Bitstamp, Korbit Owner Set to Take Control of Bithumb.
The owner of Nexon, the South Korean gaming giant and the owner of the Bitstamp and Korbit crypto exchanges, has reportedly agreed on a deal worth USD 458m to buy a controlling stake in Bithumb, the nation’s market-leading trading platform.
Bithumb has been looking for a sale for several months after a failed takeover and accusations of fraud against two key executives. The exchange was placed on the market last year, with Samjong KPMG placed in charge of finding a buyer.
A number of parties expressed an interest in the exchange, but many have been put off by a new set of stringent compliance and regulatory measures set to promulgate in March, as well as an unresolved legal issue that could cost the platform USD 67 million in unpaid taxes.
But, per Maeil Kyungjae, Nexon supremo Kim Jung-ju has decided to take the plunge, in a deal that will see him take up a controlling 65% stake in the trading platform.
The exchange was valued at just under USD 600m, but it appears that the owners’ desire to exit the market post haste drew them to consider a much lower price.
Kim’s involvement in the crypto industry has been very eventful. His Nexon firm (and the NXC holding company) made its first crypto buy, Korbit, in September 2017, later moving to buy the European exchange Bitstamp in October 2018. Last year, NXC announced it was launching a third exchange from scratch.
The owner of Nexon, the South Korean gaming giant and the owner of the Bitstamp and Korbit crypto exchanges, has reportedly agreed on a deal worth USD 458m to buy a controlling stake in Bithumb, the nation’s market-leading trading platform.
Bithumb has been looking for a sale for several months after a failed takeover and accusations of fraud against two key executives. The exchange was placed on the market last year, with Samjong KPMG placed in charge of finding a buyer.
A number of parties expressed an interest in the exchange, but many have been put off by a new set of stringent compliance and regulatory measures set to promulgate in March, as well as an unresolved legal issue that could cost the platform USD 67 million in unpaid taxes.
But, per Maeil Kyungjae, Nexon supremo Kim Jung-ju has decided to take the plunge, in a deal that will see him take up a controlling 65% stake in the trading platform.
The exchange was valued at just under USD 600m, but it appears that the owners’ desire to exit the market post haste drew them to consider a much lower price.
Kim’s involvement in the crypto industry has been very eventful. His Nexon firm (and the NXC holding company) made its first crypto buy, Korbit, in September 2017, later moving to buy the European exchange Bitstamp in October 2018. Last year, NXC announced it was launching a third exchange from scratch.
This Multibillion Bitcoin Dump By US Gov Could Be a Drop in the Bucket.
The bitcoin (BTC) price has been a runaway train of late and there is seemingly nothing that can get in its way. Some believe that even if one of the largest BTC whales, the US Government, decides to sell its stash now worth billions of USD it wouldn't have a material effect on the market as BTC trading volumes more than doubled in a month.
As reported, in November, the US Department of Justice (DoJ) has forfeited BTC 69,370, worth over USD 1bn at the time. At the time of writing (07:59 UTC), it's worth more than USD 2.7bn, as BTC is trading at USD 39,629 after it briefly touched USD 42,000 yesterday.
The US government now controls the 6th richest BTC address (and the 4th richest if we exclude addresses controlled by crypto exchanges).
Meanwhile, the US Attorney’s Office for the Northern District of California recently filed a civil complaint for the forfeiture of those coins. If history is any indication, the bitcoins could be due to be sold in an auction by the US Marshals Service. That is what happened in 2014 and 2015 when the US government gained control of more than BTC 144,000 — worth USD 122m at the time and USD 5.7bn today — and sold them.
Indeed, auctioning off the bitcoins could be tempting for an incoming administration for whom the money spigot is poised to open wider as the pandemic tightens its grip on the economy.
The bitcoin (BTC) price has been a runaway train of late and there is seemingly nothing that can get in its way. Some believe that even if one of the largest BTC whales, the US Government, decides to sell its stash now worth billions of USD it wouldn't have a material effect on the market as BTC trading volumes more than doubled in a month.
As reported, in November, the US Department of Justice (DoJ) has forfeited BTC 69,370, worth over USD 1bn at the time. At the time of writing (07:59 UTC), it's worth more than USD 2.7bn, as BTC is trading at USD 39,629 after it briefly touched USD 42,000 yesterday.
The US government now controls the 6th richest BTC address (and the 4th richest if we exclude addresses controlled by crypto exchanges).
Meanwhile, the US Attorney’s Office for the Northern District of California recently filed a civil complaint for the forfeiture of those coins. If history is any indication, the bitcoins could be due to be sold in an auction by the US Marshals Service. That is what happened in 2014 and 2015 when the US government gained control of more than BTC 144,000 — worth USD 122m at the time and USD 5.7bn today — and sold them.
Indeed, auctioning off the bitcoins could be tempting for an incoming administration for whom the money spigot is poised to open wider as the pandemic tightens its grip on the economy.
Lack of Crypto Regulations a Turnoff for Japanese Investors.
The head of the Japanese crypto exchange Coincheck said there are relatively “few” crypto-keen institutional investors in Japan – and has complained of the lack of a framework to help foster professional crypto investors.
In an interview with IT Media, Satoshi Hasuo, the Representative Director and President of Coincheck, warned that “there is a possibility that the entire Japanese community will lose out on investment opportunities,” while their counterparts in the West begin to step up their crypto investments.
Coincheck is currently the only major domestic exchange that offers over-the-counter (OTC) transactions for large-scale customers and Hasuo stated that factors such as American regulators allowing banks to take charge of crypto custody had helped sway investors toward crypto. In Japan, meanwhile, banks are yet to receive the green light to offer such services.
nd the Coincheck boss stated that a rush of investors to the market may have helped drive up prices, although bigger Japanese investors have seen little or none of the action.
He said,
“Overseas, a considerable number of institutional investors are coming in, which is spurring the market on. There is no equivalent movement from corporations and institutional investors in Japan. We do have OTC customers, but these are few in number. And almost none of them are listed companies.”
Meanwhile, another Coincheck expert stated, per the same media outlet, that some Japanese companies would likely eventually pursue bitcoin (BTC) and altcoin-buying strategies like those executed by the likes of America’s MicroStrategy – but hinted that regulatory clarity could also help expedite this trend.
The head of the Japanese crypto exchange Coincheck said there are relatively “few” crypto-keen institutional investors in Japan – and has complained of the lack of a framework to help foster professional crypto investors.
In an interview with IT Media, Satoshi Hasuo, the Representative Director and President of Coincheck, warned that “there is a possibility that the entire Japanese community will lose out on investment opportunities,” while their counterparts in the West begin to step up their crypto investments.
Coincheck is currently the only major domestic exchange that offers over-the-counter (OTC) transactions for large-scale customers and Hasuo stated that factors such as American regulators allowing banks to take charge of crypto custody had helped sway investors toward crypto. In Japan, meanwhile, banks are yet to receive the green light to offer such services.
nd the Coincheck boss stated that a rush of investors to the market may have helped drive up prices, although bigger Japanese investors have seen little or none of the action.
He said,
“Overseas, a considerable number of institutional investors are coming in, which is spurring the market on. There is no equivalent movement from corporations and institutional investors in Japan. We do have OTC customers, but these are few in number. And almost none of them are listed companies.”
Meanwhile, another Coincheck expert stated, per the same media outlet, that some Japanese companies would likely eventually pursue bitcoin (BTC) and altcoin-buying strategies like those executed by the likes of America’s MicroStrategy – but hinted that regulatory clarity could also help expedite this trend.
Grayscale Makes a Huge Bitcoin Purchase, But BTC Goes 'Meh'.
Even though it was presumed to potentially act as rally fuel, major US-based digital asset manager Grayscale Investments added thousands of bitcoin (BTC) to its Grayscale Bitcoin Trust (GBTC) - but the number one's crypto price kept moving in his now usual range.
Yesterday, Grayscale investments BTC holdings increased by BTC 16,240, going from BTC 616,560 to BTC 632,800 (USD 23,5bn). Per the current price of bitcoin, this would mean they have added nearly USD 602.5m.
Yet, despite this, bitcoin barely budged. At 14:53 UTC on Tuesday, bitcoin is trading at USD 37,073 and is up by almost 2% in a day and 11% in a week. Actually, for the majority of the past seven days, it's been trading within the USD 34,500 - USD 37,500 range - a movement still undisturbed by the Grayscale purchase.
"While BTC is consolidating, Grayscale doesn't stop grabbing all the BTC they can get," commented founder Crypto Ed. "Past 24hrs they added another 16k BTC to their holdings. The largest 24hrs increase in past 7 months and there are still people bearish," he added.
As was reported just yesterday, the strategists at major investment bank JPMorgan stated that BTC's price could drop further or break above the relevant USD 40,000 level again, and the outlook could be determined by the pattern of demand for BTC futures and the Grayscale Bitcoin Trust. For the breakout to happen, the flow into the Trust would likely need to sustain the 100m a day pace over the coming days and weeks, they said.
The lack of price reaction to the smart money coming in seems to have baffled quite a few Cryptoverse residents, with many offering theories as to why this may have been the case. Crypto trader Loma tweeted that "either they bought the top or most of y’all wrong and this bull cycle isn’t anywhere close to being done," adding, "I’m gonna side with GrayScale on this one."
Redditors have also shared a few theories: 'Shushani', for example, suggested that the purchase was done over the counter (OTC) instead of through exchanges, and that the company bought it directly from whales or miners, with 'simplelifestyle' adding "weak hands, newbies, bears, shorters, day-traders, gamblers and speculators" to the potential sellers. While 'Jayfree138' partially agreed, they added that people have also been selling to lock in gains and pay their monthly expenses. Meanwhile, 'Illewsor' suggested that when buying OTC "the supply shock lags quite a bit before being reflected in the price."
Even though it was presumed to potentially act as rally fuel, major US-based digital asset manager Grayscale Investments added thousands of bitcoin (BTC) to its Grayscale Bitcoin Trust (GBTC) - but the number one's crypto price kept moving in his now usual range.
Yesterday, Grayscale investments BTC holdings increased by BTC 16,240, going from BTC 616,560 to BTC 632,800 (USD 23,5bn). Per the current price of bitcoin, this would mean they have added nearly USD 602.5m.
Yet, despite this, bitcoin barely budged. At 14:53 UTC on Tuesday, bitcoin is trading at USD 37,073 and is up by almost 2% in a day and 11% in a week. Actually, for the majority of the past seven days, it's been trading within the USD 34,500 - USD 37,500 range - a movement still undisturbed by the Grayscale purchase.
"While BTC is consolidating, Grayscale doesn't stop grabbing all the BTC they can get," commented founder Crypto Ed. "Past 24hrs they added another 16k BTC to their holdings. The largest 24hrs increase in past 7 months and there are still people bearish," he added.
As was reported just yesterday, the strategists at major investment bank JPMorgan stated that BTC's price could drop further or break above the relevant USD 40,000 level again, and the outlook could be determined by the pattern of demand for BTC futures and the Grayscale Bitcoin Trust. For the breakout to happen, the flow into the Trust would likely need to sustain the 100m a day pace over the coming days and weeks, they said.
The lack of price reaction to the smart money coming in seems to have baffled quite a few Cryptoverse residents, with many offering theories as to why this may have been the case. Crypto trader Loma tweeted that "either they bought the top or most of y’all wrong and this bull cycle isn’t anywhere close to being done," adding, "I’m gonna side with GrayScale on this one."
Redditors have also shared a few theories: 'Shushani', for example, suggested that the purchase was done over the counter (OTC) instead of through exchanges, and that the company bought it directly from whales or miners, with 'simplelifestyle' adding "weak hands, newbies, bears, shorters, day-traders, gamblers and speculators" to the potential sellers. While 'Jayfree138' partially agreed, they added that people have also been selling to lock in gains and pay their monthly expenses. Meanwhile, 'Illewsor' suggested that when buying OTC "the supply shock lags quite a bit before being reflected in the price."
First Grey Hat Hackers Ideas Competition 🚀🚀🚀
The high-profile event in 2021!🤩 Mr Leo Andreo leads the Hacken community in organizing the First Grey Hat Hackers Ideas Competition 🔥
🏆 The prize pool will be 35,000 USD.
The leading cybersecurity company Hacken will support the community’s initiative First Grey Hat Hackers Ideas Competition by providing 50% of the prize pool and applying its expertise at the ideas’ valuation stage.
Submit your product or service idea and get the attention you deserve by winning the competition! Who knows, maybe your project will become the next great sensation!
The high-profile event in 2021!🤩 Mr Leo Andreo leads the Hacken community in organizing the First Grey Hat Hackers Ideas Competition 🔥
🏆 The prize pool will be 35,000 USD.
The leading cybersecurity company Hacken will support the community’s initiative First Grey Hat Hackers Ideas Competition by providing 50% of the prize pool and applying its expertise at the ideas’ valuation stage.
Submit your product or service idea and get the attention you deserve by winning the competition! Who knows, maybe your project will become the next great sensation!
US Treasury Nominee Yellen Tells Senators that Crypto Has ‘Benefits’.
American President Joe Biden’s Treasury Secretary nominee Janet Yellen has been blamed by many for the recent slide in token prices after expressing “concerns” about crypto – now many will hope that more positive comments on the matter could help halt the worsening decline.
Yellen has been communicating with the Senate’s Finance Committee ahead of a vote, expected today, on her nomination.
And in a set of responses to Committee member Senator Todd Young’s question on the matter, Yellen wrote,
“I think it important we consider the benefits of cryptocurrencies and other digital assets, and the potential they have to improve the efficiency of the financial system.”
She immediately followed this up with a familiar-sounding caveat, however, writing,
“At the same time, we know they can be used to finance terrorism, facilitate money laundering, and support malign activities that threaten United States national security interests and the integrity of the United States and international financial systems.”
Meanwhile, according to Young, bitcoin (BTC) “and other digital and cryptocurrencies” are “providing financial transactions around the globe,” adding that “this offers potential benefits” for the United States and its allies.
Earlier this week, Yellen told the committee that “cryptocurrencies are a particular concern,” in the fight against terrorist financing, adding that Washington needed “to make sure that our methods for dealing with these matters change along with changing technology,” adding that “curtailing” the use of crypto by certain groups could be one of her goals.
American President Joe Biden’s Treasury Secretary nominee Janet Yellen has been blamed by many for the recent slide in token prices after expressing “concerns” about crypto – now many will hope that more positive comments on the matter could help halt the worsening decline.
Yellen has been communicating with the Senate’s Finance Committee ahead of a vote, expected today, on her nomination.
And in a set of responses to Committee member Senator Todd Young’s question on the matter, Yellen wrote,
“I think it important we consider the benefits of cryptocurrencies and other digital assets, and the potential they have to improve the efficiency of the financial system.”
She immediately followed this up with a familiar-sounding caveat, however, writing,
“At the same time, we know they can be used to finance terrorism, facilitate money laundering, and support malign activities that threaten United States national security interests and the integrity of the United States and international financial systems.”
Meanwhile, according to Young, bitcoin (BTC) “and other digital and cryptocurrencies” are “providing financial transactions around the globe,” adding that “this offers potential benefits” for the United States and its allies.
Earlier this week, Yellen told the committee that “cryptocurrencies are a particular concern,” in the fight against terrorist financing, adding that Washington needed “to make sure that our methods for dealing with these matters change along with changing technology,” adding that “curtailing” the use of crypto by certain groups could be one of her goals.
Bitcoin-Loving Nasdaq Companies Surge On Multimillion BTC Deals.
After US-based business intelligence company MicroStrategy (MSTR) revealed its relatively small USD 10m bitcoin (BTC) deal last Friday, Marathon Patent Group (MARA), another Nasdaq-listed entity, said it purchased BTC 4,812.66 for an aggregate purchase price of USD 150m. Shares of both companies jumped in the first trading hour on Monday.
MARA rallied by around 8%, reaching USD 19.83, while MSTR advanced by almost 4%, hitting USD 597.88.
The Marathon's stash is now worth around USD 167m.
"By purchasing USD 150m worth of bitcoin, we have accelerated the process of building Marathon into what we believe to be the de facto investment choice for individuals and institutions who are seeking exposure to this new asset class," Merrick Okamoto, Marathon’s Chairman & CEO, said, adding that they "believe that holding part of our Treasury reserves in Bitcoin will be a better long-term strategy than holding US Dollars, similar to other forward-thinking companies like MicroStrategy."
The CEO said the company has "contracted to purchase 103,060 miners, all of which are currently expected to be delivered and fully deployed by the end of the first quarter of fiscal 2022." If all miners were operational today, based on the Bitcoin network’s current difficulty rate, they would produce approximately 55-60 bitcoins per day, according to Okamoto.
"However, by leveraging our cash on hand to invest in Bitcoin now, we have transformed our potential to be a pure-play investment into a reality," he added.
The company said it acquired BTC with the help of NYDIG, a Stone Ridge-run subsidiary firm that provides crypto services to institutional investors.
As reported, MicroStrategy said it will host the Bitcoin for Corporations online event on February 3-4 in order to help companies to develop & implement their Bitcoin strategy.
After US-based business intelligence company MicroStrategy (MSTR) revealed its relatively small USD 10m bitcoin (BTC) deal last Friday, Marathon Patent Group (MARA), another Nasdaq-listed entity, said it purchased BTC 4,812.66 for an aggregate purchase price of USD 150m. Shares of both companies jumped in the first trading hour on Monday.
MARA rallied by around 8%, reaching USD 19.83, while MSTR advanced by almost 4%, hitting USD 597.88.
The Marathon's stash is now worth around USD 167m.
"By purchasing USD 150m worth of bitcoin, we have accelerated the process of building Marathon into what we believe to be the de facto investment choice for individuals and institutions who are seeking exposure to this new asset class," Merrick Okamoto, Marathon’s Chairman & CEO, said, adding that they "believe that holding part of our Treasury reserves in Bitcoin will be a better long-term strategy than holding US Dollars, similar to other forward-thinking companies like MicroStrategy."
The CEO said the company has "contracted to purchase 103,060 miners, all of which are currently expected to be delivered and fully deployed by the end of the first quarter of fiscal 2022." If all miners were operational today, based on the Bitcoin network’s current difficulty rate, they would produce approximately 55-60 bitcoins per day, according to Okamoto.
"However, by leveraging our cash on hand to invest in Bitcoin now, we have transformed our potential to be a pure-play investment into a reality," he added.
The company said it acquired BTC with the help of NYDIG, a Stone Ridge-run subsidiary firm that provides crypto services to institutional investors.
As reported, MicroStrategy said it will host the Bitcoin for Corporations online event on February 3-4 in order to help companies to develop & implement their Bitcoin strategy.
Regulators Ponder Strategy As Bitcoin & Co Are Too Large to Ignore.
The writing is on the wall: regulation is coming for crypto. While a small handful of nations have already introduced specific cryptoasset legislation over the past few years, it looks as though the world’s major powers are gearing up to introduce substantial new regulations and laws.
This point was brought home forcefully by remarks made in mid-January by European Central Bank (ECB) President Christine Lagarde. Speaking to Reuters, she said “there has to be regulation” of crypto at a global level, mostly due to the fact that bitcoin and other coins are used for “totally reprehensible money laundering activity.”
However, according to Chainalysis, the criminal share of all cryptocurrency activity fell from 2.1% (USD 21.4bn) in 2019 to 0.34%, or USD 10bn in transaction volume in 2020.
In either case, together with recent actions from the US Treasury and Financial Crimes Enforcement Network (FinCEN), such overtures suggest that crypto is due for a legislative reckoning sooner or later, with nations using the excuse of money laundering to bring it more fully within their oversight.
For Smith, there’s no single motive as to why regulators are now beginning to push more strongly for regulation. Rather, “a confluence of factors” have come together to push them to bring crypto within the purview of the wider financial system.
“And the reaction to that legitimacy and growth may manifest itself in defensive moves to protect sovereign financial institutions, or a reach to augment international financial power by developing national blockchain systems, as in the case of China. The basic point is that crypto has become too large a force to be ignored,” she added.
Other figures are less sanguine. For Bambos Tsiattalou, a lawyer and founding partner at the London-based Stokoe Partnership Solicitors, the overarching intention of regulators isn’t to make crypto ‘respectable,’ but to suffocate it.
Tsiattalou acknowledges that the focus of the ECB in particular on money laundering is somewhat hypocritical, given that high-denomination banknotes such as the EUR 500 bill are notorious as money-laundering tools. However, he suspects regulators are determined to hamper crypto as far as possible.
“The proposed state-backed digital currencies will be supported and managed by major central banks and the resources of major states,” he said, suggesting that businesses and consumers will much prefer these to decentralized cryptocurrencies. “Further regulation will also undermine the speculative value which some have unwisely placed in cryptocurrencies.”
The writing is on the wall: regulation is coming for crypto. While a small handful of nations have already introduced specific cryptoasset legislation over the past few years, it looks as though the world’s major powers are gearing up to introduce substantial new regulations and laws.
This point was brought home forcefully by remarks made in mid-January by European Central Bank (ECB) President Christine Lagarde. Speaking to Reuters, she said “there has to be regulation” of crypto at a global level, mostly due to the fact that bitcoin and other coins are used for “totally reprehensible money laundering activity.”
However, according to Chainalysis, the criminal share of all cryptocurrency activity fell from 2.1% (USD 21.4bn) in 2019 to 0.34%, or USD 10bn in transaction volume in 2020.
In either case, together with recent actions from the US Treasury and Financial Crimes Enforcement Network (FinCEN), such overtures suggest that crypto is due for a legislative reckoning sooner or later, with nations using the excuse of money laundering to bring it more fully within their oversight.
For Smith, there’s no single motive as to why regulators are now beginning to push more strongly for regulation. Rather, “a confluence of factors” have come together to push them to bring crypto within the purview of the wider financial system.
“And the reaction to that legitimacy and growth may manifest itself in defensive moves to protect sovereign financial institutions, or a reach to augment international financial power by developing national blockchain systems, as in the case of China. The basic point is that crypto has become too large a force to be ignored,” she added.
Other figures are less sanguine. For Bambos Tsiattalou, a lawyer and founding partner at the London-based Stokoe Partnership Solicitors, the overarching intention of regulators isn’t to make crypto ‘respectable,’ but to suffocate it.
Tsiattalou acknowledges that the focus of the ECB in particular on money laundering is somewhat hypocritical, given that high-denomination banknotes such as the EUR 500 bill are notorious as money-laundering tools. However, he suspects regulators are determined to hamper crypto as far as possible.
“The proposed state-backed digital currencies will be supported and managed by major central banks and the resources of major states,” he said, suggesting that businesses and consumers will much prefer these to decentralized cryptocurrencies. “Further regulation will also undermine the speculative value which some have unwisely placed in cryptocurrencies.”
📛📛📛Cybersecurity company Hacken reports a breach to the hackaton's website. After the recent announcement of the community-hosted First Grey Hats Ideas Competition hackaton, it seems that hackers took notice of it.
According to company's report, the website is now operational and user data is completely unaffected. After the hack, a message was found announcing a project with plans to improve security of DeFi products.
Hacken team members reached out to hackers to learn more about the project.
Official statement from Hacken: https://hacken.io/hacken-news/official-statement-regarding-the-hacking-of-the-first-grey-hats-ideas-competition-site/
According to company's report, the website is now operational and user data is completely unaffected. After the hack, a message was found announcing a project with plans to improve security of DeFi products.
Hacken team members reached out to hackers to learn more about the project.
Official statement from Hacken: https://hacken.io/hacken-news/official-statement-regarding-the-hacking-of-the-first-grey-hats-ideas-competition-site/
ETH breaks out from Bitcoin, goes ballistic to $1,700
Read more 🔸 https://bit.ly/3aCi2Te 🔸
Ethereum upsurge remains unique and has the potential to continue beyond $2,000 in the short-term.
Ether whales are still on a buying spree, suggesting that investor sentiment is still positive.
Ethereum is at the helm of cryptocurrency price action for rising to a new all-time high. The largest altcoin’s least resistance path has been upward since it broke above $1,400. Our analysis on Wednesday predicted that Ether is heading to $1,800, however, the smart contract token is exchanging hands at $1,666 after retreating from $1,700 (new all-time ).
Read more 🔸 https://bit.ly/3aCi2Te 🔸
Ethereum upsurge remains unique and has the potential to continue beyond $2,000 in the short-term.
Ether whales are still on a buying spree, suggesting that investor sentiment is still positive.
Ethereum is at the helm of cryptocurrency price action for rising to a new all-time high. The largest altcoin’s least resistance path has been upward since it broke above $1,400. Our analysis on Wednesday predicted that Ether is heading to $1,800, however, the smart contract token is exchanging hands at $1,666 after retreating from $1,700 (new all-time ).
Can't Beat Crypto Regulators? Educate Them.
Crypto industry players urge each other to focus more on educating regulators to avoid overregulation and help authorities to foster financial innovation.
According to Dave Hodgson, Chief Investment Officer at NEM Group and Managing Director at NEM Ventures, “one primary obstacle that we are facing going into 2021 is regulations that remain inconsistent and often unclear across national boundaries.”
However, some major companies are working with regulators in order to help them shape a more friendly environment, hopefully, not only for themselves.
For example, the CEO of major crypto exchange Binance, Changpeng Zhao, hopes for more regulatory clarity this year and expects to see "more positive results" of their efforts of working with regulators and helping them make better tools to improve compliance.
“The natural evolution of financial markets requires that regulation must be imposed to protect those that don't really understand the risks,” argued Monica Singer, the South African Lead for Ethereum-focused major blockchain company ConsenSys. As the regulators understand the products and the risks, they will be able to issue regulations and taxes where it’s applicable, she said, adding that taxes will “have to be imposed,” given that any transaction in the production of income should contribute to the government finances – as is the definition of taxes.
Bo Oney, Chief of Compliance of Bitcoin ATM operator Coinsource, stressed that regulation “should be crafted to foster continued financial innovation, without damaging the value accrued by consumers or investors. He hopes to see “a closer negotiation between regulatory authorities and virtual assets service providers in the near future.”
DeFi and 'the last legs' of the Wild West
Meanwhile, Rachid Ajaja, CEO and Founder of AllianceBlock, an organization building a globally compliant, decentralized capital market, stressed that as the DeFi (decentralized finance) sector is growing, the new regulation is needed to bridge traditional finance, TradFi, and DeFi.
“Thankfully, we are seeing an increasing appetite among regulators in this sphere. All of these elements will have a great impact on blockchain and more specifically DeFi throughout 2021,” he said.
Also, Andrew Kessler, tech entrepreneur and cryptographic expert, said that a number of jurisdictions, such as Malta and Liechtenstein, are maturing when it comes to regulation at a government level. It is the governments who have the power to either hinder or foster the growth of revolutionary technologies, he said, and this will be a key factor for long-term growth.
Crypto industry players urge each other to focus more on educating regulators to avoid overregulation and help authorities to foster financial innovation.
According to Dave Hodgson, Chief Investment Officer at NEM Group and Managing Director at NEM Ventures, “one primary obstacle that we are facing going into 2021 is regulations that remain inconsistent and often unclear across national boundaries.”
However, some major companies are working with regulators in order to help them shape a more friendly environment, hopefully, not only for themselves.
For example, the CEO of major crypto exchange Binance, Changpeng Zhao, hopes for more regulatory clarity this year and expects to see "more positive results" of their efforts of working with regulators and helping them make better tools to improve compliance.
“The natural evolution of financial markets requires that regulation must be imposed to protect those that don't really understand the risks,” argued Monica Singer, the South African Lead for Ethereum-focused major blockchain company ConsenSys. As the regulators understand the products and the risks, they will be able to issue regulations and taxes where it’s applicable, she said, adding that taxes will “have to be imposed,” given that any transaction in the production of income should contribute to the government finances – as is the definition of taxes.
Bo Oney, Chief of Compliance of Bitcoin ATM operator Coinsource, stressed that regulation “should be crafted to foster continued financial innovation, without damaging the value accrued by consumers or investors. He hopes to see “a closer negotiation between regulatory authorities and virtual assets service providers in the near future.”
DeFi and 'the last legs' of the Wild West
Meanwhile, Rachid Ajaja, CEO and Founder of AllianceBlock, an organization building a globally compliant, decentralized capital market, stressed that as the DeFi (decentralized finance) sector is growing, the new regulation is needed to bridge traditional finance, TradFi, and DeFi.
“Thankfully, we are seeing an increasing appetite among regulators in this sphere. All of these elements will have a great impact on blockchain and more specifically DeFi throughout 2021,” he said.
Also, Andrew Kessler, tech entrepreneur and cryptographic expert, said that a number of jurisdictions, such as Malta and Liechtenstein, are maturing when it comes to regulation at a government level. It is the governments who have the power to either hinder or foster the growth of revolutionary technologies, he said, and this will be a key factor for long-term growth.
Bitcoin and Ethereum Correct Gains, Altcoins Remain Elevated.
Bitcoin price extended its rally above the USD 45,000 and USD 46,500 resistance levels. BTC even surpassed USD 48,000 briefly, hitting its new all-time high. It is currently (12:45 UTC) correcting gains and trading well below USD 46,500.
Similarly, ethereum climbed above USD 1,800, traded to a new all-time high at USD 1,825, and it is correcting lower. Besides, most other major altcoins remain in a steady uptrend. XRP/USD is holding the USD 0.465 and USD 0.450 support levels.
Bitcoin price
There was a strong increase in bitcoin price above the USD 45,000 resistance level. BTC even cleared the USD 47,500 level and traded to a new all-time high near USD 48,200. Recently, there was a downside correction below USD 47,500 and the price declined below USD 47,000. The price is now approaching the USD 45,000 level, below which it could test the USD 42,500 support.
On the upside, the price is facing hurdles near USD 47,200 and USD 47,500. A fresh break above USD 47,500 might push the price to a new all-time high.
Ethereum price
Ethereum price followed a positive path and it climbed above the USD 1,770 resistance level. ETH even cleared the USD 1,800 level, but upsides were limited. It traded to a new all-time high near USD 1,825 before correcting lower sharply.
The price is now trading in a range above USD 1,720, with the next key support at USD 1,700. On the upside, the price must settle above USD 1,800 for upside continuation in the near term.
ADA, litecoin and XRP price
Cardano (ADA) failed to stay above the USD 0.700 level and corrected lower. ADA is now trading just above the USD 0.670 support. The main support is now forming near the USD 0.655 level, below which there is a risk of a larger decline. On the upside, a close above USD 0.700 could start a strong increase in the coming sessions.
Litecoin (LTC) is showing positive signs above USD 165 level. On the upside, the USD 172 level is a short-term resistance. The next key resistance could be near USD 188. If the price fails to stay above the USD 165 support, it could correct lower towards the USD 155 level.
XRP price is still holding gains above the USD 0.465 support level. The first key resistance sits at USD 0.480. The next major resistance is near the USD 0.492 level, above which the bulls might aim a break above the USD 0.500 resistance zone. If there is a fresh decline, the price might struggle to stay above USD 0.465 and it could test USD 0.450.
Other altcoins market today
Many altcoins gained over 15%, including LUNA, CAKE, BNB, FIL, DGB, MIOTA, TRX, STX, XVG, FTT, OKB, NANO, HEDG, and BSV. Out of these, BNB is surging, getting closer to the USD 100 barrier.
To sum up, bitcoin price is correcting gains below USD 47,000. However, the USD 45,000 level might provide support. Any more losses could lead BTC towards USD 42,500.
Bitcoin price extended its rally above the USD 45,000 and USD 46,500 resistance levels. BTC even surpassed USD 48,000 briefly, hitting its new all-time high. It is currently (12:45 UTC) correcting gains and trading well below USD 46,500.
Similarly, ethereum climbed above USD 1,800, traded to a new all-time high at USD 1,825, and it is correcting lower. Besides, most other major altcoins remain in a steady uptrend. XRP/USD is holding the USD 0.465 and USD 0.450 support levels.
Bitcoin price
There was a strong increase in bitcoin price above the USD 45,000 resistance level. BTC even cleared the USD 47,500 level and traded to a new all-time high near USD 48,200. Recently, there was a downside correction below USD 47,500 and the price declined below USD 47,000. The price is now approaching the USD 45,000 level, below which it could test the USD 42,500 support.
On the upside, the price is facing hurdles near USD 47,200 and USD 47,500. A fresh break above USD 47,500 might push the price to a new all-time high.
Ethereum price
Ethereum price followed a positive path and it climbed above the USD 1,770 resistance level. ETH even cleared the USD 1,800 level, but upsides were limited. It traded to a new all-time high near USD 1,825 before correcting lower sharply.
The price is now trading in a range above USD 1,720, with the next key support at USD 1,700. On the upside, the price must settle above USD 1,800 for upside continuation in the near term.
ADA, litecoin and XRP price
Cardano (ADA) failed to stay above the USD 0.700 level and corrected lower. ADA is now trading just above the USD 0.670 support. The main support is now forming near the USD 0.655 level, below which there is a risk of a larger decline. On the upside, a close above USD 0.700 could start a strong increase in the coming sessions.
Litecoin (LTC) is showing positive signs above USD 165 level. On the upside, the USD 172 level is a short-term resistance. The next key resistance could be near USD 188. If the price fails to stay above the USD 165 support, it could correct lower towards the USD 155 level.
XRP price is still holding gains above the USD 0.465 support level. The first key resistance sits at USD 0.480. The next major resistance is near the USD 0.492 level, above which the bulls might aim a break above the USD 0.500 resistance zone. If there is a fresh decline, the price might struggle to stay above USD 0.465 and it could test USD 0.450.
Other altcoins market today
Many altcoins gained over 15%, including LUNA, CAKE, BNB, FIL, DGB, MIOTA, TRX, STX, XVG, FTT, OKB, NANO, HEDG, and BSV. Out of these, BNB is surging, getting closer to the USD 100 barrier.
To sum up, bitcoin price is correcting gains below USD 47,000. However, the USD 45,000 level might provide support. Any more losses could lead BTC towards USD 42,500.
Bitcoin Sets New ATH, Ethereum and Altcoins Remain Supported.
Bitcoin price gained bullish momentum above the USD 47,500 and USD 48,000 levels. BTC even traded to a new all-time high near USD 48,600 before correcting lower. It is currently (05:00 UTC) trading below USD 48,000, with major supports at USD 47,000 and USD 46,500.
Besides, most major altcoins are holding gains above key supports. ETH is struggling to gain momentum above USD 1,800, but it remains supported above USD 1,700. XRP/USD gained over 8% and it even spiked above the USD 0.550 resistance.
Bitcoin price
There was a steady increase in bitcoin price above the USD 47,000 resistance. BTC even traded to a new all-time high near USD 48,600, but there was no major follow through. The price failed to test USD 49,000 and started a fresh decline. There was a break below the USD 48,000 and USD 47,500 levels. An initial support is near the USD 47,000 level.
The first major support is now forming near the USD 46,500 level. The next key support is at USD 46,000. On the upside, the USD 48,000 level presents resistance.
Ethereum price
Ethereum price struggled to break the USD 1,820 and USD 1,830 resistance levels. ETH is correcting lower and trading well below USD 1,800. It is testing the USD 1,740 support, below which it might test the USD 1,700 support. Any more losses may possibly open the doors for a push towards the USD 1,650 level.
On the upside, an initial resistance is near the USD 1,800 level. The main breakout zone is now forming near the USD 1,820 and USD 1,830 levels.
ADA, litecoin and XRP price
Cardano (ADA) almost tested the main USD 1 resistance level. A high is formed near USD 0.980 level and the price is currently correcting lower. It traded below the USD 0.920 support and it seems to be approaching the USD 0.880 support. The main uptrend support sits at USD 0.850, where the bulls might take a strong stand.
Litecoin (LTC) retested the USD 192 resistance before dipping below USD 185. LTC is testing the USD 180 support, below which it might find a strong buying interest near the USD 175 level. On the upside, the USD 188 level is a short-term resistance. The first major resistance is at USD 192 and USD 195, followed by USD 200.
XRP price performed well after it settled above the USD 0.520 resistance. The price even surged above the USD 0.550 level and tested USD 0.570. It is correcting gains, but dips might remain limited below USD 0.532 and USD 0.520. On the upside, the main target for the bulls could be USD 0.585.
Other altcoins market today
Many altcoins gained over 20%, including GRT, NANO, ENJ, VGX, BAT, YFI, OCEAN, STX, FTM, VET, XMR, ATOM, MIOTA, ZEC, and ZRX. Out of these, GRT surged 85% and it cleared the USD 2.20 level.
Overall, bitcoin price is correcting gains from well above USD 48,000. BTC might even test USD 46,000, but the overall price action suggests more upsides in the near term.
Bitcoin price gained bullish momentum above the USD 47,500 and USD 48,000 levels. BTC even traded to a new all-time high near USD 48,600 before correcting lower. It is currently (05:00 UTC) trading below USD 48,000, with major supports at USD 47,000 and USD 46,500.
Besides, most major altcoins are holding gains above key supports. ETH is struggling to gain momentum above USD 1,800, but it remains supported above USD 1,700. XRP/USD gained over 8% and it even spiked above the USD 0.550 resistance.
Bitcoin price
There was a steady increase in bitcoin price above the USD 47,000 resistance. BTC even traded to a new all-time high near USD 48,600, but there was no major follow through. The price failed to test USD 49,000 and started a fresh decline. There was a break below the USD 48,000 and USD 47,500 levels. An initial support is near the USD 47,000 level.
The first major support is now forming near the USD 46,500 level. The next key support is at USD 46,000. On the upside, the USD 48,000 level presents resistance.
Ethereum price
Ethereum price struggled to break the USD 1,820 and USD 1,830 resistance levels. ETH is correcting lower and trading well below USD 1,800. It is testing the USD 1,740 support, below which it might test the USD 1,700 support. Any more losses may possibly open the doors for a push towards the USD 1,650 level.
On the upside, an initial resistance is near the USD 1,800 level. The main breakout zone is now forming near the USD 1,820 and USD 1,830 levels.
ADA, litecoin and XRP price
Cardano (ADA) almost tested the main USD 1 resistance level. A high is formed near USD 0.980 level and the price is currently correcting lower. It traded below the USD 0.920 support and it seems to be approaching the USD 0.880 support. The main uptrend support sits at USD 0.850, where the bulls might take a strong stand.
Litecoin (LTC) retested the USD 192 resistance before dipping below USD 185. LTC is testing the USD 180 support, below which it might find a strong buying interest near the USD 175 level. On the upside, the USD 188 level is a short-term resistance. The first major resistance is at USD 192 and USD 195, followed by USD 200.
XRP price performed well after it settled above the USD 0.520 resistance. The price even surged above the USD 0.550 level and tested USD 0.570. It is correcting gains, but dips might remain limited below USD 0.532 and USD 0.520. On the upside, the main target for the bulls could be USD 0.585.
Other altcoins market today
Many altcoins gained over 20%, including GRT, NANO, ENJ, VGX, BAT, YFI, OCEAN, STX, FTM, VET, XMR, ATOM, MIOTA, ZEC, and ZRX. Out of these, GRT surged 85% and it cleared the USD 2.20 level.
Overall, bitcoin price is correcting gains from well above USD 48,000. BTC might even test USD 46,000, but the overall price action suggests more upsides in the near term.
Sources: India’s Crypto Ban Most Likely, Investors to Get 3-6 Months to Liquidate Holdings
t seems that the Indian government looks all determined to ban cryptocurrency operations in the country. Citing sources and officials familiar with the matter, BloombergQuint reported that India is likely to proceed with a complete ban on crypto investments.
Requesting for anonymity, a senior Finance Ministry official told the publication that cryptocurrency usage in any form will be banned under the new law to be introduced in the parliament. This would also include a ban on transacting directly via foreign exchanges.
However, this ban won’t be an overnight regulation passed. Meaning, once the law comes into effect, investors will get 3-6 months of transition period to completely liquidate their investments.
While the final decision is yet to come, it looks like the government of India is looking to adopt a China-like model wherein it introduces if official CBDC user central ban – Reserve Bank of India (RBI).
The Indian government has recently listed The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. The purpose of the bill states:
Indian Crypto Industry Watch Developments Closely
Over the last three years, the Indian crypto industry and investors have been kept on the edge by RBI as well as the government. The lawmakers’ inaction and indecisiveness on crypto rules have kept investors worried. Unocoin co-founder and chief executive officer Sathvik Vishwanath said:
Read More
👇👇👇
https://coingape.com/sources-indias-crypto-ban-most-likely-investors-to-get-3-6-months-to-liquidate-holdings/?utm_source=%40jury&utm_medium=coingapeTelegram&utm_campaign=traffic
t seems that the Indian government looks all determined to ban cryptocurrency operations in the country. Citing sources and officials familiar with the matter, BloombergQuint reported that India is likely to proceed with a complete ban on crypto investments.
Requesting for anonymity, a senior Finance Ministry official told the publication that cryptocurrency usage in any form will be banned under the new law to be introduced in the parliament. This would also include a ban on transacting directly via foreign exchanges.
However, this ban won’t be an overnight regulation passed. Meaning, once the law comes into effect, investors will get 3-6 months of transition period to completely liquidate their investments.
While the final decision is yet to come, it looks like the government of India is looking to adopt a China-like model wherein it introduces if official CBDC user central ban – Reserve Bank of India (RBI).
The Indian government has recently listed The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. The purpose of the bill states:
Indian Crypto Industry Watch Developments Closely
Over the last three years, the Indian crypto industry and investors have been kept on the edge by RBI as well as the government. The lawmakers’ inaction and indecisiveness on crypto rules have kept investors worried. Unocoin co-founder and chief executive officer Sathvik Vishwanath said:
Read More
👇👇👇
https://coingape.com/sources-indias-crypto-ban-most-likely-investors-to-get-3-6-months-to-liquidate-holdings/?utm_source=%40jury&utm_medium=coingapeTelegram&utm_campaign=traffic
CoinGape
Sources: India’s Crypto Ban Most Likely, Investors to Get 3-6 Months to Liquidate Holdings
It seems that the Indian government looks all determined to ban cryptocurrency operations in the country. Citing sources and officials familiar with the ma
Elon Musk Offers to 'Pay Actual $' If Dogecoin Whales Empty Their Wallets.
After claiming that there's too much concentration in the dogecoin (DOGE) ownership, the world's richest person, Tesla founder Elon Musk has offered a solution.
"I will literally pay actual $ if they just void their accounts," he tweeted today.
Several hours earlier he claimed that if major DOGE holders sell most of their coins, "it will get my full support."
"Too much concentration is the only real issue [in my opinion]," Musk said.
Tesla's and SpaceX's founder said on multiple occasions that his tweets about dogecoin are meant to be jokes.
After claiming that there's too much concentration in the dogecoin (DOGE) ownership, the world's richest person, Tesla founder Elon Musk has offered a solution.
"I will literally pay actual $ if they just void their accounts," he tweeted today.
Several hours earlier he claimed that if major DOGE holders sell most of their coins, "it will get my full support."
"Too much concentration is the only real issue [in my opinion]," Musk said.
Tesla's and SpaceX's founder said on multiple occasions that his tweets about dogecoin are meant to be jokes.
Robinhood Suspected To Be a Dogecoin Whale As It Plans New Crypto Services.
The under-fire American trading platform Robinhood said it will provide customers “the ability to deposit and withdraw” cryptoassets and has claimed that it has no crypto holdings – despite mounting suspicion that it could be one of the mysterious dogecoin (DOGE) whales who control vast amounts of the runaway token.
In a series of tweets, Robinhood wrote:
“So much interest in crypto! To be crystal clear, we fully intend to provide the ability to deposit and withdraw cryptocurrencies, including DOGE. Robinhood Crypto does NOT currently invest in cryptocurrency or use any customer cryptocurrency for our own benefit.”
The potential DOGE connection is key, as an increasing number of social media sleuths – including man-of-the-moment Elon Musk – think they have reason to believe that a wallet that holds almost 28% of the DOGE currently in circulation secretly belongs to Robinhood.
Per Bloomberg, Tom Robinson, the chief scientist and co-founder of the blockchain data tracker Elliptic, said of the wallet,
“It almost certainly belongs to Robinhood. The timings of its creation, and the creation of the addresses that it received funds from, match the timings of Robinhood’s support of dogecoin.”
Musk, meanwhile, has been wading into the argument with apparent relish.
In response to a dogecoiner’s demand for Robinhood to stop “dodging DOGE questions and hiding behind scripted answers” and a demand for “transparency,” Musk tweeted, “You’re right.”
And in reply to another DOGE aficionado who opined, “If the top whale wallet is Robinhood then I think dogecoin has a clear trajectory to the moon,” Musk wrote: “Sounds like it is.”
For now, however, it appears that Robinhood is intending to play its cards close to its chest, and will stick with responses like the below.
The under-fire American trading platform Robinhood said it will provide customers “the ability to deposit and withdraw” cryptoassets and has claimed that it has no crypto holdings – despite mounting suspicion that it could be one of the mysterious dogecoin (DOGE) whales who control vast amounts of the runaway token.
In a series of tweets, Robinhood wrote:
“So much interest in crypto! To be crystal clear, we fully intend to provide the ability to deposit and withdraw cryptocurrencies, including DOGE. Robinhood Crypto does NOT currently invest in cryptocurrency or use any customer cryptocurrency for our own benefit.”
The potential DOGE connection is key, as an increasing number of social media sleuths – including man-of-the-moment Elon Musk – think they have reason to believe that a wallet that holds almost 28% of the DOGE currently in circulation secretly belongs to Robinhood.
Per Bloomberg, Tom Robinson, the chief scientist and co-founder of the blockchain data tracker Elliptic, said of the wallet,
“It almost certainly belongs to Robinhood. The timings of its creation, and the creation of the addresses that it received funds from, match the timings of Robinhood’s support of dogecoin.”
Musk, meanwhile, has been wading into the argument with apparent relish.
In response to a dogecoiner’s demand for Robinhood to stop “dodging DOGE questions and hiding behind scripted answers” and a demand for “transparency,” Musk tweeted, “You’re right.”
And in reply to another DOGE aficionado who opined, “If the top whale wallet is Robinhood then I think dogecoin has a clear trajectory to the moon,” Musk wrote: “Sounds like it is.”
For now, however, it appears that Robinhood is intending to play its cards close to its chest, and will stick with responses like the below.
Too Costly Ethereum is Pushing DeFi Users Away, Fuelling BNB Rally.
Binance coin (BNB) is now the third-highest cryptocurrency by market capitalization after its price rose by more than 40% in 24 hours. BNB now stands at USD 270 (13:45 UTC), with the native token of the Binance exchange benefitting from the migration of DeFi users towards Binance Smart Chain (BSC).
The flocking of decentralized finance users towards a centralized platform has left Ethereum (ETH) advocates with a sour taste in their mouths, with some figures even speculating that Binance is responsible for the recent spike in Ethereum gas fees that are pushing users away.
However, other commentators have commended Binance for providing a genuine alternative to high fees, while others have urged the Ethereum development to speed up its work in transitioning to a proof-of-stake mechanism.
According to Mable Jiang, Principal at Multicoin Capital, the DeFi industry is now in a phase when ETH is expensive to use, layer 2 solutions on the Ethereum blockchain are not ready yet, and the user interface of some promising layer 1 alternatives is not great.
"For projects that are harder to stand out competitively on Ethereum, it makes sense for them to tap into this ecosystem because Binance was working hard to build up the BSC community and offering a lot of support. At this alternative battlefield they may have a better chance," she added.
Meanwhile, Jason Choi, General Partner at The Spartan Group, said that while he "can't speak to how organic the volumes on BSC protocols are," this might be the first time when users that are looking for lower fees and have lower sensitivity to decentralization have an alternative now.
Binance coin (BNB) is now the third-highest cryptocurrency by market capitalization after its price rose by more than 40% in 24 hours. BNB now stands at USD 270 (13:45 UTC), with the native token of the Binance exchange benefitting from the migration of DeFi users towards Binance Smart Chain (BSC).
The flocking of decentralized finance users towards a centralized platform has left Ethereum (ETH) advocates with a sour taste in their mouths, with some figures even speculating that Binance is responsible for the recent spike in Ethereum gas fees that are pushing users away.
However, other commentators have commended Binance for providing a genuine alternative to high fees, while others have urged the Ethereum development to speed up its work in transitioning to a proof-of-stake mechanism.
According to Mable Jiang, Principal at Multicoin Capital, the DeFi industry is now in a phase when ETH is expensive to use, layer 2 solutions on the Ethereum blockchain are not ready yet, and the user interface of some promising layer 1 alternatives is not great.
"For projects that are harder to stand out competitively on Ethereum, it makes sense for them to tap into this ecosystem because Binance was working hard to build up the BSC community and offering a lot of support. At this alternative battlefield they may have a better chance," she added.
Meanwhile, Jason Choi, General Partner at The Spartan Group, said that while he "can't speak to how organic the volumes on BSC protocols are," this might be the first time when users that are looking for lower fees and have lower sensitivity to decentralization have an alternative now.
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🎉 Currency.com crypto exchange celebrates its second birthday!
Currency.com has shown significant growth during the two years of operation, becoming the largest cryptocurrency exchange in the CIS.
‼️ In 2020:
- The number of clients grew from 50,000 to 250,000.
- The number of deposits increased threefold.
- In December 2020, the trading volume reached $2.6bn, which is higher than for the entire 2019.
- The maximum daily trading volume reached $120m.
- In 2020, Currency Com Limited was authorised by the Gibraltar Financial Services Commission (GFSC). The company was also registered by the FINTRAC (Canada) and by the FinCEN (USA), which enabled it to provide its services in Canada and the US respectively.
Join Currency.com! 🚀
Currency.com has shown significant growth during the two years of operation, becoming the largest cryptocurrency exchange in the CIS.
‼️ In 2020:
- The number of clients grew from 50,000 to 250,000.
- The number of deposits increased threefold.
- In December 2020, the trading volume reached $2.6bn, which is higher than for the entire 2019.
- The maximum daily trading volume reached $120m.
- In 2020, Currency Com Limited was authorised by the Gibraltar Financial Services Commission (GFSC). The company was also registered by the FINTRAC (Canada) and by the FinCEN (USA), which enabled it to provide its services in Canada and the US respectively.
Join Currency.com! 🚀
1 Million First-time Buyers Bought Bitcoin on Dorsey's Cash App Last Month.
2020 was a bumper year for Jack Dorsey’s Square and its crypto-embracing Cash App mobile payments app – but one that could soon be eclipsed, after the company revealed that “over three million customers” bought or sold bitcoin (BTC) on its platform in 2020, while January this year saw “more than 1 million customers” purchase bitcoin “for the first time.” Also, Square announced a USD 170m purchase in BTC.
The claims were made in an FY2020 Q4 earnings report and an official release for investors, where Square added that in the final quarter of the financial year that was “bitcoin volumes per customer” jumped by over x2.5 year-on-year.
The firm said that this growth was “primarily driven by buying activity, as existing customers continued to buy bitcoin and new adopters bought even greater volumes of bitcoin.”
And, like PayPal recently, it looks like Square is happy with its BTC customers, who tend to be more active on the platform than fiat users.
Square wrote,
“Bitcoin has helped increase gross profit per active customer and engagement in our broader ecosystem as bitcoin actives use other products, such as Cash Card and direct deposit, more frequently compared to the average Cash App customer.”
PayPal also enthused about higher engagement figures for crypto customers, claiming that they were logging in to their accounts far more often than regular users.
And Square added that new customers were more likely to “adopt products like” bitcoin or its Cash Card service “within their first month” of using Cash App.
In December, Cash App had more than 36 million monthly transacting active customers, up more than 50% year over year.
And it looks like Square is becoming a more active BTC buyer itself as it has purchased approximately BTC 3,318 at an aggregate purchase price of USD 170m, meaning it paid USD 51,236 per BTC on average. Combined with Square’s previous purchase of USD 50m in BTC in October last year, this represents approximately 5% of Square’s total cash, cash equivalents, and marketable securities as of December 31, 2020, the company said.
Looking forward, the firm suggested that it would “further scale” its marketing investments and pursue business from sometime customers by “expanding” its network and launching “new products.”
2020 was a bumper year for Jack Dorsey’s Square and its crypto-embracing Cash App mobile payments app – but one that could soon be eclipsed, after the company revealed that “over three million customers” bought or sold bitcoin (BTC) on its platform in 2020, while January this year saw “more than 1 million customers” purchase bitcoin “for the first time.” Also, Square announced a USD 170m purchase in BTC.
The claims were made in an FY2020 Q4 earnings report and an official release for investors, where Square added that in the final quarter of the financial year that was “bitcoin volumes per customer” jumped by over x2.5 year-on-year.
The firm said that this growth was “primarily driven by buying activity, as existing customers continued to buy bitcoin and new adopters bought even greater volumes of bitcoin.”
And, like PayPal recently, it looks like Square is happy with its BTC customers, who tend to be more active on the platform than fiat users.
Square wrote,
“Bitcoin has helped increase gross profit per active customer and engagement in our broader ecosystem as bitcoin actives use other products, such as Cash Card and direct deposit, more frequently compared to the average Cash App customer.”
PayPal also enthused about higher engagement figures for crypto customers, claiming that they were logging in to their accounts far more often than regular users.
And Square added that new customers were more likely to “adopt products like” bitcoin or its Cash Card service “within their first month” of using Cash App.
In December, Cash App had more than 36 million monthly transacting active customers, up more than 50% year over year.
And it looks like Square is becoming a more active BTC buyer itself as it has purchased approximately BTC 3,318 at an aggregate purchase price of USD 170m, meaning it paid USD 51,236 per BTC on average. Combined with Square’s previous purchase of USD 50m in BTC in October last year, this represents approximately 5% of Square’s total cash, cash equivalents, and marketable securities as of December 31, 2020, the company said.
Looking forward, the firm suggested that it would “further scale” its marketing investments and pursue business from sometime customers by “expanding” its network and launching “new products.”
Grimes and Paris Hilton Go Full NFT – But Some Warn of Trouble Ahead.
The non-fungible token (NFT) gravy train is building up a head of steam in the music and art industry.
Within just hours of dance producer 3Lau posting record-breaking sales of almost USD 12m for a batch of exclusive NFTs, the award-winning Canadian musician Grimes and the celebrity socialite and sometime singer Paris Hilton have clambered aboard. But some are warning that the NFT music and art bubble could be about to pop.
Grimes, who is also famously the partner of Tesla chief and bitcoin (BTC) fan Elon Musk, successfully sold some USD 6m worth of digital art in NFT form via the Nifty Gateway marketplace.
The move is another lurch toward crypto and blockchain technology for the Musk-Grimes family. Musk has taken the BTC plunge, calling it his “safe word” and then investing in USD 1.5bn worth of the token through his Tesla auto-making firm. He also joined the dogecoin (DOGE) hype train, buying tokens for his and Grimes’ son, X Æ A-12.
The news was followed by an announcement from the internet entrepreneur Kim Dotcom, who hinted that he and 1980s star MC Hammer would be working with Hilton on an NFT release that he claimed may fetch up to USD 30m. Hilton claimed that she was “excited” and “fascinated” by the world of NFTs, although her response was met with incredulity by many outspoken crypto advocates.
However, some are warning that the NFT craze could be fleeting.
Crypto trader Andrew Kong tweeted,
“Is it just me or does it seem like celebrities are gonna rug all their fans with NFTs?”
The EulerBeats music and art project recently raised some USD 458,000 in sales of 27 original NFT tracks, as part of a project from Treum, backed by ConsenSys, on the secondary market. But a Twitter user named Dark Pill observed that “any NFT issuer can devalue your holdings if someone pisses them off.”
Dark Pill was reacting to the news that a developer had “copycatted” EulerBeats’ work on the Binance Smart Chain blockchain protocol.
And this led Constantin Kostenko, the Senior Director of Blockchain Solution Architecture & Strategy at ConsenSys Mesh, and one of the architects of the EulerBeats project, to apparently concede that NFT projects could be undermined with relative ease.
The non-fungible token (NFT) gravy train is building up a head of steam in the music and art industry.
Within just hours of dance producer 3Lau posting record-breaking sales of almost USD 12m for a batch of exclusive NFTs, the award-winning Canadian musician Grimes and the celebrity socialite and sometime singer Paris Hilton have clambered aboard. But some are warning that the NFT music and art bubble could be about to pop.
Grimes, who is also famously the partner of Tesla chief and bitcoin (BTC) fan Elon Musk, successfully sold some USD 6m worth of digital art in NFT form via the Nifty Gateway marketplace.
The move is another lurch toward crypto and blockchain technology for the Musk-Grimes family. Musk has taken the BTC plunge, calling it his “safe word” and then investing in USD 1.5bn worth of the token through his Tesla auto-making firm. He also joined the dogecoin (DOGE) hype train, buying tokens for his and Grimes’ son, X Æ A-12.
The news was followed by an announcement from the internet entrepreneur Kim Dotcom, who hinted that he and 1980s star MC Hammer would be working with Hilton on an NFT release that he claimed may fetch up to USD 30m. Hilton claimed that she was “excited” and “fascinated” by the world of NFTs, although her response was met with incredulity by many outspoken crypto advocates.
However, some are warning that the NFT craze could be fleeting.
Crypto trader Andrew Kong tweeted,
“Is it just me or does it seem like celebrities are gonna rug all their fans with NFTs?”
The EulerBeats music and art project recently raised some USD 458,000 in sales of 27 original NFT tracks, as part of a project from Treum, backed by ConsenSys, on the secondary market. But a Twitter user named Dark Pill observed that “any NFT issuer can devalue your holdings if someone pisses them off.”
Dark Pill was reacting to the news that a developer had “copycatted” EulerBeats’ work on the Binance Smart Chain blockchain protocol.
And this led Constantin Kostenko, the Senior Director of Blockchain Solution Architecture & Strategy at ConsenSys Mesh, and one of the architects of the EulerBeats project, to apparently concede that NFT projects could be undermined with relative ease.
