Bitcoin Mining Difficulty Set For Sharp Drop This Weekend
Bitcoin (BTC) mining difficulty may be knocked out of its just recently gained all-time high this weekend, back to a March level.
If this adjustment goes as currently (16:00 UTC) estimated by mining pool BTC, mining difficulty - which is the measure of how hard it is to compete for mining rewards - will drop 13.58%. This will land it to 21.64 T, the lowest it's been since mid-March.
This would be only the third drop in the mining difficulty this year, and the largest one.
Additionally, it comes after the latest all-time high (ATH) of 25.05 T, hit during the last adjustment two weeks ago. This was the strongest move upwards since October 2017.
All of this is happening amidst the latest selloff seen in the crypto markets, which pulled BTC down by 43% from its April 14 ATH of USD 64,804 (per CoinGecko) to USD 36,813 at the time of writing.
Meanwhile, according to BitInfoCharts, hashrate, or the computational power of the network, had dropped around 21% between the previous adjustment and May 24. In the three days after that, the 7-day simple moving average hashrate went up 3% to nearly 130 Eh/s.
The mining difficulty of Bitcoin is adjusted around every two weeks (that is, every 2016 blocks) to maintain the normal 10-minute block time. The 7-day simple moving average block time on May 27 was just above 12 minutes.
Looking at the data provided by ByteTree, miners have spent more coins than they held in the past several weeks. In the past day, however, they held BTC 38.
Bitcoin (BTC) mining difficulty may be knocked out of its just recently gained all-time high this weekend, back to a March level.
If this adjustment goes as currently (16:00 UTC) estimated by mining pool BTC, mining difficulty - which is the measure of how hard it is to compete for mining rewards - will drop 13.58%. This will land it to 21.64 T, the lowest it's been since mid-March.
This would be only the third drop in the mining difficulty this year, and the largest one.
Additionally, it comes after the latest all-time high (ATH) of 25.05 T, hit during the last adjustment two weeks ago. This was the strongest move upwards since October 2017.
All of this is happening amidst the latest selloff seen in the crypto markets, which pulled BTC down by 43% from its April 14 ATH of USD 64,804 (per CoinGecko) to USD 36,813 at the time of writing.
Meanwhile, according to BitInfoCharts, hashrate, or the computational power of the network, had dropped around 21% between the previous adjustment and May 24. In the three days after that, the 7-day simple moving average hashrate went up 3% to nearly 130 Eh/s.
The mining difficulty of Bitcoin is adjusted around every two weeks (that is, every 2016 blocks) to maintain the normal 10-minute block time. The 7-day simple moving average block time on May 27 was just above 12 minutes.
Looking at the data provided by ByteTree, miners have spent more coins than they held in the past several weeks. In the past day, however, they held BTC 38.
Jamie Dimon Says Stay Away From Cryptocurrencies – Is He Worried About The Transparency That Crypto And Blockchain Bring?
Jamie Dimon, CEO of JP Morgan, the largest bank in the US, said in a congressional hearing last Thursday that people should “stay away” from cryptocurrencies, even whilst admitting that his bank is exploring ways to enable clients to buy and sell them. However, he did not touch on the subject of how his bank has been repeatedly fined for manipulating markets.
It was reported last Thursday that JP Morgan CEO Jamie Dimon had warned investors to stay away from cryptocurrencies, and had urged regulatory authorities to scrutinise them more closely.
Dimon admits that his bank is preparing to provide a Bitcoin fund for the benefit of its private wealth clients. This seems quite a turn-around for a man who stated that he would fire any of his traders in a second for trading it. He also called it a “fraud” back in 2017.
He does say though that his views on Bitcoin and crypto “do not weigh” on the services that JP Morgan offers to clients – an odd statement to make, considering that he is the CEO of the bank.
He stated that in his view cryptocurrency could benefit from a more rigid regulatory framework. Therefore, it might also be wondered whether he would think the same of his own bank in relation to manipulating markets?
As recently as last September JP Morgan was fined a record amount of nearly a billion dollars for manipulating gold, silver and treasuries markets. This involved “spoofing” which was explained in a Bloomberg article released at the time:
“Spoofing typically involves flooding derivatives markets with orders that traders don’t intend to execute to trick others into moving prices in a desired direction.”
In 2019 JP Morgan and three other banks were fined a total of 1.07 billion euros for rigging foreign exchange markets. The group were dubbed the “Banana Split” Cartel.
EU Commissioner Margrethe Vestager, said at the time:
“Today we have fined Barclays, The Royal Bank of Scotland, Citigroup, J.P. Morgan and MUFG Bank and these cartel decisions send a clear message that the Commission will not tolerate collusive behavior in any sector of the financial markets. The behavior of these banks undermined the integrity of the sector at the expense of the European economy and consumers,”
The Los Angeles Times reported back in 2015 on how JP Morgan and four other banks pleaded guilty on U.S. felony charges for rigging foreign currency exchange rates. The fines in this case amounted to $5.7 billion.
Attorney General Loretta Lynch said after the case:
“The penalty all these banks will now pay is fitting considering the long-running and egregious nature of their anti-competitive conduct,” she said at a Washington news conference.
“It is commensurate with the pervasive harm done. And it should deter competitors in the future from chasing profits without regard to fairness, to the law or to the public welfare,”
A quick search on the internet can find many unethical or criminal cases involving Jamie Dimon’s JP Morgan. His bank has managed to get away with so much wrong-doing due to the obscure nature of banking. It might be supposed that the advent of blockchain and the cryptocurrencies that run on top of it will bring a massive degree of transparency to proceedings. Might this worry Mr Dimon?
Jamie Dimon, CEO of JP Morgan, the largest bank in the US, said in a congressional hearing last Thursday that people should “stay away” from cryptocurrencies, even whilst admitting that his bank is exploring ways to enable clients to buy and sell them. However, he did not touch on the subject of how his bank has been repeatedly fined for manipulating markets.
It was reported last Thursday that JP Morgan CEO Jamie Dimon had warned investors to stay away from cryptocurrencies, and had urged regulatory authorities to scrutinise them more closely.
Dimon admits that his bank is preparing to provide a Bitcoin fund for the benefit of its private wealth clients. This seems quite a turn-around for a man who stated that he would fire any of his traders in a second for trading it. He also called it a “fraud” back in 2017.
He does say though that his views on Bitcoin and crypto “do not weigh” on the services that JP Morgan offers to clients – an odd statement to make, considering that he is the CEO of the bank.
He stated that in his view cryptocurrency could benefit from a more rigid regulatory framework. Therefore, it might also be wondered whether he would think the same of his own bank in relation to manipulating markets?
As recently as last September JP Morgan was fined a record amount of nearly a billion dollars for manipulating gold, silver and treasuries markets. This involved “spoofing” which was explained in a Bloomberg article released at the time:
“Spoofing typically involves flooding derivatives markets with orders that traders don’t intend to execute to trick others into moving prices in a desired direction.”
In 2019 JP Morgan and three other banks were fined a total of 1.07 billion euros for rigging foreign exchange markets. The group were dubbed the “Banana Split” Cartel.
EU Commissioner Margrethe Vestager, said at the time:
“Today we have fined Barclays, The Royal Bank of Scotland, Citigroup, J.P. Morgan and MUFG Bank and these cartel decisions send a clear message that the Commission will not tolerate collusive behavior in any sector of the financial markets. The behavior of these banks undermined the integrity of the sector at the expense of the European economy and consumers,”
The Los Angeles Times reported back in 2015 on how JP Morgan and four other banks pleaded guilty on U.S. felony charges for rigging foreign currency exchange rates. The fines in this case amounted to $5.7 billion.
Attorney General Loretta Lynch said after the case:
“The penalty all these banks will now pay is fitting considering the long-running and egregious nature of their anti-competitive conduct,” she said at a Washington news conference.
“It is commensurate with the pervasive harm done. And it should deter competitors in the future from chasing profits without regard to fairness, to the law or to the public welfare,”
A quick search on the internet can find many unethical or criminal cases involving Jamie Dimon’s JP Morgan. His bank has managed to get away with so much wrong-doing due to the obscure nature of banking. It might be supposed that the advent of blockchain and the cryptocurrencies that run on top of it will bring a massive degree of transparency to proceedings. Might this worry Mr Dimon?
US Financial Advisers Up Crypto Recommendations as Interest Rises
US-based financial advisers are increasingly recommending investments in cryptocurrencies to their clients, and less exposure to legacy finance investment products such as exchange-traded funds (ETFs) and individual stocks, according to a recent survey.
This approach is in line with the rising interest demonstrated by their customer base, the report by the US-based Financial Planning Association (FPA) and the Journal of Financial Planning said.
The report comprises a survey that was fielded in March 2021 (or before the strong market correction in April and May), and prepared based on the 529 online responses collected from financial advisers who offer clients investment advice and/or implement investment recommendations.
The survey indicated that, while US financial advisers remain cautious on digital assets, "it seems they may be shifting to embracing them due to a rising client demand."
Cryptocurrencies were first added to the survey in 2018, said the report, when 1.4% of the then surveyed 223 advisers said they were currently using or recommending crypto with clients,” according to the association.
While in 2019 and 2020 that percentage dropped to below 1%, it then increased to 14% of the 529 surveyed advisers indicating that they are using or recommending cryptocurrencies in 2021.
And the number may increase.
“More than a quarter (26%) of advisers indicated in the 2021 survey that they plan to increase their use/recommendation of cryptocurrencies over the next 12 months," said the report. This is up from 0% indicated in 2020.
It further found that 49% of advisers indicated that, in the last six months, clients have asked them about investing in cryptocurrencies. This is up from 17% in 2020.
In contrast with cryptocurrencies, legacy finance investment products, such as ETFs, saw a lower rate of recommendations this year. Some 64% of financial advisors said they suggest investing in ETFs to their clients this year, down from 85% in 2020.
Cash and equivalents, as well as individual stocks, are also less popular in 2021, down from 75% to 57%, and 51% to 44%, respectively.
Among the vehicles currently used/recommended to clients, only three saw a rise in the percentages since last year: cryptocurrencies are leading by far, followed by precious metals (5% to 9%) and private equity funds (9% to 12%).
Further findings include that:
1.8% in the 2018 survey said cryptocurrencies were a viable investment option that has a place in a portfolio, compared to 28% of respondents in 2021;
18% in 2018 said it was a fad that is best avoided, compared to 6% this year 2021;
24% in 2018 said it was "a gamble," while 28% said the same this year;
48% read the occasional news stories on cryptocurrencies and are somewhat comfortable conversing about it, 33% actively educate themselves on the topic and are comfortable conversing about it, and 4% said they don’t know anything about cryptos and don’t talk about them with their clients.
US-based financial advisers are increasingly recommending investments in cryptocurrencies to their clients, and less exposure to legacy finance investment products such as exchange-traded funds (ETFs) and individual stocks, according to a recent survey.
This approach is in line with the rising interest demonstrated by their customer base, the report by the US-based Financial Planning Association (FPA) and the Journal of Financial Planning said.
The report comprises a survey that was fielded in March 2021 (or before the strong market correction in April and May), and prepared based on the 529 online responses collected from financial advisers who offer clients investment advice and/or implement investment recommendations.
The survey indicated that, while US financial advisers remain cautious on digital assets, "it seems they may be shifting to embracing them due to a rising client demand."
Cryptocurrencies were first added to the survey in 2018, said the report, when 1.4% of the then surveyed 223 advisers said they were currently using or recommending crypto with clients,” according to the association.
While in 2019 and 2020 that percentage dropped to below 1%, it then increased to 14% of the 529 surveyed advisers indicating that they are using or recommending cryptocurrencies in 2021.
And the number may increase.
“More than a quarter (26%) of advisers indicated in the 2021 survey that they plan to increase their use/recommendation of cryptocurrencies over the next 12 months," said the report. This is up from 0% indicated in 2020.
It further found that 49% of advisers indicated that, in the last six months, clients have asked them about investing in cryptocurrencies. This is up from 17% in 2020.
In contrast with cryptocurrencies, legacy finance investment products, such as ETFs, saw a lower rate of recommendations this year. Some 64% of financial advisors said they suggest investing in ETFs to their clients this year, down from 85% in 2020.
Cash and equivalents, as well as individual stocks, are also less popular in 2021, down from 75% to 57%, and 51% to 44%, respectively.
Among the vehicles currently used/recommended to clients, only three saw a rise in the percentages since last year: cryptocurrencies are leading by far, followed by precious metals (5% to 9%) and private equity funds (9% to 12%).
Further findings include that:
1.8% in the 2018 survey said cryptocurrencies were a viable investment option that has a place in a portfolio, compared to 28% of respondents in 2021;
18% in 2018 said it was a fad that is best avoided, compared to 6% this year 2021;
24% in 2018 said it was "a gamble," while 28% said the same this year;
48% read the occasional news stories on cryptocurrencies and are somewhat comfortable conversing about it, 33% actively educate themselves on the topic and are comfortable conversing about it, and 4% said they don’t know anything about cryptos and don’t talk about them with their clients.
El Salvador Hitches Economic Wagon To Crypto: President Announces Support To Make Bitcoin Legal Tender
Earlier today, President Bukele announced his support for legislation that is set to make Bitcoin legal tender during the Miami Bitcoin conference. He also took to Twitter to further elaborate on his decision.
He stated,
“#Bitcoin has a market cap of $680 billion dollars. If 1% of it is invested in El Salvador, that would increase our GDP by 25%.”
This means that the citizens of El Salvador will be able to use Bitcoin as valid payment in exchange for goods and services. This landmark decision could put El Salvador on the global crypto map by shifting a largely cash-based economy to an inclusive and transparent digital economy, where the people’s bank account would be on their phones. This would be a turning point for the country’s economy, considering the fact that over 70% of the population do not have bank accounts.
Further, President Bukele also stated that by using BTC as legal tender the amount received by more than a million low-income families will increase in the equivalent of billions of dollars every year, thus improving lives across the country.
President Bukele also explained that with the entire population of El Salvador using BTC for their transactions, Bitcoin would have a potential of 10 million new users.
According to Blockstream CEO Adam Back,
“It was an inevitability, but here already: the first country on track to make bitcoin legal tender. Another milestone for Bitcoin and El Salvador. We're pleased to help El Salvador on its journey towards adoption of the Bitcoin Standard,”
This could be the next big milestone for BTC, as banking systems around the world would likely treat it as any other foreign currency.
If the legislation is passed by El Salvador Congress, then BTC would legally become money under US law.
According to Founder & CEO of Avanti Financial Group, Caitlin Long,
“IF #ElSalvador does pass legislation to recognize #bitcoin as legal tender, #BTC would v likely become MONEY under US commercial law.”
She also stated that this could be a work-around the fact that it is not possible to make BTC a legal tender anywhere in the United States without amending the constitution. According to Long, if BTC becomes legal tender in El Salvador, then the US would be able to consider the crypto as ‘money’ under commercial law and as ‘cash’ under accounting rules.
American venture capital investor, and founder of Draper Fisher Jurvetson, tweeted that “Entrepreneurs and investors will be on the next flights to El Salvador. Brilliant government move.”
Investor and Entrepreneur Anthony Pompliano believes that this is just the start for countries to start legalizing Bitcoin. He tweeted,
“This is the first country to take such a courageous step, but it won’t be the last…Bitcoin is inevitable.”
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.
Earlier today, President Bukele announced his support for legislation that is set to make Bitcoin legal tender during the Miami Bitcoin conference. He also took to Twitter to further elaborate on his decision.
He stated,
“#Bitcoin has a market cap of $680 billion dollars. If 1% of it is invested in El Salvador, that would increase our GDP by 25%.”
This means that the citizens of El Salvador will be able to use Bitcoin as valid payment in exchange for goods and services. This landmark decision could put El Salvador on the global crypto map by shifting a largely cash-based economy to an inclusive and transparent digital economy, where the people’s bank account would be on their phones. This would be a turning point for the country’s economy, considering the fact that over 70% of the population do not have bank accounts.
Further, President Bukele also stated that by using BTC as legal tender the amount received by more than a million low-income families will increase in the equivalent of billions of dollars every year, thus improving lives across the country.
President Bukele also explained that with the entire population of El Salvador using BTC for their transactions, Bitcoin would have a potential of 10 million new users.
According to Blockstream CEO Adam Back,
“It was an inevitability, but here already: the first country on track to make bitcoin legal tender. Another milestone for Bitcoin and El Salvador. We're pleased to help El Salvador on its journey towards adoption of the Bitcoin Standard,”
This could be the next big milestone for BTC, as banking systems around the world would likely treat it as any other foreign currency.
If the legislation is passed by El Salvador Congress, then BTC would legally become money under US law.
According to Founder & CEO of Avanti Financial Group, Caitlin Long,
“IF #ElSalvador does pass legislation to recognize #bitcoin as legal tender, #BTC would v likely become MONEY under US commercial law.”
She also stated that this could be a work-around the fact that it is not possible to make BTC a legal tender anywhere in the United States without amending the constitution. According to Long, if BTC becomes legal tender in El Salvador, then the US would be able to consider the crypto as ‘money’ under commercial law and as ‘cash’ under accounting rules.
American venture capital investor, and founder of Draper Fisher Jurvetson, tweeted that “Entrepreneurs and investors will be on the next flights to El Salvador. Brilliant government move.”
Investor and Entrepreneur Anthony Pompliano believes that this is just the start for countries to start legalizing Bitcoin. He tweeted,
“This is the first country to take such a courageous step, but it won’t be the last…Bitcoin is inevitable.”
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.
'Locked-Out' Users Sue Coinbase For North of USD 5M
Six Coinbase users are taking the crypto exchange giant to court to seek more than USD 5m in compensation for themselves and other users who were allegedly locked out of their accounts for several months or longer at a time.
According to a complaint filed on Friday in San Francisco, USA, federal court, and first reported by Decrypt, the plaintiffs - Michael Leone, Joseph Treseder, Travis Reece, David Beavers, Fazal Us Saboor Ali, and Keisha Pinkney - accuse the exchange of preventing them from accessing their accounts for arbitrary reasons and prolonged amounts of time, as they have been unable to “invest, spend, save, earn, and use or even withdraw their funds” from the platform.
The exchange violated its “duty to provide access to the Coinbase platform to conduct authorized transactions,” they claim.
Therefore, they seek "any and all available relief, including equitable relief and recovery of damages caused by Defendants’ actions," said the document, adding that "the amount placed in controversy by the Complaint exceeds, in the aggregate, USD 5 million, exclusive of interests and costs."
The case highlights ongoing reported Coinbase's customer support issues. All plaintiffs claim that they, after they were barred from using the service, they contacted customer support, which, in most cases, responded with an automated response which said that their issues were “under review.”
In some cases, customers were forced to go through the identity verification process once more, while other claims revolve around login issue, as some of the plaintiffs claim to have received error messages when trying to log in to the platform - even though the support staff claimed that the account issues had been solved, they said.
In some cases, the plaintiffs claim, they had regained access to their accounts but found that they had no crypto funds, or their accounts were erased without explanation.
As a result of such "negligence," the plaintiffs and class members were locked from trading and in some cases, regained access only when the value of their cryptoassets has dropped significantly.
“Defendant’s conduct amounted to gross negligence where they breached the duties as alleged herein and by failing to create and enforce an adequate plan to prevent security breaches and lock outs that prevent Plaintiffs and the Putative Class from accessing their Coinbase accounts and/or funds where they know that, “as a newer asset class, crypto is widely considered to be volatile –with the potential for significant upward and downward movements over shorter time periods,” and knew or should have known that their breaches would likely inflict substantial damages upon its consumers,” the complaint reads.
In late March, Alesia Haas, the company’s chief financial officer (CFO), said that the exchange is hiring new customer support agents, as well as making investments on the product side "to reduce the friction that we see a lot of customers call in and offer complaints about."
Six Coinbase users are taking the crypto exchange giant to court to seek more than USD 5m in compensation for themselves and other users who were allegedly locked out of their accounts for several months or longer at a time.
According to a complaint filed on Friday in San Francisco, USA, federal court, and first reported by Decrypt, the plaintiffs - Michael Leone, Joseph Treseder, Travis Reece, David Beavers, Fazal Us Saboor Ali, and Keisha Pinkney - accuse the exchange of preventing them from accessing their accounts for arbitrary reasons and prolonged amounts of time, as they have been unable to “invest, spend, save, earn, and use or even withdraw their funds” from the platform.
The exchange violated its “duty to provide access to the Coinbase platform to conduct authorized transactions,” they claim.
Therefore, they seek "any and all available relief, including equitable relief and recovery of damages caused by Defendants’ actions," said the document, adding that "the amount placed in controversy by the Complaint exceeds, in the aggregate, USD 5 million, exclusive of interests and costs."
The case highlights ongoing reported Coinbase's customer support issues. All plaintiffs claim that they, after they were barred from using the service, they contacted customer support, which, in most cases, responded with an automated response which said that their issues were “under review.”
In some cases, customers were forced to go through the identity verification process once more, while other claims revolve around login issue, as some of the plaintiffs claim to have received error messages when trying to log in to the platform - even though the support staff claimed that the account issues had been solved, they said.
In some cases, the plaintiffs claim, they had regained access to their accounts but found that they had no crypto funds, or their accounts were erased without explanation.
As a result of such "negligence," the plaintiffs and class members were locked from trading and in some cases, regained access only when the value of their cryptoassets has dropped significantly.
“Defendant’s conduct amounted to gross negligence where they breached the duties as alleged herein and by failing to create and enforce an adequate plan to prevent security breaches and lock outs that prevent Plaintiffs and the Putative Class from accessing their Coinbase accounts and/or funds where they know that, “as a newer asset class, crypto is widely considered to be volatile –with the potential for significant upward and downward movements over shorter time periods,” and knew or should have known that their breaches would likely inflict substantial damages upon its consumers,” the complaint reads.
In late March, Alesia Haas, the company’s chief financial officer (CFO), said that the exchange is hiring new customer support agents, as well as making investments on the product side "to reduce the friction that we see a lot of customers call in and offer complaints about."
This Is When MicroStrategy Might Sell Bitcoin According to Arthur Hayes
Former CEO of major crypto derivatives exchange BitMEX, Arthur Hayes, discussed the only time the US-based software developer MicroStrategy (MSTR) could be forced to sell their bitcoin (BTC), now worth billions of USD.
In his recent blog piece, Hayes noted how MicroStrategy CEO Michael Saylor "had the gall" in 2020 to issue USD 1.6bn worth of bonds and use the proceeds to buy BTC.
Hayes went on to explain that 0.75% coupon convertible bond is due in December 2025, and zero-coupon bond in February 2027, stating that:
"If MSTR doesn’t have the cash flow to pay back the principle, or cannot access the corporate bond market, then and only then would MSTR be forced to sell assets."
The question of what yield would it be uneconomical to refinance the bond is driven by the performance of BTC versus the growth in the US money supply - which is dictated by the Federal Reserve.
If one observes the historical returns of the past five years, the refinancing rate for a five-year bond would need to be greater than 5,808% or 1,162% per year. "At that rate, a company is effectively shut out of the corporate bond market." However, this situation is "highly unlikely" for MicroStrategy as it has a viable cash-generating business.
"That is because many institutional bond investors lack common sense," argued Hayes. "They follow a set of investment mandates blindly." So, they could hate BTC "to its core," but if MicroStrategy's corporate paper shows an attractive yield compared to their benchmark, these investors will "buy the issue up to their concentration limits."
Given that MicroStrategy is a major, listed, audited company, its issues must be owned regardless of what its CEO does with the proceeds, writes Hayes, describing this as "the reflexive power of passive index investing," and adding:
"It’s quite smart to use the sloth of the professional investing community to invest in a concept that aims to disintermediate them."
Per Hayes, Saylor will not desert the investors, will continue leading the portfolios "through the rough seas," and will continue "gorging on cheap corporate debt as long as institutional investors invest."
As for the question if Saylor is irresponsible or a genius, Hayes said that the answer typically depends on the price of BTC, because the CEO has transformed his company into "a pseudo-Bitcoin ETF" (exchange-traded fund).
Former CEO of major crypto derivatives exchange BitMEX, Arthur Hayes, discussed the only time the US-based software developer MicroStrategy (MSTR) could be forced to sell their bitcoin (BTC), now worth billions of USD.
In his recent blog piece, Hayes noted how MicroStrategy CEO Michael Saylor "had the gall" in 2020 to issue USD 1.6bn worth of bonds and use the proceeds to buy BTC.
Hayes went on to explain that 0.75% coupon convertible bond is due in December 2025, and zero-coupon bond in February 2027, stating that:
"If MSTR doesn’t have the cash flow to pay back the principle, or cannot access the corporate bond market, then and only then would MSTR be forced to sell assets."
The question of what yield would it be uneconomical to refinance the bond is driven by the performance of BTC versus the growth in the US money supply - which is dictated by the Federal Reserve.
If one observes the historical returns of the past five years, the refinancing rate for a five-year bond would need to be greater than 5,808% or 1,162% per year. "At that rate, a company is effectively shut out of the corporate bond market." However, this situation is "highly unlikely" for MicroStrategy as it has a viable cash-generating business.
"That is because many institutional bond investors lack common sense," argued Hayes. "They follow a set of investment mandates blindly." So, they could hate BTC "to its core," but if MicroStrategy's corporate paper shows an attractive yield compared to their benchmark, these investors will "buy the issue up to their concentration limits."
Given that MicroStrategy is a major, listed, audited company, its issues must be owned regardless of what its CEO does with the proceeds, writes Hayes, describing this as "the reflexive power of passive index investing," and adding:
"It’s quite smart to use the sloth of the professional investing community to invest in a concept that aims to disintermediate them."
Per Hayes, Saylor will not desert the investors, will continue leading the portfolios "through the rough seas," and will continue "gorging on cheap corporate debt as long as institutional investors invest."
As for the question if Saylor is irresponsible or a genius, Hayes said that the answer typically depends on the price of BTC, because the CEO has transformed his company into "a pseudo-Bitcoin ETF" (exchange-traded fund).
🥁Hello Crypto enthusiasts🥁
Be among the first Swene liquidity providers to get the liquidity pool tokens at the best price and lock your liquidity forever to get the best yield!💎
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The Step 1 ends on the 16/06/2021 or until the marketcap reaches $100K.
🚨What is a Liquidity Generation Event & how it works:
The Liquidity Generation Event (LGE) is designed to provide liquidity to our tokens: Swene (SWN) and Stable (STABLE) on the 2 largest AMMs: PancakeSwap V3 & Uniswap V3.
🔖Read the full Medium article
with the explanation of the Liquidity Generation Event.
💥Join our Telegram community!
Swene upcoming products:
SweneSwap - A crosschain AMM.
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SweneApp - An all-in-one fintech app.
STABLE - A stable coin pegged to the top five FIAT currencies.
🔗 Links:
LGE: https://event.swene.io
Website: https://swene.io
Blog: https://blog.swene.io
Announcements: https://news.1rj.ru/str/sweneapp
Telegram: https://news.1rj.ru/str/swenetalks
Be among the first Swene liquidity providers to get the liquidity pool tokens at the best price and lock your liquidity forever to get the best yield!💎
🚀 PARTICIPATE NOW 🚀
The Step 1 ends on the 16/06/2021 or until the marketcap reaches $100K.
🚨What is a Liquidity Generation Event & how it works:
The Liquidity Generation Event (LGE) is designed to provide liquidity to our tokens: Swene (SWN) and Stable (STABLE) on the 2 largest AMMs: PancakeSwap V3 & Uniswap V3.
🔖Read the full Medium article
with the explanation of the Liquidity Generation Event.
💥Join our Telegram community!
Swene upcoming products:
SweneSwap - A crosschain AMM.
SweneYield - A yield aggregator.
SweneApp - An all-in-one fintech app.
STABLE - A stable coin pegged to the top five FIAT currencies.
🔗 Links:
LGE: https://event.swene.io
Website: https://swene.io
Blog: https://blog.swene.io
Announcements: https://news.1rj.ru/str/sweneapp
Telegram: https://news.1rj.ru/str/swenetalks
Ledger Hack Saga Continues: Scammers 'Gifting' Fake Hardware Wallets
With scammers reaching for increasingly creative measures to steal cryptoassets, customers of hardware wallet maker Ledger are being sent fake 'replacements' for their devices.
A fake Ledger Nano X was allegedly sent to a Reddit user who disclosed the accompanying letter written by scammers posing as the company’s CEO Pascal Gauthier.
“As a victim of the latest Data Breach I have signed up reddit only to post this,” the user, who goes by the name of jjrand, said. “So beware guys, this is really some next level of scam attempt.”
Ledger indeed came back with a reply to the user.
“It's a fake device, do not use it. We've been investigating this scheme already,” Nicolas Bacca, Co-Founder of Ledger, said. Bacca attached a link for a phishing attack warning posted May 10 this year - meaning that this scam has been making rounds for a while now.
The letter makes reference to the massive data dump Ledger had suffered last year, which it self had followed the June data breach. At the time, a database containing some 1 million email addresses of Ledger users and more than 270,000 physical addresses and phone numbers was dumped on Raidforums, a website for sharing hacked databases. This created targets out of these users for various scam attempts.
“For this reason for security purposes, we have sent you a new device you must switch to a new device to stay safe," the letter reads. "There is a manual inside your new box you can read that to learn how to set up your new device. For this reason, we have changed our device structure. We now guarantee that this kinda breach will never happen again,” the scammers wrote.
The detailed-oriented Cryptoverse hasn't failed to notice the awkward and repetitious syntax, as well as poor grammar, neither of which are staples of a professional company within their communications - but one does need to keep in mind that many users are also not native English speakers.
“Why would a CEO use the word 'kinda'? The horrible grammar alone gives it away,” commented one Redditor who goes by the name of RFV1985.
Ledger’s user received the hardware in packaging that was at least somewhat more convincing than the letter’s contents, as indicated by the posted pictures.
The manual that came with the device encourages users to plug in the fake device to their PC, open a folder, run the featured app, and then launch the recovery phrase to import their existing wallet to the new device. Once they do this, it is most likely the scammers take over control of the real wallet and are enabled to steal the cryptocurrency it contains.
With scammers reaching for increasingly creative measures to steal cryptoassets, customers of hardware wallet maker Ledger are being sent fake 'replacements' for their devices.
A fake Ledger Nano X was allegedly sent to a Reddit user who disclosed the accompanying letter written by scammers posing as the company’s CEO Pascal Gauthier.
“As a victim of the latest Data Breach I have signed up reddit only to post this,” the user, who goes by the name of jjrand, said. “So beware guys, this is really some next level of scam attempt.”
Ledger indeed came back with a reply to the user.
“It's a fake device, do not use it. We've been investigating this scheme already,” Nicolas Bacca, Co-Founder of Ledger, said. Bacca attached a link for a phishing attack warning posted May 10 this year - meaning that this scam has been making rounds for a while now.
The letter makes reference to the massive data dump Ledger had suffered last year, which it self had followed the June data breach. At the time, a database containing some 1 million email addresses of Ledger users and more than 270,000 physical addresses and phone numbers was dumped on Raidforums, a website for sharing hacked databases. This created targets out of these users for various scam attempts.
“For this reason for security purposes, we have sent you a new device you must switch to a new device to stay safe," the letter reads. "There is a manual inside your new box you can read that to learn how to set up your new device. For this reason, we have changed our device structure. We now guarantee that this kinda breach will never happen again,” the scammers wrote.
The detailed-oriented Cryptoverse hasn't failed to notice the awkward and repetitious syntax, as well as poor grammar, neither of which are staples of a professional company within their communications - but one does need to keep in mind that many users are also not native English speakers.
“Why would a CEO use the word 'kinda'? The horrible grammar alone gives it away,” commented one Redditor who goes by the name of RFV1985.
Ledger’s user received the hardware in packaging that was at least somewhat more convincing than the letter’s contents, as indicated by the posted pictures.
The manual that came with the device encourages users to plug in the fake device to their PC, open a folder, run the featured app, and then launch the recovery phrase to import their existing wallet to the new device. Once they do this, it is most likely the scammers take over control of the real wallet and are enabled to steal the cryptocurrency it contains.
MPs’ Bid to Amend El Salvador’s BTC Bill Raises Questions About State & Freedom
An audacious bid from two opposition lawmakers to amend key clauses in El Salvador’s forthcoming bitcoin (BTC) adoption law is accompanied by furious debate among the international crypto community.
Two MPs from the Farabundo Martí National Liberation Front (FMNL) party – Anabel Belloso and Dina Argueta – yesterday announced they were seeking to launch a private member’s bill in the National Assembly that, if accepted, would repeal sections of the Bitcoin law, which is now more than two months from promulgating. One controversial section, number 7, obliges merchants to accept BTC at the request of a customer – in effect forcing businesses to accept BTC, provided they have access to a PC or a smartphone.
But Belloso and Argueta told reporters that the proposed amendment would, in the former’s words, ensure that BTC “is not mandatory to use” – and go even further.
“The amendment stipulates that salaries, bonuses, and pensions continue to be paid in dollars and not with this cryptocurrency and that it is not recognized as legal currency,” she said.
Belloso added,
“We are not against technological modernization, but you should not play with people's finances.”
Her posts divided opinion in ensuing threads, with some expressing their “thanks,” but others pointing out the futility of salary-related insistences – particularly as the government this week has already ruled out the notion of companies paying their employees in BTC. Others still accused the FMNL of “hypocrisy,” and said other – larger – opposition parties had put forward “more credible” arguments.
The FMNL was once the driving force in Salvadorian politics, and produced presidents who ruled from 2009 to 2014. However, the party suffered a crushing defeat in 2019, when the incumbent Nayib Bukele came to power. And in legislative elections held earlier this year, it took another battering, with its representation in the lower house reduced to just four seats.
Bukele’s ruling coalition has 64 out of 84 seats, 56 of which are held by his own Nuevas Ideas Party – meaning that barring a major backbench rebellion or an (equally unlikely) concerted opposition effort, the Belloso-Argueta bill may not even make it past the committee stage and onto the floor of the lower chamber.
Regardless, the bill has already succeeded in stirring debate among international crypto thinkers.
Jake Chervinsky, General Counsel at Compound Labs, opined that it “would be great if this could go forward, or at least if we advocated in favor of it.”
But Castle Island Ventures partner Nic Carter claimed:
“If you’re steadfastly opposed to state monetary coercion, and your best way to instrumentalize that view is to demean bitcoiners, I’m going to question the sincerity of your opposition to coercion.”
Chervinsky, however, questioned the wisdom of this assertion.
The Coin Center Executive Director Jerry Brito, meanwhile, went on the offensive, claiming that “El Salvador’s Bitcoin law is a disgrace.”
He wrote:
“It forces citizens to accept bitcoin whether they want to or not. This is intuitively wrong to any liberal. I’m surprised that so many smart and principled people have nevertheless applauded and defended this law. They are confusing the ends of liberty with the means of bitcoin and I hope they’re doing so merely in error.”
An audacious bid from two opposition lawmakers to amend key clauses in El Salvador’s forthcoming bitcoin (BTC) adoption law is accompanied by furious debate among the international crypto community.
Two MPs from the Farabundo Martí National Liberation Front (FMNL) party – Anabel Belloso and Dina Argueta – yesterday announced they were seeking to launch a private member’s bill in the National Assembly that, if accepted, would repeal sections of the Bitcoin law, which is now more than two months from promulgating. One controversial section, number 7, obliges merchants to accept BTC at the request of a customer – in effect forcing businesses to accept BTC, provided they have access to a PC or a smartphone.
But Belloso and Argueta told reporters that the proposed amendment would, in the former’s words, ensure that BTC “is not mandatory to use” – and go even further.
“The amendment stipulates that salaries, bonuses, and pensions continue to be paid in dollars and not with this cryptocurrency and that it is not recognized as legal currency,” she said.
Belloso added,
“We are not against technological modernization, but you should not play with people's finances.”
Her posts divided opinion in ensuing threads, with some expressing their “thanks,” but others pointing out the futility of salary-related insistences – particularly as the government this week has already ruled out the notion of companies paying their employees in BTC. Others still accused the FMNL of “hypocrisy,” and said other – larger – opposition parties had put forward “more credible” arguments.
The FMNL was once the driving force in Salvadorian politics, and produced presidents who ruled from 2009 to 2014. However, the party suffered a crushing defeat in 2019, when the incumbent Nayib Bukele came to power. And in legislative elections held earlier this year, it took another battering, with its representation in the lower house reduced to just four seats.
Bukele’s ruling coalition has 64 out of 84 seats, 56 of which are held by his own Nuevas Ideas Party – meaning that barring a major backbench rebellion or an (equally unlikely) concerted opposition effort, the Belloso-Argueta bill may not even make it past the committee stage and onto the floor of the lower chamber.
Regardless, the bill has already succeeded in stirring debate among international crypto thinkers.
Jake Chervinsky, General Counsel at Compound Labs, opined that it “would be great if this could go forward, or at least if we advocated in favor of it.”
But Castle Island Ventures partner Nic Carter claimed:
“If you’re steadfastly opposed to state monetary coercion, and your best way to instrumentalize that view is to demean bitcoiners, I’m going to question the sincerity of your opposition to coercion.”
Chervinsky, however, questioned the wisdom of this assertion.
The Coin Center Executive Director Jerry Brito, meanwhile, went on the offensive, claiming that “El Salvador’s Bitcoin law is a disgrace.”
He wrote:
“It forces citizens to accept bitcoin whether they want to or not. This is intuitively wrong to any liberal. I’m surprised that so many smart and principled people have nevertheless applauded and defended this law. They are confusing the ends of liberty with the means of bitcoin and I hope they’re doing so merely in error.”
🎙AMA Announcement
BTC Trunk will host an AMA Session with Pruf in BTC Trunk + Pruf chat.
⏱START 3PM UTC 23.06.2021
Prepare your best questions and be ready to participate in time, see you soon.
Please make sure to follow Telegram group @pruftalk.
🌐Website - https://pruf.io
BTC Trunk will host an AMA Session with Pruf in BTC Trunk + Pruf chat.
⏱START 3PM UTC 23.06.2021
Prepare your best questions and be ready to participate in time, see you soon.
Please make sure to follow Telegram group @pruftalk.
🌐Website - https://pruf.io
Canaan Diversifies Business by Becoming a Bitcoin Miner In Kazakhstan
Major producer of Bitcoin (BTC) mining equipment Canaan announced it has moved beyond its existing business model and into becoming miners themselves, as "the logical next step" towards optimizing their revenues, strengthening the inventory management and supply chain capabilities, as well as accumulating BTC.
Canaan is "driving their own crypto-mining business in Kazakhstan with their latest Avalon Miner units already in operation," the company said in the emailed press release today. This way, they are "delivering on their 2021 strategic plans announced earlier this year."
As for the reasons behind this move, one is that it will enable Canaan to directly accumulate BTC which is "now widely accepted as an investable asset class, and thus has the potential for considerable upside for Canaan."
Furthermore, Nangeng Zhang, Canaan's Chairman and CEO, said that the team believes their self-operated Bitcoin mining business would help improve the company's financial performance, but also expand the business scope and their customer base.
As reported early this month, Canaan reached a total net revenue of USD 61.5m in the first quarter (Q1) of this year, lower than the USD 68.3m of Q1 2020, but higher than the USD 38.2m of Q4 2020. Their net income was USD 200,000, whereas the company had registered losses both in Q1 and Q4 of 2020.
Zhang further stated that, "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”.
Per the company, typically, the production and sales of mining machines have been closely connected to the prices of the underlying crypto, such as BTC, and excessive fluctuations in that price can result in excessive volatility in the revenue streams of mining hardware providers.
Now, to this is added "the longer-term nature of manufacturing and production processes," so it's common for there to be a time lag between supply-side responses and changes in demand, which tend to lead to one of the two extremes: idling resources or overly strained capacity.
"The diversification into mining then, not only mitigates such operational risks, but also significantly improves Canaan’s nimbleness and ability to navigate the rapidly evolving market conditions," the company said.
When there's a "lull" in the market, the mining business will benefit from the availability of their in-stock mining machines to be actively deployed in their mining operations at low electricity rates, maximising their computing power at that time, they said. And when the market activity is elevated, it'll benefit from putting in use the processing capacity of their older machines.
"The net result will be a considerable improvement in inventory planning and supply chain optimization throughout the year and unaffected by the price of Bitcoin," they said.
Additionally, Canaan recently opened their first overseas Service Center in Kazakhstan.
As reported, crypto miners fleeing China’s latest round of crackdown may turn to a nearby country in a bid to continue doing business – with Kazakhstan increasingly looking set to provide a new home for those looking to set up shop outside Mainland China.
Major producer of Bitcoin (BTC) mining equipment Canaan announced it has moved beyond its existing business model and into becoming miners themselves, as "the logical next step" towards optimizing their revenues, strengthening the inventory management and supply chain capabilities, as well as accumulating BTC.
Canaan is "driving their own crypto-mining business in Kazakhstan with their latest Avalon Miner units already in operation," the company said in the emailed press release today. This way, they are "delivering on their 2021 strategic plans announced earlier this year."
As for the reasons behind this move, one is that it will enable Canaan to directly accumulate BTC which is "now widely accepted as an investable asset class, and thus has the potential for considerable upside for Canaan."
Furthermore, Nangeng Zhang, Canaan's Chairman and CEO, said that the team believes their self-operated Bitcoin mining business would help improve the company's financial performance, but also expand the business scope and their customer base.
As reported early this month, Canaan reached a total net revenue of USD 61.5m in the first quarter (Q1) of this year, lower than the USD 68.3m of Q1 2020, but higher than the USD 38.2m of Q4 2020. Their net income was USD 200,000, whereas the company had registered losses both in Q1 and Q4 of 2020.
Zhang further stated that, "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”.
Per the company, typically, the production and sales of mining machines have been closely connected to the prices of the underlying crypto, such as BTC, and excessive fluctuations in that price can result in excessive volatility in the revenue streams of mining hardware providers.
Now, to this is added "the longer-term nature of manufacturing and production processes," so it's common for there to be a time lag between supply-side responses and changes in demand, which tend to lead to one of the two extremes: idling resources or overly strained capacity.
"The diversification into mining then, not only mitigates such operational risks, but also significantly improves Canaan’s nimbleness and ability to navigate the rapidly evolving market conditions," the company said.
When there's a "lull" in the market, the mining business will benefit from the availability of their in-stock mining machines to be actively deployed in their mining operations at low electricity rates, maximising their computing power at that time, they said. And when the market activity is elevated, it'll benefit from putting in use the processing capacity of their older machines.
"The net result will be a considerable improvement in inventory planning and supply chain optimization throughout the year and unaffected by the price of Bitcoin," they said.
Additionally, Canaan recently opened their first overseas Service Center in Kazakhstan.
As reported, crypto miners fleeing China’s latest round of crackdown may turn to a nearby country in a bid to continue doing business – with Kazakhstan increasingly looking set to provide a new home for those looking to set up shop outside Mainland China.
FTX's Valuation Jumps 20X, Citi Crypto, Non-Fungible Jay-Z
Crypto derivatives exchange FTX will be valued at USD 20bn with the completion of the upcoming funding round, expected in the coming weeks, Nikkei Asia reported, citing Sam Bankman-Fried, the founder and CEO of the company. A year ago, it was valued at USD 1bn. In the upcoming round, FTX will raise "mid-hundreds of millions" primarily from institutions, the report said, adding that with the fresh capital, the exchange is also looking to make acquisitions to target retail investors and obtain licenses in other jurisdictions.
Wall Street giant Citigroup is adding a digital asset group to their offerings for their wealthiest clients, Bloomberg reported, citing a memo. Under Citigroup’s crypto plan, the new group will help clients invest in cryptoassets, stablecoins, non-fungible tokens as well as central bank digital currencies (CBDCs), it added.
Robinhood, which had sought to go public this month, has seen its listing plans slowed in recent weeks as the US Securities and Exchange Commission has been asking the company about its growing crypto-trading related business, Bloomberg reported, citing undisclosed people familiar with the matter. While a listing might come this summer, the popular trading app’s plans could also slip into the fall, it added.
In the US, the May core personal consumption expenditures price index, an important inflation gauge for policymakers, rose 3.4% from a year ago, in line with Wall Street estimates, CNBC reported, adding that that was the biggest increase since 1992 and reflective of ongoing price pressures. Meanwhile, consumer spending was flat for the month, missing expectations, while personal income declined 2%, less than the expected 2.7% drop.
Sotheby's is auctioning and non-fungible token (NFT), based on the album cover of Reasonable Doubt, the debut album of American music megastar Jay-Z, released 25 years ago. The auction ends on July 2. Also, Jay-Z changed his Twitter profile picture to a CryptoPunk NFT, purchased for ETH 55 (USD 100,300) two months ago.
Digital designer and artist Mike Winkelmann, known as Beeple, is launching a new NFT venture next month that will seek to transform historic moments into collectible NFTs, with tennis star Andy Murray’s 2013 Wimbledon win as his first project, according to the Wall Street Journal.
New Zealand-based NFT producer Orbis Blockchain Technologies has announced a new partnership with comic book juggernaut Marvel, which will allow the Orbis app VeVe to use Marvel’s characters in creating future NFTs, Stuff reported. The NFTs will allow customers to buy limited edition digital comics, and the company has also announced a soon-to-come partnership with toy manufacturer Mattel.
Tanzania's central bank has said it is working on President Samia Suluhu Hassan's directive to prepare for cryptocurrencies, according to Reuters. This directive could be pointing towards a possible reversal of the country’s crypto ban from 2019.
Web browser Opera has announced a partnership with blockchain ecosystem Celo (CELO) in order to integrate CELO, Celo Dollar (cUSD), and Celo Euro (cEUR) stablecoins in its crypto wallet. Opera has also joined the Celo Alliance for Prosperity, a network of 140+ organizations fostering social impact and financial inclusion through the use of blockchain technology.
Crypto derivatives exchange FTX will be valued at USD 20bn with the completion of the upcoming funding round, expected in the coming weeks, Nikkei Asia reported, citing Sam Bankman-Fried, the founder and CEO of the company. A year ago, it was valued at USD 1bn. In the upcoming round, FTX will raise "mid-hundreds of millions" primarily from institutions, the report said, adding that with the fresh capital, the exchange is also looking to make acquisitions to target retail investors and obtain licenses in other jurisdictions.
Wall Street giant Citigroup is adding a digital asset group to their offerings for their wealthiest clients, Bloomberg reported, citing a memo. Under Citigroup’s crypto plan, the new group will help clients invest in cryptoassets, stablecoins, non-fungible tokens as well as central bank digital currencies (CBDCs), it added.
Robinhood, which had sought to go public this month, has seen its listing plans slowed in recent weeks as the US Securities and Exchange Commission has been asking the company about its growing crypto-trading related business, Bloomberg reported, citing undisclosed people familiar with the matter. While a listing might come this summer, the popular trading app’s plans could also slip into the fall, it added.
In the US, the May core personal consumption expenditures price index, an important inflation gauge for policymakers, rose 3.4% from a year ago, in line with Wall Street estimates, CNBC reported, adding that that was the biggest increase since 1992 and reflective of ongoing price pressures. Meanwhile, consumer spending was flat for the month, missing expectations, while personal income declined 2%, less than the expected 2.7% drop.
Sotheby's is auctioning and non-fungible token (NFT), based on the album cover of Reasonable Doubt, the debut album of American music megastar Jay-Z, released 25 years ago. The auction ends on July 2. Also, Jay-Z changed his Twitter profile picture to a CryptoPunk NFT, purchased for ETH 55 (USD 100,300) two months ago.
Digital designer and artist Mike Winkelmann, known as Beeple, is launching a new NFT venture next month that will seek to transform historic moments into collectible NFTs, with tennis star Andy Murray’s 2013 Wimbledon win as his first project, according to the Wall Street Journal.
New Zealand-based NFT producer Orbis Blockchain Technologies has announced a new partnership with comic book juggernaut Marvel, which will allow the Orbis app VeVe to use Marvel’s characters in creating future NFTs, Stuff reported. The NFTs will allow customers to buy limited edition digital comics, and the company has also announced a soon-to-come partnership with toy manufacturer Mattel.
Tanzania's central bank has said it is working on President Samia Suluhu Hassan's directive to prepare for cryptocurrencies, according to Reuters. This directive could be pointing towards a possible reversal of the country’s crypto ban from 2019.
Web browser Opera has announced a partnership with blockchain ecosystem Celo (CELO) in order to integrate CELO, Celo Dollar (cUSD), and Celo Euro (cEUR) stablecoins in its crypto wallet. Opera has also joined the Celo Alliance for Prosperity, a network of 140+ organizations fostering social impact and financial inclusion through the use of blockchain technology.
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TP ICAP World’s Largest Interdealer Broker Launches Cryptocurrency Trading Platform
TP ICAP, the world’s biggest interdealer broker is launching a cryptocurrency trading platform in partnership with Fidelity Investments. The brokerage will also use Standard Chartered’s digital assets custody unit. The platform will launch later this year, and will initially offer Bitcoin trading, with Ethereum to be added in due course.
As published in an article on Reuters this morning, TP ICAP and its partners are looking to take advantage of the wave of interest in cryptocurrencies by helping to make them as accessible for trading as typical traditional stocks, bonds and forex.
According to Reuters:
“The platform will offer post-trade infrastructure with a network of digital asset custodians, the consortium said in a statement, and separate execution and settlement, something widely seen as key to greater involvement of larger risk-averse investors in the emerging crypto market.”
However, all is not plain sailing in the cryptocurrency sector, and although “crypto funds have seen record flows this year”, those banks wishing to get involved must navigate the increasingly stringent regulations that are being applied to the industry.
Standard Chartered is however bullish on the crypto sector and its venture capital unit has said that it will establish its own crypto brokerage and exchange platform in Europe in partnership with the Hong Kong based BC Technology Group.
According to Duncan Trenholme, co-head of digital assets at TP ICAP:
“Investor interest in this new asset class has exploded dramatically in the last six to eight months. In most of our conversations with clients, they want a separation of custodial roles from execution capabilities which is opposite to the models that exist currently.”
TP ICAP already has bitcoin options and futures trading, which it launched on the CME in 2019. To add to this it has plans to add various other derivatives products such as total return swaps and non-deliverable forwards.
TP ICAP, the world’s biggest interdealer broker is launching a cryptocurrency trading platform in partnership with Fidelity Investments. The brokerage will also use Standard Chartered’s digital assets custody unit. The platform will launch later this year, and will initially offer Bitcoin trading, with Ethereum to be added in due course.
As published in an article on Reuters this morning, TP ICAP and its partners are looking to take advantage of the wave of interest in cryptocurrencies by helping to make them as accessible for trading as typical traditional stocks, bonds and forex.
According to Reuters:
“The platform will offer post-trade infrastructure with a network of digital asset custodians, the consortium said in a statement, and separate execution and settlement, something widely seen as key to greater involvement of larger risk-averse investors in the emerging crypto market.”
However, all is not plain sailing in the cryptocurrency sector, and although “crypto funds have seen record flows this year”, those banks wishing to get involved must navigate the increasingly stringent regulations that are being applied to the industry.
Standard Chartered is however bullish on the crypto sector and its venture capital unit has said that it will establish its own crypto brokerage and exchange platform in Europe in partnership with the Hong Kong based BC Technology Group.
According to Duncan Trenholme, co-head of digital assets at TP ICAP:
“Investor interest in this new asset class has exploded dramatically in the last six to eight months. In most of our conversations with clients, they want a separation of custodial roles from execution capabilities which is opposite to the models that exist currently.”
TP ICAP already has bitcoin options and futures trading, which it launched on the CME in 2019. To add to this it has plans to add various other derivatives products such as total return swaps and non-deliverable forwards.
Elon Musk Turns to Memes to Boost $Doge Price, Fails Miserably
Elon Musk is notorious for moving the crypto market through his tweets especially his favorite meme currency dogecoin. Musk has been accused of market manipulation and putting thousands of amateur investors at risk of losing significant investments. However, the outrage seems to be his last concern as he continues to shill the meme currency through his Twitter account.
Is Elon Effect Vanishing From the Crypto Market?
Musk’s tweets on the crypto market were so prominent that many amateur traders started making crypto purchases after every tweet of his and made significant profits. Musk has also been attributed for crashing Bitcoin price on a couple of occasions especially after Tesla’s Bitcoin snub in May. The whole crypto market saw its worst sell-off this year.
Elon Musk is notorious for moving the crypto market through his tweets especially his favorite meme currency dogecoin. Musk has been accused of market manipulation and putting thousands of amateur investors at risk of losing significant investments. However, the outrage seems to be his last concern as he continues to shill the meme currency through his Twitter account.
Is Elon Effect Vanishing From the Crypto Market?
Musk’s tweets on the crypto market were so prominent that many amateur traders started making crypto purchases after every tweet of his and made significant profits. Musk has also been attributed for crashing Bitcoin price on a couple of occasions especially after Tesla’s Bitcoin snub in May. The whole crypto market saw its worst sell-off this year.
Former European Commissioner Phil Hogan Joins Astra Protocol's Board To Make DeFi Safer
The cryptocurrency and blockchain industry continues to attract attention globally. As a result, it is not uncommon for projects to expand their advisory board by attracting renowned individuals. For Astra Protocol, the addition of former European Commissioner Phil Hogan is a significant milestone.
The Astra Protocol Vision
When blockchain protocols begin expanding their board of advisors, it is essential to find suitable profiles. In an industry where regulatory scrutiny is still a problem, teams need to focus on the aspects that matter. For Astra Protocol, the focus lies on the legal side of the equation. More specifically, the project serves as a legal layer to offer assurance to public blockchains. A very ambitious goal that requires expertise from the right people.
Eliminating fraud in the blockchain industry is a vast undertaking. Despite the technology being sound, there have been numerous incidents regarding fraudulent events. Furthermore, when a dispute arises, there is no recourse or option to achieve a resolution. Astra Protocol wants to make public blockchains safe for all users. Its solution spans smart contract networks including Cardano, Ethereum, Polkadot, and others.
More importantly, this solution has one crucial benefit. Developers cannot execute invalid or insecure smart contracts. It is a significant change, as fraudulent transactions or incorrect transactions can be resolved, and funds restored accordingly. Blockchains are designed to be immutable, yet avoiding purposefully illicit behavior will always prove beneficial. Furthermore, offering some recourse can enhance the overall appeal of blockchain technology and help clarify some of its legal grey areas.
Astra Protocol Attracts A Big Name
In a bid to take the next step in the evolution, the project's advisory board is taking shape. The recent addition of Phil Hogan, former European Commissioner for Trade, is a key example of tapping into the vast expertise of the right people. Hogan's main task was resolving the trade war between the European Union and the United States. Additionally, Hogan also negotiated investment deals with China and pursued trade deals with Japan and South American countries.
Phil Hogan comments as follows:
"Decentralized finance is becoming increasingly prominent across the world, but the lack of robust, legal protection has hindered progress within major institutions. Astra offers the first sustainable and scalable bridge to support the mass adoption of decentralized finance products in the real world. Applications like the Astra protocol are the future, and I'm very pleased to be a part of it."
Solutions like Astra Protocol can help usher in the next level of mainstream DeFi adoption. Decentralized finance is a powerful industry that doesn't necessarily appeal to the mainstream just yet. An extra level of trust is created by introducing a layer that prevents malicious smart contracts from executing.
The cryptocurrency and blockchain industry continues to attract attention globally. As a result, it is not uncommon for projects to expand their advisory board by attracting renowned individuals. For Astra Protocol, the addition of former European Commissioner Phil Hogan is a significant milestone.
The Astra Protocol Vision
When blockchain protocols begin expanding their board of advisors, it is essential to find suitable profiles. In an industry where regulatory scrutiny is still a problem, teams need to focus on the aspects that matter. For Astra Protocol, the focus lies on the legal side of the equation. More specifically, the project serves as a legal layer to offer assurance to public blockchains. A very ambitious goal that requires expertise from the right people.
Eliminating fraud in the blockchain industry is a vast undertaking. Despite the technology being sound, there have been numerous incidents regarding fraudulent events. Furthermore, when a dispute arises, there is no recourse or option to achieve a resolution. Astra Protocol wants to make public blockchains safe for all users. Its solution spans smart contract networks including Cardano, Ethereum, Polkadot, and others.
More importantly, this solution has one crucial benefit. Developers cannot execute invalid or insecure smart contracts. It is a significant change, as fraudulent transactions or incorrect transactions can be resolved, and funds restored accordingly. Blockchains are designed to be immutable, yet avoiding purposefully illicit behavior will always prove beneficial. Furthermore, offering some recourse can enhance the overall appeal of blockchain technology and help clarify some of its legal grey areas.
Astra Protocol Attracts A Big Name
In a bid to take the next step in the evolution, the project's advisory board is taking shape. The recent addition of Phil Hogan, former European Commissioner for Trade, is a key example of tapping into the vast expertise of the right people. Hogan's main task was resolving the trade war between the European Union and the United States. Additionally, Hogan also negotiated investment deals with China and pursued trade deals with Japan and South American countries.
Phil Hogan comments as follows:
"Decentralized finance is becoming increasingly prominent across the world, but the lack of robust, legal protection has hindered progress within major institutions. Astra offers the first sustainable and scalable bridge to support the mass adoption of decentralized finance products in the real world. Applications like the Astra protocol are the future, and I'm very pleased to be a part of it."
Solutions like Astra Protocol can help usher in the next level of mainstream DeFi adoption. Decentralized finance is a powerful industry that doesn't necessarily appeal to the mainstream just yet. An extra level of trust is created by introducing a layer that prevents malicious smart contracts from executing.
Singapore - The Crypto-Friendly Hub Of Asia
With some jurisdictions around the world apparently eager to crack down on cryptocurrencies, there is one jurisdiction that is continuing to welcome cryptocurrency companies, given a far more regulatory-friendly environment. 300 crypto-related companies have applied for licences in Singapore so far.
The prevailing regulatory environment for Bitcoin and cryptocurrencies has not been favourable over recent times. A few countries have made generally negative sentiment felt in the crypto sphere. China especially, appears to be attempting to squash cryptocurrency in order to give its own central bank digital currency (CBDC) enough room to get itself established.
China’s ban on companies directly dealing with cryptocurrency entities, plus its shut-down of much of the bitcoin mining capacity in the country, has led to the cryptocurrency markets taking quite a tumble over the last few weeks.
However, there are a few places globally where cryptocurrency activities are generally accepted and welcomed. According to an article today on Insider, crypto companies are flocking to Singapore, given its “regulatory environment, and its potential for growth”.
The article outlines how CZ, and his company Binance, the biggest cryptocurrency exchange by trading volume, moved to Singapore in recent years in order to benefit from the “warmer regulations and license exemptions."
The current regulatory environment certainly does appear to be favourable to crypto companies. While the Monetary Authority of Singapore (MAS) requires crypto companies to have a license to operate in the country, they can apply to the MAS for an exemption until their license applications are finalised.
As things currently stand, cryptocurrencies are not legal tender in Singapore but they are considered “goods that can be used for exchange”.
Among the cryptocurrency companies operating at least part of their business out of Singapore is the highly regulated Gemini cryptocurrency exchange, co-founded by the Winklevoss twins. According to the Asia Pacific managing director Jeremy Ng:
“Gemini is planning to stay in Singapore long-term.”
Another potential long-term crypto resident is the fintech company BC Group. This is the parent company of OSL exchange, which has operated an office in Singapore since 2019. Matt Long, the OSL head of distribution and prime said:
"If you look at the environment with respect to regulation, with respect to financial markets, and within that fintech and blockchain, the growth in wealth and asset management, all the positive things that the MAS has done — I think the question is why wouldn't we be setting up in Singapore?"
With some jurisdictions around the world apparently eager to crack down on cryptocurrencies, there is one jurisdiction that is continuing to welcome cryptocurrency companies, given a far more regulatory-friendly environment. 300 crypto-related companies have applied for licences in Singapore so far.
The prevailing regulatory environment for Bitcoin and cryptocurrencies has not been favourable over recent times. A few countries have made generally negative sentiment felt in the crypto sphere. China especially, appears to be attempting to squash cryptocurrency in order to give its own central bank digital currency (CBDC) enough room to get itself established.
China’s ban on companies directly dealing with cryptocurrency entities, plus its shut-down of much of the bitcoin mining capacity in the country, has led to the cryptocurrency markets taking quite a tumble over the last few weeks.
However, there are a few places globally where cryptocurrency activities are generally accepted and welcomed. According to an article today on Insider, crypto companies are flocking to Singapore, given its “regulatory environment, and its potential for growth”.
The article outlines how CZ, and his company Binance, the biggest cryptocurrency exchange by trading volume, moved to Singapore in recent years in order to benefit from the “warmer regulations and license exemptions."
The current regulatory environment certainly does appear to be favourable to crypto companies. While the Monetary Authority of Singapore (MAS) requires crypto companies to have a license to operate in the country, they can apply to the MAS for an exemption until their license applications are finalised.
As things currently stand, cryptocurrencies are not legal tender in Singapore but they are considered “goods that can be used for exchange”.
Among the cryptocurrency companies operating at least part of their business out of Singapore is the highly regulated Gemini cryptocurrency exchange, co-founded by the Winklevoss twins. According to the Asia Pacific managing director Jeremy Ng:
“Gemini is planning to stay in Singapore long-term.”
Another potential long-term crypto resident is the fintech company BC Group. This is the parent company of OSL exchange, which has operated an office in Singapore since 2019. Matt Long, the OSL head of distribution and prime said:
"If you look at the environment with respect to regulation, with respect to financial markets, and within that fintech and blockchain, the growth in wealth and asset management, all the positive things that the MAS has done — I think the question is why wouldn't we be setting up in Singapore?"
Surprise! An ESG-Conscious Giant Increases Indirect Exposure to Bitcoin
In the midst of major and ongoing ESG (environmental, social, and governance) debate, an ESG-conscious US-based investment giant, Capital Group, is increasing its indirect exposure to bitcoin (BTC). This time, via a more than half a billion dollars investment into software developer and major BTC bull MicroStrategy, while several more crypto-related companies are already on its investment list.
A division of major US asset management firm Capital Group, Capital International Investors (CII), has purchased 12.2% of MicroStrategy’s (MSTR) common stock, per a filing to the US Securities and Exchange Commission, dated June 30 and signed on July 12.
This large investment might look surprising, given that ESG-related worries are believed to be among the main causes that accelerated a major correction in the market. Bitcoin has been criticized far and wide lately for its energy consumption, while analysts are still hard at work debunking myths about Bitcoin mining and explaining it.
Meanwhile, 90-year-old Capital Group says that they believe that "ESG is integral to successful investing," and that they are "systematically incorporating environmental, social and governance issues into our investment process," which could "generate better long-term outcomes" for their clients.
ESG does not represent a separate process or "add on" step, according to their policy statement.
Also, per the Principles for Responsible Investment (PRI) Reporting Framework, Capital Group has earned sustainability scores of A or A+ in every category applicable to them.
At the same time, MicroStrategy has been steadily acquiring BTC that is being ignorantly accused of "boiling the oceans." According to the latest available data, the company is now among the biggest BTC holders as it owns BTC 105,085, acquired for around USD 2.741bn at an average price of USD 26,080 per BTC. This stash is worth around USD 3.5bn today.
Moreover, MicroStrategy is not the only way Capital Group has indirectly invested in the world's first crypto, which can be seen by a quick look into their funds - they are exposed to BTC and other cryptoassets through more of their investments in companies that are already offering crypto-related services or are planning to do so.
The New Economy Fund shows investments in CME Group, Square, PayPal, and Visa, for example, with the total market value of the purchased shares of USD 589m.
New Perspective Fund has also invested in PayPal, CME, and Visa, as well as in Tesla, BlackRock, Bank of America, Intercontinental Exchange (the company behind the Bakkt app), and SoftBank, the total market value of which is nearly USD 13.7bn.
Lastly, some of their other funds show similar investments as well, such as Capital Income Builder and the Income Fund of America.
Capital Group says that, as of December 31, 2020, they managed more than USD 2.3trn in equity and fixed income assets for millions of individuals and institutional investors around the world.
In the midst of major and ongoing ESG (environmental, social, and governance) debate, an ESG-conscious US-based investment giant, Capital Group, is increasing its indirect exposure to bitcoin (BTC). This time, via a more than half a billion dollars investment into software developer and major BTC bull MicroStrategy, while several more crypto-related companies are already on its investment list.
A division of major US asset management firm Capital Group, Capital International Investors (CII), has purchased 12.2% of MicroStrategy’s (MSTR) common stock, per a filing to the US Securities and Exchange Commission, dated June 30 and signed on July 12.
This large investment might look surprising, given that ESG-related worries are believed to be among the main causes that accelerated a major correction in the market. Bitcoin has been criticized far and wide lately for its energy consumption, while analysts are still hard at work debunking myths about Bitcoin mining and explaining it.
Meanwhile, 90-year-old Capital Group says that they believe that "ESG is integral to successful investing," and that they are "systematically incorporating environmental, social and governance issues into our investment process," which could "generate better long-term outcomes" for their clients.
ESG does not represent a separate process or "add on" step, according to their policy statement.
Also, per the Principles for Responsible Investment (PRI) Reporting Framework, Capital Group has earned sustainability scores of A or A+ in every category applicable to them.
At the same time, MicroStrategy has been steadily acquiring BTC that is being ignorantly accused of "boiling the oceans." According to the latest available data, the company is now among the biggest BTC holders as it owns BTC 105,085, acquired for around USD 2.741bn at an average price of USD 26,080 per BTC. This stash is worth around USD 3.5bn today.
Moreover, MicroStrategy is not the only way Capital Group has indirectly invested in the world's first crypto, which can be seen by a quick look into their funds - they are exposed to BTC and other cryptoassets through more of their investments in companies that are already offering crypto-related services or are planning to do so.
The New Economy Fund shows investments in CME Group, Square, PayPal, and Visa, for example, with the total market value of the purchased shares of USD 589m.
New Perspective Fund has also invested in PayPal, CME, and Visa, as well as in Tesla, BlackRock, Bank of America, Intercontinental Exchange (the company behind the Bakkt app), and SoftBank, the total market value of which is nearly USD 13.7bn.
Lastly, some of their other funds show similar investments as well, such as Capital Income Builder and the Income Fund of America.
Capital Group says that, as of December 31, 2020, they managed more than USD 2.3trn in equity and fixed income assets for millions of individuals and institutional investors around the world.
China Releases e-CNY Whitepaper, Says Cryptos Have No Value & Pose Risks
The central People’s Bank of China (PBoC) released a digital yuan, e-CNY, whitepaper, in order to "explain the background, objectives, and visions" and to "seek public comments."
At the same time, the central bank once again criticized decentralized cryptoassets, such as bitcoin (BTC), claiming that they don't have intrinsic value, are volatile, and require "huge energy consumption."
"They can hardly serve as currencies used in daily economic activities," the PBoC said, adding that cryptoassets are mostly speculative instruments and pose a potential risk to financial security and social stability.
The bank also stressed that "global stablecoins" "will bring risks and challenges to the international monetary system."
Meanwhile, per the PBoC, during an e-CNY pilot, as of June 30, the token has been applied in over 1.3m scenarios, covering utility payment, catering service, transportation, shopping, and government services.
"More than 20.87m personal wallets and over 3.51m corporate wallets had been opened, with transaction volume totaling 70.75m and transaction value approximating RMB 34.5bn USD 5.3bn," the bank said. It also revealed that smart contracts were used to make the e-CNY programmable.
The PBoC defined e-CNY as the digital version of fiat currency issued by this bank – “a value-based, quasi-account-based and account-based hybrid payment instrument, with legal tender status and loosely-coupled account linkage.”
E-CNY’s features are given as follows:
it is the fiat currency issued by the central bank, same as the physical form of RMB, and is China’s legal tender;
it is mainly a substitute for cash in circulation, and will coexist with physical RMB; as long as there is demand for the physical RMB, the PBoC will neither stop supplying it nor replace it via administrative order;
it adopts a centralized management model and a two-tier operational system: the right to issue e-CNY belongs to the state, with the PBoC being at the center of the e-CNY operational system, but the authorized operators and other commercial institutions exchange and circulate e-CNY to the public;
it is a retail CBDC, issued to the public, and it mainly serves domestic retail payment demands;
in the future digital retail payment system, e-CNY and funds in the electronic account of authorized operators are inter-operable, and both constitute cash in circulation.
E-CNY carries and pays no interest, and payments through e-CNY wallets are settled upon payment. Furthermore, e-CNY does not charge authorized operators for exchange and circulation services, and the operators do not charge individual clients for the exchange of e-CNY either.
It also follows the principle of “anonymity for small value and traceable for high value.” The bank claims that the system collects less transaction information than traditional electronic payment, and that it does not provide information to third parties or other government agencies “unless stipulated otherwise in laws and regulations.”
The bank said it will explore pilot cross-border payment programs and “will work with relevant central banks and monetary authorities to set up exchange arrangements and regulatory cooperation mechanisms on digital fiat currency in line with the principle of “no detriment,” “compliance,” and "interconnectivity"."
As for the wallet, the PBoC makes the rules, while authorized operators jointly develop and share apps on mobile devices, said the whitepaper. “They manage wallets, authenticate e-CNY, and develop wallet ecological platforms to enable operator-specific visual system and special features as well as online and offline applications in all scenarios.”
There are personal and corporate wallets, depending on the type of holder; software and hardware wallets, depending on the carrier; and parent and sub-wallets, depending on the authorization.
The central People’s Bank of China (PBoC) released a digital yuan, e-CNY, whitepaper, in order to "explain the background, objectives, and visions" and to "seek public comments."
At the same time, the central bank once again criticized decentralized cryptoassets, such as bitcoin (BTC), claiming that they don't have intrinsic value, are volatile, and require "huge energy consumption."
"They can hardly serve as currencies used in daily economic activities," the PBoC said, adding that cryptoassets are mostly speculative instruments and pose a potential risk to financial security and social stability.
The bank also stressed that "global stablecoins" "will bring risks and challenges to the international monetary system."
Meanwhile, per the PBoC, during an e-CNY pilot, as of June 30, the token has been applied in over 1.3m scenarios, covering utility payment, catering service, transportation, shopping, and government services.
"More than 20.87m personal wallets and over 3.51m corporate wallets had been opened, with transaction volume totaling 70.75m and transaction value approximating RMB 34.5bn USD 5.3bn," the bank said. It also revealed that smart contracts were used to make the e-CNY programmable.
The PBoC defined e-CNY as the digital version of fiat currency issued by this bank – “a value-based, quasi-account-based and account-based hybrid payment instrument, with legal tender status and loosely-coupled account linkage.”
E-CNY’s features are given as follows:
it is the fiat currency issued by the central bank, same as the physical form of RMB, and is China’s legal tender;
it is mainly a substitute for cash in circulation, and will coexist with physical RMB; as long as there is demand for the physical RMB, the PBoC will neither stop supplying it nor replace it via administrative order;
it adopts a centralized management model and a two-tier operational system: the right to issue e-CNY belongs to the state, with the PBoC being at the center of the e-CNY operational system, but the authorized operators and other commercial institutions exchange and circulate e-CNY to the public;
it is a retail CBDC, issued to the public, and it mainly serves domestic retail payment demands;
in the future digital retail payment system, e-CNY and funds in the electronic account of authorized operators are inter-operable, and both constitute cash in circulation.
E-CNY carries and pays no interest, and payments through e-CNY wallets are settled upon payment. Furthermore, e-CNY does not charge authorized operators for exchange and circulation services, and the operators do not charge individual clients for the exchange of e-CNY either.
It also follows the principle of “anonymity for small value and traceable for high value.” The bank claims that the system collects less transaction information than traditional electronic payment, and that it does not provide information to third parties or other government agencies “unless stipulated otherwise in laws and regulations.”
The bank said it will explore pilot cross-border payment programs and “will work with relevant central banks and monetary authorities to set up exchange arrangements and regulatory cooperation mechanisms on digital fiat currency in line with the principle of “no detriment,” “compliance,” and "interconnectivity"."
As for the wallet, the PBoC makes the rules, while authorized operators jointly develop and share apps on mobile devices, said the whitepaper. “They manage wallets, authenticate e-CNY, and develop wallet ecological platforms to enable operator-specific visual system and special features as well as online and offline applications in all scenarios.”
There are personal and corporate wallets, depending on the type of holder; software and hardware wallets, depending on the carrier; and parent and sub-wallets, depending on the authorization.
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Is That It For Bitcoin Or Is There Still A Houdini To Come?
Bitcoin has just lost the $30,000 support at time of writing. There is only now a lower low to be made below the previous local low of $28,800 and that should be it. Done and dusted. Bitcoin will go down to the low 20s and perhaps even beyond. However, is there any hope for the number one cryptocurrency, even at this late stage?
$200 billion in value has been wiped off the crypto market cap over the last week as all cryptocurrencies fall lower and lower. Yesterday’s biggest one-day points drop since October on the Dow Jones Industrial Average has also possibly been the last nail in the coffin for crypto.
One of two scenarios await to be played out. Scenario number one sees Bitcoin make that drop, and a new global low will need to be found, hopefully not falling below the last Bitcoin all-time-high of around $20,000, made all the way back in December of 2017.
Scenario number two seems a lot less clear. The preferred scenario is that we turn around and bounce right here, reclaiming the $30,000 level, instead of retesting, and then turning the trend around by making a series of higher highs and higher lows.
The other alternative to this scenario is that we also reclaim the $30,000 level, but that we then continue to move sideways over an extended period of time, all the while gathering strength before surging upwards to make a new all-time-high, before then cracking the magical level of $100,000 perhaps early next year.
Whatever happens, life with Bitcoin and cryptocurrencies is never boring. We weren't going to change the global financial system without a fight. A new enemy is starting to gather on the horizon in the form of central bank digital currencies (CBDCs).
CBDCs are the end-game of the existing financial system. Some compare them to cryptocurrency because they are also digital assets. However, the comparison ends there. This is the same fiat system dressed up in digital guise, with the very worrying add-on that CBDCs can be programmed to control those who use them by being able to influence what you can and can’t purchase.
According to Steve Forbes, editor in chief of Forbes Media, we are headed towards a “cryptocurrency war” and that there will be the “financial equivalent of Starwars” as governments fight to protect their monopoly over manufactured money.
The now much smaller ecosystem of Bitcoin and cryptocurrencies is facing the fight of its life as governments and central banks turn the screw to try and squash this decentralised movement. It is hoped that people will realise what is happening before it is too late.
Bitcoin has just lost the $30,000 support at time of writing. There is only now a lower low to be made below the previous local low of $28,800 and that should be it. Done and dusted. Bitcoin will go down to the low 20s and perhaps even beyond. However, is there any hope for the number one cryptocurrency, even at this late stage?
$200 billion in value has been wiped off the crypto market cap over the last week as all cryptocurrencies fall lower and lower. Yesterday’s biggest one-day points drop since October on the Dow Jones Industrial Average has also possibly been the last nail in the coffin for crypto.
One of two scenarios await to be played out. Scenario number one sees Bitcoin make that drop, and a new global low will need to be found, hopefully not falling below the last Bitcoin all-time-high of around $20,000, made all the way back in December of 2017.
Scenario number two seems a lot less clear. The preferred scenario is that we turn around and bounce right here, reclaiming the $30,000 level, instead of retesting, and then turning the trend around by making a series of higher highs and higher lows.
The other alternative to this scenario is that we also reclaim the $30,000 level, but that we then continue to move sideways over an extended period of time, all the while gathering strength before surging upwards to make a new all-time-high, before then cracking the magical level of $100,000 perhaps early next year.
Whatever happens, life with Bitcoin and cryptocurrencies is never boring. We weren't going to change the global financial system without a fight. A new enemy is starting to gather on the horizon in the form of central bank digital currencies (CBDCs).
CBDCs are the end-game of the existing financial system. Some compare them to cryptocurrency because they are also digital assets. However, the comparison ends there. This is the same fiat system dressed up in digital guise, with the very worrying add-on that CBDCs can be programmed to control those who use them by being able to influence what you can and can’t purchase.
According to Steve Forbes, editor in chief of Forbes Media, we are headed towards a “cryptocurrency war” and that there will be the “financial equivalent of Starwars” as governments fight to protect their monopoly over manufactured money.
The now much smaller ecosystem of Bitcoin and cryptocurrencies is facing the fight of its life as governments and central banks turn the screw to try and squash this decentralised movement. It is hoped that people will realise what is happening before it is too late.