some Solana (SOL) last night. I bought some Elrond (EGLD) last night. Harmony (ONE) is next on my list to buy.” 

The trader is also keeping a close watch on Ethereum, which he says is gearing up for a massive breakout as it continues to flash signs of bullishness.

“Ethereum right now is looking very strong and even when Bitcoin drops. This is when you know Ethereum is gearing up for big moves. Bitcoin has dropped and Ethereum has not really been flinching. It’s been staying above $2,100… It’s looking like the network effects of Ethereum are bearing out.”

At time of writing, Ethereum is trading at $2,393, up over 10.71% in the last 24 hours, according to CoinMarketCap.

Source: Dailyhodl

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IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Here’s Why Binance Coin Is Skyrocketing, According to Crypto Analyst Nicolas Merten

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Popular analyst and trader Nicholas Merten is unveiling the key reason that’s powering Binance Coin’s current parabolic ascent en route to becoming the third-largest crypto asset.

In a new video, Merten tells his 428,000 subscribers that the recent delay in the deployment of Optimism, an update for Ethereum to make it faster and more cost-efficient, as the primary reason why perhaps some traders may have temporarily migrated to Binance Smart Chain (BSC) to trade altcoins, pushing up the price of BNB.

“Ethereum needs to move much much quicker on layer 2 if it wants to wear that crown that it thinks it already owns of being the major layer one protocol and it’s going to capture that next wave of users coming down the pipeline. Because they certainly haven’t solidified it. Binance Smart Chain is proof of that. And they showed just how easy it is to disrupt this chain, to find one value proposition that Ethereum doesn’t have right now and find something that someone is willing to sacrifice which is absolute complete decentralization.”

While as of now, BSC and Ethereum appear to be in competition with each other, Merten posits that in the end, the two chains may actually coexist and complement each other.

“Could it be that both chains exist? Could it be that BNB almost services as a layer 2 on top of Ethereum? Some people argued against that. They say that other layer 1s can’t be layer 2s. They’re not even comparable here. I think that that’s quite biased.

There’s xDAI and a variety of other blockchain solutions and layer 2 solutions that are working right now that have about the same either centralized or relatively centralized components as does BNB and Binance Smart Chain. Could it be that Binance Smart Chain just found itself a spot as a potential layer 2?”

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Source: dailyhodl

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Bitcoin Price Lifts Crypto Stocks Ahead of Coinbase Listing

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Michael Saylor’s MicroStrategy was up 18.5% in global markets. His firm’s bitcoin proxy stock wasn’t alone in seeing green.

Listed firms that deal in cryptocurrencies or have exposure to them saw a field of green in global markets Wednesday, ahead of the much-anticipated direct listing of crypto exchange Coinbase on the Nasdaq.

For instance, MicroStrategy, the data intelligence firm that has added huge amounts of bitcoin to its balance sheet saw its shares up 18.5% over the past few days, tracing a 7.8% jump Tuesday morning that mirrored bitcoin’s rise.

The emergence of bitcoin proxy stocks in recent months has created a cottage industry among investors who want crypto’s upside but don’t (or can’t) hold crypto itself. Indeed, JPMorgan filed to launch a “Cryptocurrency Exposure Basket” in March. The need for backdoor access to bitcoin is only heightened in the U.S., where the Securities and Exchange Commission has been extremely reticent to approve a bitcoin exchange-traded fund (ETF).

Also up in global trading was Colorado-based bitcoin mining company Riot Blockchain (NASDAQ: RIOT), which saw a 15% increase; and Canaan (NASDAQ: CAN), another mining firm that saw an 11% bump over the past 24 hours.

Bitcoin, the leading cryptocurrency by market capitalization, was near all-time highs above $64,000 at press time. 

In steps Coinbase

Coinbase (NASDAQ: COIN), whose fortunes are closely wedded to the price of bitcoin, was slapped with a reference price of $250 ahead of Wednesday’s listing – somewhat lower than trading on private markets in the weeks running up to its debut.

Coinbase coming to market is a rising tide for all crypto players, said Jonathan Rowland, CEO of London-listed cryptocurrency firm Mode, whose shares are up around 12% in the past few days.

“I don’t think we have seen an uptick as high as I might have expected,” Rowland said in an interview. “We think that a lot of the crypto community who invest in shares may have taken some money off the table with some of the smaller holdings like Mode in order to buy Coinbase.”

The journey Coinbase completes today will likely bring its market cap in line with the likes of Uber, BlackRock and other prominent firms. Crypto believers see validation in the listing.

“I really believe in the underlying ideology of crypto,” said Bradley Tusk, CEO of Tusk Ventures and an early investor in Coinbase, adding:

“People don't trust big institutions anymore – whether it's the government, the church, the media – and they're looking for a way to interact with like-minded people that doesn't require them to have faith in institutions that are proven to not really look out for them.”

Source: Coindesk

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IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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Court Denies SEC’s Request Seeking Years of Financial Records From Ripple Execs

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A judge has granted a motion to dismiss the U.S. Securities and Exchange Commission’s (SEC) request to peer into years’ worth of financial records belonging to Ripple executives.

A court document from Judge Sarah Netburn, filed on Friday, shows the SEC’s request for eight years of financial data belonging to Ripple’s Brad Garlinghouse and Chris Larsen has been denied.

CEO Garlinghouse and Executive Chairman Larsen asked the courts to quash the request by the securities regulator last month labeling the request as a “wholly inappropriate overreach.”

The development means Ripple has scored a second victory in its fight against the regulator after having won the right last week to look into the SEC’s internal communications over how it classifies cryptocurrency as a security.

Netburn said the SEC’s request for personal financial records, outside of those belonging to transactions relating to XRP, that were already promised by the executives, was irrelevant and disproportional to the “needs of the case.”

“The SEC shall withdraw its requests for production seeking the individual defendants’ personal financial records and withdraw its third-party subpoenas seeking the same,” wrote Netburn.

However, should discovery progress to a point where the SEC uncovers evidence demonstrating Garlinghouse and Larsen lied about their XRP transaction records, Netburn said the regulator may renew its application.

In December, the SEC sued Ripple, Garlinghouse and Larsen alleging the company and its executives had sold XRP to retail investors in direct violation of U.S. federal securities laws.

Source: Yahoo

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BTC, ETH, XRP, DOGE, BNB, YFI, LRC – Technical Analysis For April 13

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ETH & BTC reached new all-time highs on April 13. YFI & DOGE have reclaimed horizontal resistance area. BNB has broken out from a symmetrical triangle while REEF is trading in one.

While some altcoins are currently lagging, the rate of increase is expected to catch up when the BTC price settles.

Bitcoin (BTC)

BTC has broken out from a descending resistance line that had been in place since the previous ATH.

It has been moving upwards since it validated the resistance line as support.

Technical indicators have turned bullish, suggesting a new all-time high will transpire.

A breakout above the all-time high could take BTC to at least $83,000 and potentially $90,000.

Chart By TradingView

Ethereum (ETH)

On April 2, ETH broke out above the previous all-time high resistance area of $2000. After validating it as support five days later, it bounced and began another upward movement.

Additionally, the technical indicators in the daily time frame are bullish, supporting the continuation of the upward movement.

A potential target for the top of this move is found near $3000.

Chart By TradingView

XRP (XRP)

XRP has been increasing rapidly since initially breaking out on. 

However, it has potentially reached the top of wave three (orange). Today’s high was made right at 1:1 Fib projection of sub-wave 1-3. 

In addition, there is some bearish divergence in both the RSI & MACD.

After this correction is complete, a move towards $2.25 or potentially a new all-time high is expected.

Chart By TradingView

Dogecoin (DOGE)

After two unsuccessful attempts, DOGE finally managed to break out above the $0.064 resistance area on April 11. 

Additionally, technical indicators are bullish and support the continuation of the upward move.  The next resistance area is found at the all-time highs near $0.874.

Chart By TradingView

Binance Coin (BNB)

BNB has been increasing since breaking out from a symmetrical triangle on March 30.

The increase has been parabolic. The breakout from the triangle suggests that the pattern was wave four, and BNB is now in the fifth and final wave of a bullish impulse. 

Besides, it has reached the 2.61 external retracement, a potential reversal area, which has been rejected. 

The rate of increase is unsustainable, and an eventual correction is expected.

Chart By TradingView

Yearn.Finance (YFI)

On March 29, YFI broke out from a descending resistance line. It moved above the $4000 horizontal resistance area shortly afterward. 

Currently, it is in the process of re-testing the latter as support. 

The next closest resistance area for YFI is at $52,900. The token reached an all-time high on Feb. 12. Afterward, the next resistance is found at $68,450. 

YFI Chart By TradingView

Reef (REEF)

REEF has been trading inside a symmetrical triangle since Feb. 11. The triangle is considered a neutral pattern. 

In addition, technical indicators are neutral. 

A breakout from the pattern would take REEF towards the highs at $0.55.

However, at the current time, whether REEF breaks out or down cannot be accurately determined.

Chart By TradingView

Source: beincrypto

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World's Wealthiest Annual Ranking Now Lists 12 Crypto Billionaires

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The American business magazine Forbes recently published the company’s 2021 documentation of the wealthiest billionaires in the world. According to the list published annually every March, there are now 12 billionaires that work directly within the cryptocurrency industry and the list of crypto billionaires is 3x larger than last year.

Today’s Crypto Billionaires List

Since March 1987, Forbes has been publishing a list of the world’s wealthiest billionaires compiled in a list for the public to view. Back then the Japanese businessman and real-estate mogul Yoshiaki Tsutsumi was the richest person in 1987 with an estimated wealth of around $20 billion. Since then, and every year after, Forbes has deployed around 50 journalists to find and track the globe’s richest people. In 2021, Amazon’s Jeff Bezos is the wealthiest man in the world with an estimated $177 billion. Bezos was the first human on earth to be listed on Forbes as a centibillionaire.

Bezos is followed by the dogecoin (DOGE) fan and Tesla CEO Elon Musk with 151 billion. Then there is Bernard Arnault and his family who own companies like Sephora and Louis Vuitton and they hold around $150 billion in net worth. Those three are followed by Microsoft’s Bill Gates ($124B) and Facebook’s Mark Zuckerberg ($97B). In 2021, Forbe’s list of global billionaires now includes 12 crypto billionaires who are directly associated with the digital currency industry. Elon Musk could be considered a crypto billionaire, but most would say he’s more of a proponent than someone infused within the blockchain industry.

From top to bottom and left to right: Sam Bankman-Fried, Brian Armstrong, the Winklevoss Twins, Chris Larsen, Michael Saylor, Jed McCaleb, Fred Ersham, ChangPeng Zhao (CZ), Barry Silbert, Matthew Roszak, and Tim Draper.

Another person not mentioned among 2021’s crypto billionaires is Satoshi Nakamoto. Using today’s exchange rates, Nakamoto could be worth more than $59 billion. The 12 crypto billionaires noted in this year’s list work with digital currency exchanges or are venture capitalists who invest heavily in crypto startups. Forbes notes that the FTX Exchange CEO, Sam Bankman-Fried is the wealthiest crypto billionaire with $8.7 billion today. The CEO of Coinbase, Brian Armstrong, is the second wealthiest with around $6.5 billion. The next two people are the Winklevoss Twins, founders of the Gemini Exchange with a collective net worth of around $6 billion.

A Few Changes This Year Could Increase the 2022 Crypto Billionaires List

The cofounder of Ripple Labs Chris Larsen holds the fourth position with $3.5 billion in wealth. The CEO of Microstrategy Michael Saylor is noted in the list for having $2.3 billion. Another Ripple cofounder is also mentioned on Forbes’ 2021 billionaire list as Jed McCaleb is estimated to have around $2 billion. The cofounder of Coinbase Fred Ersham has around $1.9 billion and ChangPeng Zhao (CZ) from Binance holds the exact same amount as Ersham.

The last three people on the list include Digital Currency Group’s Barry Silbert ($1.6B), Bloq’s Matthew Roszak ($1.5B), and the well known venture capitalist Tim Draper. Alongside this, there may even be a number of crypto people that are not mentioned on the Forbes billionaire list.

Just recently, in an interview with Angie Lau from Forkast News, Roger Ver touched upon not making the list and said that it might not be accurate. Moreover, Ver explained that when a few companies he’s invested in go public, he plans to have “several billion dollars worth of capital” and $2 billion will be dedicated to the Bitcoin Cash network and spreading adoption.

It will be interesting to see how things look in the 2022 list written and published by the American business magazine especially for the number of crypto people listed. By then the size of the crypto economy may be much larger, a bitcoin exchange-traded fund (ETF) could get approved, and companies like Coinbase going public may happen a lot more often. All three of these factors will produce a lot more crypto billionaires next year if they come to fruition.

TAGS IN THIS STORY

2021 Billionaires, Barry Silbert, Bernard Arnault, bill gates, Brian Armstrong, Changpeng Zhao, Chris Larsen, crypto billionaires, Elon Musk, Forbes Billionaires, Fred Ersham, Jed McCaleb, jeff bezos, Mark Zuckerberg, Matthew Roszak, michael saylor, Roger Ver, Sam Bankman-Fried, Satoshi Nakamoto, Tim Draper, Winklevoss Twins

Image Credits: Shutterstock, Pixabay, Wiki Commons

Source: Bitcoin News

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Rap Icon Nas Could Net $100M When Coinbase Lists on Nasdaq

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U.S. rapper Nasir Jones (better known by his stage name, Nas) is among the fortunate few to have made early investments in Coinbase, the cryptocurrency exchange expected to reach over $100 billion in valuation when its COIN stock lists on Wednesday.

Jones’ investment firm, QueensBridge Venture Partners, got into Coinbase’s Series B round back in 2013 when it raised $25 million. Around that time Coinbase was valued at about $143 million, according to PitchBook.

The Nas news shows just how far Coinbase’s public listing will ripple across the world of venture capital, with everyone from Wall Street veterans to A-list celebrities all standing to win big when the chips fall this week. 

Source: Yahoo

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Microstrategy Will Now Pay Board of Directors in Bitcoin as Treasury Grows to Nearly 100K BTC

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Nasdaq-listed Microstrategy, which has amassed nearly 100K bitcoins in its treasury, has modified its compensation agreements for the board of directors. The company will now pay non-employee directors in bitcoin, citing its commitment to the cryptocurrency “given its ability to serve as a store of value, supported by a robust and public open-source architecture, untethered to sovereign monetary policy.”

Board of Directors Will Be Paid in Bitcoin

Microstrategy Inc. (NASDAQ: MSTR) has filed a form with the U.S. Securities and Exchange Commission (SEC) stating that its Board of Directors has “modified the compensation arrangements for non-employee directors.” The filing explains, “Going forward, non-employee directors will receive all fees for their service on the company’s Board in bitcoin instead of cash,” adding:

''In approving bitcoin as a form of compensation for Board service, the Board cited its commitment to bitcoin given its ability to serve as a store of value, supported by a robust and public open-source architecture, untethered to sovereign monetary policy.''

The SEC filing further clarifies that the board fees payable to directors will remain unchanged and will continue to be nominally denominated in U.S. dollars under the new agreement. It also notes that “At the time of payment, the fees will be converted from USD into bitcoin by the payment processor and then deposited into the digital wallet of the applicable non-employee director.”

Microstrategy has been aggressively acquiring bitcoin since it made the cryptocurrency the company’s primary reserve currency back in August last year. In its latest announcement on April 5 regarding the acquisition of bitcoin, the company revealed that “it had purchased approximately 253 bitcoins for $15.0 million in cash, at an average price of approximately $59,339 per bitcoin, inclusive of fees and expenses.” As of April 5, Microstrategy says:

''The company holds approximately 91,579 bitcoins that were acquired at an aggregate purchase price of $2.226 billion and an average purchase price of approximately $24,311 per bitcoin, inclusive of fees and expenses.''

TAGS IN THIS STORY

bitcoin treasury, board of directors, microstrategy, microstrategy bitcoin, microstrategy crypto, microstrategy pays in bitcoin, paid in bitcoin, payment in bitcoin

Image Credits: Shutterstock, Pixabay, Wiki Commons

Source: news.bitcoin.com

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Nigeria’s Central Bank: We Didn’t Ban Crypto Trading

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Deputy Governor Adamu Lamtek said the CBN is not discouraging people from trading in cryptocurrency.

 

(Bloomberg via Getty Images)

The central bank of Nigeria (CBN) has clarified a statement it issued last month that seemed to order financial institutions to shut down all accounts associated with cryptocurrency trading.

According to a report on Sunday, bank officials have said the directive is not to be mistaken for an outright ban. Instead, the bank said it has reiterated an already imposed 2017 ban on institutions facilitating cryptocurrency transactions.

Speaking on behalf of the bank’s chief, Godwin Emefiele, Deputy Governor Adamu Lamtek said the bank had never banned cryptocurrency activity in the country.

The CBN did not place restrictions from use of cryptocurrencies and we are not discouraging people from trading in them, said Lamtek. “What we have just done was to prohibit transactions on cryptocurrencies in the banking sector.”

Lamtek was speaking at the 30th seminar for Finance Correspondents and Business Editors held in the country’s capital, Abuja.

Confusion arose last month when the CBN said it was reminding regulated banking institutions that “dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.” Institutions were told to “identify persons and/or entities” transacting with cryptocurrency or operating crypto exchanges.

That prompted many bitcoin (BTC, +0.13%) users in the inflation-hit nation to take to social media in anger, seeking clarification on the bank’s order. In response, the CBN provided a five-page statement that included a pledge to protect Nigerian citizens from the risks of cryptocurrencies. 

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