• Cointelegraph.com News - 27 October 2020, 9:05 pm

    With Bitcoin’s rises past $13,700, the company’s BTC holdings are currently worth more than $525M. Business intelligence firm MicroStrategy’s Bitcoin investment is paying off in a big way, with an estimated $100 million in profit. According to data published Oct. 27 by independent crypto researcher Kevin Rooke, MicroStrategy has earned more from its Bitcoin (BTC) investment than it did through its actual business for the last three years, from Q1 2017 to Q2 2020. Rooke’s data shows that the business intelligence firm’s 38,250 BTC holdings — worth roughly $425 million at the time of purchase in August and September — were valued at more than $525 million during the recent price surge to $13,745. According to the researcher, Microstrategy only earned $78 million in net income from its business operations in the last three and a half years.Source: Kevin Rooke“Our recent decision to make Bitcoin our primary treasury reserve asset is the latest example of MicroStrategy’s embrace of virtual technologies,” said CEO Michael Saylor regarding the firm’s most recent quarterly report. “The purchase of $425 million of Bitcoin during the quarter offers the possibility of greater return potential for investors than holding such balances in cash and has increased the overall visibility of MicroStrategy in the market.”MicroStrategy initially purchased 21,454 BTC in August for $250 million, adopting the cryptocurrency as its primary reserve asset. Following the initial investment, the firm bought an additional 16,796 Bitcoin for $175 million. Though the company added digital assets to its quarterly financial report for the first time in Q3 2020, it also reported a $14.2 million net loss in income from its business operations. MicroStrategy stated in the future, it would purchase or sell more BTC depending on the Treasury Reserve Policy.Initially claiming “Bitcoin’s days are numbered” in 2013, Saylor has since turned bullish on the cryptocurrency. In the weeks since MicroStrategy’s initial $425 million investment, he has seemingly embraced a Bitcoin maximalist mindset by calling BTC one of the few “crypto-asset networks.”Read More

  • Cointelegraph.com News - 27 October 2020, 9:00 pm

    Investing big money into Bitcoin 10 years ago came with immense uncertainty. Now, buying the asset carries less risk, according to the ex-hedge fund manager. Bitcoin (BTC) has gained significant notoriety in the decade since its 2009 launch. Big mainstream players such as MicroStrategy have recently begun to invest large sums of money into the asset, normalizing its viability as an investment for some. Mike Novogratz, CEO of Galaxy Digital, said Bitcoin is now an obvious financial play.”On a risk-adjusted basis, BTC is an easier bet today than it has ever been,” Novogratz said in an Oct. 27 tweet. “It’s being de-risked daily.”Cointelegraph reached out to Novogratz for additional details, but received no response as of press time. This article will be updated accordingly should a response come in. “Adjusted by its volatility, Bitcoin has presented the best return in one or two years against all other asset classes,” Cointelegraph markets contributor Marcel Pechman said when asked to weigh in on Novogratz tweet. “Few investors expect gold to rally 60%, but it never went below -8% so the Sharpe index adjusts returns based on volatility.”Although MicroStrategy bought more than $400 million worth of BTC in recent months, it is not the only mainstream giant to join the party. Square, headed up by Twitter CEO Jack Dorsey, purchased $50 million of Bitcoin recently, publicized on Oct. 8. After disclosing his BTC holdings in May 2020, billionaire Paul Tudor Jones compared the asset to an investment in Apple before its boom. With its mainstream involvement, including the traditional trading products being built around it, Bitcoin is much easier to gain financial exposure to today than it once was. Though it was originally designed as an alternative form of currency, Bitcoin has gained prevalence more as a store of value and investment option in recent years.”I don’t think Bitcoin is going to be used as a transactional currency any time in the next five years,” Novogratz said in an interview with Bloomberg TV, posted on Oct. 23. “Bitcoin is being used as a store of value,” he added. “People are worried that the central banks around the world are debasing fiat currencies.” The U.S. government, for example, printed a massive amount of its national currency in 2020 amid the COVID-19 pandemic; and action that could ultimately decrease the value of the American dollar as a whole. Read More

  • Cointelegraph.com News - 27 October 2020, 8:45 pm

    Only two of Ethereum’s recent competitors had a “fair launch” according to the specified criteria. Mythos Capital founder Ryan Sean Adams called Ethereum killers “toothless” based on initial token allocation schemes that often prioritize insiders:Source: Twitter.Adams was referring to a recent Messari report, which summarized the token distribution for some of the most popular Ethereum (ETH) alternatives launched in the last couple of years. There are four main distribution categories: public presale, community allocations, insiders, and each project’s respective foundations. Source: Messari.The report’s authors suggest that the proportion of tokens allocated to insiders (which includes team, company and VCs) is crucial when assessing projects, “projects that distribute tokens to insiders (team, founders, and VCs) at the expense of the community put themselves at a disadvantage.” They also contrast these distributions unfavorably with Ethereum:“Ethereum found success because it made early investors wealthy. But it thrived because the pool of early contributors was considerably large.”Moreover, the authors say that all of these blockchains (with the exception of Kadena and Nervos Network) employ proof-of-stake consensus — which they believe only exacerbates the problem:“Rebalancing the ratio of insider to community network ownership post-launch is an uphill battle, one that can be more difficult for Proof-of-Stake (PoS) networks since early stakeholders have a perpetual claim on seigniorage”The report states that for instance, Placeholder Capital prefers projects where 20 to 30% of the token supply goes to a project’s insiders. The average for the twelve aforementioned platforms is 43%, however, with only Kadena and Edgeware meeting the specified criteria.Ways of ensuring that new crypto projects have a fair launch have been contentiously discussed for a long time. Though Messari and Adams appear to praise Ethereum’s launch, a Bitcoin maximalist will be quick to point out that a significant portion of Ether were premined. Others could argue that Satoshi Nakamoto managed to mine a Bitcoin fortune in an environment virtually devoid of competition.The issue in this case is more about determining what type of distribution provides the best possible outcomes for a project. A substantial allocation to insiders has an opportunity cost. These coins could be used instead to incentivize the community. In addition, insiders typically get their tokens either for free or at substantial discounts, which allows them to sell early, driving prices down. The entire subject of tokenomics is rather new and provides little empirical data or academic research. This makes drawing meaningful conclusions difficult, and open to subjective interpretation.Read More

  • Cointelegraph.com News - 27 October 2020, 8:30 pm

    13.6 acres of cold and barren land in Siberia will be put to good use with the support of international investors. The governor of the Republic of Buryatia, Russia signed a decree allowing for the construction of a 13.6 acre data center in Southeastern Siberia. The facility will become home to a number of hi-tech activities, including a Bitcoin (BTC) mining operation.The facility will be built by BitRiver and is expected to create up to 100 local jobs. It will be equipped with the latest generation of ASIC miners and will take about a year to complete. In addition to cryptocurrency mining, the facility will be used for Big Data and the Internet of Things. The required investment is estimated at 691 million rubles or $0.9 million, to be provided by investors from the U.S.A., China, and Japan.Siberia is one of the more attractive places in the world for Bitcoin mining. Its abundance of natural resources translates into low electricity prices, and its cold climate means that the miners do not have to spend as much energy on cooling. Is proximity to China, the main producer of mining equipment, should also make the outfit’s supply chain more efficient.It is possible that these advantages will be negated by the legal uncertainty surrounding the regulation of crypto mining in the region, however.Read More

  • Cointelegraph.com News - 27 October 2020, 8:20 pm

    “We will continue to explore the pros and cons of CBDC,” said Tom Mutton. At the 2nd Bund Summit held on Oct. 25, Bank of England fintech director Tom Mutton stated that while a central bank digital currency, or CBDC, was “a focus” for the Bank of England, the position the bank had taken this past March hadn’t changed. “We haven’t made any decision on whether or not to launch a retail CBDC,” said Mutton. “But we are exploring the pros and cons with interest.”Specifically, the BoE exec stated the central bank was looking into payment options for people in the U.K. who were affected by the COVID crisis “to deliver safe, efficient and convenient payments to shoppers and merchants” — a role that a CBDC could potentially fill. He added that privacy was “a non-negotiable” for a retail CBDC, “there must be ‘no harm’ to monetary and financial stability,” and any digital currency released by the bank “must be able to coexist with, and complement bank notes and commercial bank money.”According to Mutton, the challenges facing the central bank in releasing a CBDC includes promoting competition and innovation among other forms of money, ensuring technology doesn’t “dictate policy,” and working with other institutions for solutions. “We can’t ‘go it alone,’” said Mutton. “Central banks need to partner with a broad range of stakeholders given the breadth of issues presented by CBDC.”Mutton’s remarks are consistent with those of other leadership at the central bank. In July, BoE governor Andrew Bailey stated the bank was looking into the possibility of issuing a digital currency backed by fiat. However, Bailey has also been critical of cryptocurrencies like Bitcoin (BTC), stating that they lack “intrinsic value.”Read More

  • Cointelegraph.com News - 27 October 2020, 8:10 pm

    Grayscale’s poll found that the majority of people they spoke with were interested in Bitcoin. Crypto investing firm Grayscale recently released its 2020 Bitcoin Investor Study. The report used data from a survey which digitally polled a sizable number of individuals in the U.S. between June and July. Grayscale found the majority of the surveyed people were keen on buying Bitcoin (BTC).”In 2020, more than half (55%) of survey respondents expressed interest in Bitcoin investment products,” Grayscale wrote in its October 2020 report. “This marks a significant increase from the 36% of investors who said they were interested in 2019.”The numbers in Grayscale’s report come from data compiled by research company 8 Acre Perspective. The firm asked 1,000 U.S. persons about their Bitcoin investment interest, or lack thereof. The digitally polled group ranged from age 25 to 64, with minimum household earnings of $50,000 and a minimum of $10,000 of capital at their exposure for investment.Similarly, Grayscale’s 2019 report used data from 1,100 Americans, polled in March and April 2019 under the same monetary and age parameters. “Among those who reported investing in Bitcoin, 83% have made investments within the last year, indicating that digital currencies are an increasingly attractive component of modern investment portfolios,” Grayscale’s 2020 report detailed. The report’s findings show Bitcoin’s popularity has increased in the U.S. “Based on this year’s survey, the market of potential Bitcoin investors is 32 million strong — compared to 21 million investors just one year ago,” the report explained. “This year, 62% of investors reported that they are ‘familiar’ with Bitcoin, compared to 53% in 2019. In addition, nearly half of those surveyed predicted that digital currencies will be regarded as mainstream by the end of the current decade.”The report also noted that parties interested in BTC were similar to mainstream market participants, although those keen on Bitcoin purchases run about seven years younger, on average. Additionally, the report pointed out a correlation between interest in Bitcoin and the COVID-19 pandemic. Read More

  • Cointelegraph.com News - 27 October 2020, 7:50 pm

    Fiat trades are often completed for a sizable fee by bike-riding crypto enthusiasts. Cubans are finding new ways to circumvent the embargo sanctions imposed by the U.S. government back in 1962. According to an October 26 report by Cuba’s AFP news agency, remittances sent from the U.S. to Cuba often pass through a clandestine network of “crypto enthusiasts” before being converted into Cuban pesos.Erich García, a 33-year-old programmer and local YouTuber, told AFP that anyone who wants to send remittances to the island must buy Bitcoin and send it through a Cuban crypto exchange called BitRemesas.Crypto users on the island then bid to offer recipients the best price for their coins via WhatsApp or Telegram. On average, a middleman from the network receives up to a 25% commission for their part in a risky and legally questionable operation.After a deal is reached, the counterparties agree to a time and date to complete the trade. Entities trading Cuban pesos for Bitcoin often endure long bike journeys though the Caribbean heat to finalize these transactions. Though the group appears to be informal and self-organized, thousands appear to be utilizing their services.Cointelegraph Spanish previously reported that most of the 10,000 Cubans who use Bitcoin on the island do so in secret.Read More

  • Cointelegraph.com News - 27 October 2020, 7:36 pm

    Bitcoin price is moving toward $14K but traders expect the $13,875 resistance to be a critical level for the short term. The price of Bitcoin (BTC) has surpassed $13,745 and is now en-route to the next major resistance level. Traders have suggested that $13,875 is the nex key short-term area for BTC for two major reasons.First, Bitcoin peaked at $13,970 on Jun. 26, 2019. Technically, the previous peak achieved more than a year ago still serves as an important area for sellers.Second, technical analysts say that the weekly candle chart of Bitcoin shows $13,875 as the next “logical resistance.”The major factor will be how Bitcoin price responds to tapping the highly anticipated resistance level and it is likely to pave its short-term performance until the end of 2020.Should investors expect a major pullback near the $14K level?In the past several days, calls for a major Bitcoin pullback have increased as the market sentiment turned euphoric.Historically, even amidst strong bull cycles, Bitcoin saw healthy corrections that further strengthened its uptrend.Edward Morra, a popular cryptocurrency trader, said he expects a reaction from the market at $13,875. The last time BTC tested that level 16 months ago, it saw a massive price drop in a short period.BTC/USD weekly chart. Source: TradingView.com, Edward MorraThis time, traders do not anticipate a deep rejection but a strong reaction is expected from BTC and the wider market. Morra said:“On high time frame chart this weekly level ~$13,875 is next logical resistance. It rejected 2019 rally pretty hard, second test will be less violent but I believe there will be a reaction. Taking out that ’19 high into weekly supply is one to watch for.”In the past week, Bitcoin has tested many key resistance levels in a short span of time. Yet, it has breached the levels with ease, consolidating above each one, and demonstrating a stable rally.For buyers, the ideal scenario for Bitcoin would be to rise above $13,875 and remain stable above it. Such a pattern would indicate a healthy reclaiming of a multi-year resistance level, which is very optimistic.Additional factors behind Bitcoin’s momentumThere are two fundamental and macro factors that could catalyze Bitcoin’s momentum in the near term: decoupling and the dormant supply.As Bitcoin investor James O’Beirne pointed out, BTC convincingly decoupled from the U.S. stock market in October.Due to the lack of stimulus, the uncertainty surrounding the 2020 election, and the sharp rise in COVID-19 cases, the U.S. stock market has dropped steadily. At the same time, BTC has rallied strongly and the sentiment surrounding the digital asset has improved significantly.The dormant supply of Bitcoin. Source: CoinMetrics.ioAccording to CoinMetrics, the dormant supply of Bitcoin held for at least 1 year has hit an all-time high. The researchers said:“The % of BTC supply held for at least 1 year has never been higher. This is bullish for BTC, especially considering this metric historically peaked during periods where price was at local lows.”The confluence of positive fundamentals, macro, and technical factors, along with an optimistic high time frame technical structure, raise the probability of BTC testing $13,875 without a massive corrective movement.Read More

  • Bitcoin News - 27 October 2020, 7:00 pm

    Less than two weeks ago, the International Monetary Fund (IMF) managing director called for a “new Bretton Woods moment.” Meanwhile, the IMF is not the only entity pushing for a “great reset,” as the World Economic Forum (WEF) and other mainstream entities have been promoting the financial reboot propaganda. The Status Quo Preps for the […] The post A Look at the Fascist Agenda Behind the ‘Great Reset’ and the WEF’s Reboot Propaganda appeared first on Bitcoin News.Read More

  • Cointelegraph.com News - 27 October 2020, 5:54 pm

    Hinman’s commentary on the status of cryptocurrencies and the Howey Test was particularly critical to regulation surrounding ICOs. On Wednesday, the Securities and Exchange Commission (SEC) announced the departure of William Hinman by the end of this year. Hinman joined the commission in 2017 and is currently the director of the SEC’s Division of Corporate Finance. He also spearheaded the SEC’s early work with digital assets, in which role he has made critical contributions to the discussion of which cryptocurrencies qualify as securities. The announcement says:”Mr. Hinman led efforts regarding the rapid innovation in digital assets, including by providing a framework that market participants could use to evaluate whether digital assets are offered and sold as securities.”The SEC’s 2018 launch of FinHub, which focuses on digital assets, was also seen as a Hinman initiative. Valerie Szczepanik, who began her term at the SEC as an advisor to Hinman, currently leads FinHub, in which role the industry has nicknamed her Crypto Czar.Current Deputy Shelley Parratt will take over the reigns for Hinman on an acting basis upon his departure. Read More

  • Cointelegraph.com News - 27 October 2020, 5:30 pm

    The survey tended to support the view of Bitcoin as a “safe-haven” asset. A survey by Grayscale Investments indicates that the COVID-19 pandemic has increased investor appetite for Bitcoin (BTC).Source: Grayscale Investments.The firm surveyed 1,000 U.S. consumers between the ages of 25 and 64 that were involved in personal investments of $10,000 or more in household investable assets. The survey was conducted in June-July 2020. 63% of the respondents who had invested in Bitcoin in the previous four months said that the pandemic had an impact on their decision. Moreover, 39% found Bitcoin to be more appealing because of the pandemic. Only 13% said that the events surrounding COVID-19 made the asset less desirable:“According to respondents, Bitcoin appears to share some attributes with safe haven investments. Bitcoin’s scarcity, verifiable nature, lack of correlation to global markets, and the fact that it isn’t controlled by government organizations are attributes that make Bitcoin similar to traditional safe haven investments.”This appears to support Bitcoin’s status as a safe-haven asset, as posited by many analysts. According to the results of the survey, interest in Bitcoin as an investment appears to increase in tandem with education level. Thus, only 17% of the respondents without a degree had an interest in the asset, while 29% holders held a graduate degree.Read More

  • Bitcoin News - 27 October 2020, 5:15 pm

    While bitcoin prices touched all-time 2020 highs on Tuesday, a few analysts say they are expecting only a few more hurdles to surpass the 2017 all-time high (ATH). For instance, the market analyst from Etoro, David Derhy, says to look to $20,000 instead of back at $12,000. A few traders and popular cryptocurrency analysts think […] The post If Bitcoin Passes $14K, Analysts Say Traders ‘Should Look to $20,000’ Instead of Looking Back appeared first on Bitcoin News.Read More

  • Cointelegraph.com News - 27 October 2020, 5:03 pm

    $20,000 Bitcoin is back on the table if bulls clear this key resistance cluster. Bitcoin (BTC) price has been showing impressive strength in the previous weeks and today the price made a new 2020 high at $13,666.This momentum was made alongside weakness in the U.S. dollar and many analysts believe that as long as the dollar remains weak, Bitcoin and other safe-haven assets will do well. However, as Bitcoin shows strength, altcoins are failing to follow suit and most altcoins are selling off against BTC. Bitcoin’s dominance rate has been rising in the previous weeks and this shows that the market’s momentum is based around Bitcoin.Traders expect resistance between $13,500-$14,000 BTC/USD 1-week chart. Source: TradingViewThe weekly chart shows a clear resistance zone between $13,500-$14,250 as the next big hurdle for the markets. The price of Bitcoin broke through the $11,600-$12,000 barrier as the crucial barrier for further upward movement. This breakthrough caused the price to continue rallying toward the next hurdle, which is between $13,500-$14,250.It’s not likely to anticipate an apparent breakthrough in one-go as it’s the first test of this resistance zone, but the overall weakness of the dollar is signaling that the price of Bitcoin could only run higher.U.S. dollar weakness is propelling the Bitcoin rallyU.S. Dollar Currency Index 1-day chart. Source: TradingViewThe U.S. Dollar Currency Index (DXY) is currenlty showing significant weakness after the last test of the 94.6 points level was instantly rejected. This rejection caused DXY to drop down further. More importantly, since the rejection occurred on Sept. 24, Bitcoin’s price started to rally.This rally increased the price of Bitcoin by $3,000 as it rallied from $10,500 to $13,500. The correlation between DXY and Bitcoin has increased since the March crash and this is an inverse correlation. If the dollar holds the 92.50 area for support, there’s a potential likelihood of a reversal on the price of Bitcoin as well. This would mean a correction in the crypto markets, which isn’t bearish at all.Total market cap still faces resistance Crypto market cap 1-week chart. Source: TradingViewThe crypto total market capitalization is lagging behind Bitcoin’s strength, as BTC is the only one showing strength recently. This means that altcoins are seeing a selloff in their BTC pairings, further showing that Bitcoin is currently more robust than altcoins.Currently the total market capitalization is in a massive resistance zone, as the $400-$410 billion level is a crucial pivot.A breakthrough in this resistance zone would mean continuation to $520-$530 billion is likely to occur.A rejection here would mean a further range-bound construction, through which the $280-$300 billion areas is a significant support zone to hold. Potential scenario for Bitcoin BTC/USDT 3-hour chart. Source: TradingViewThe primary pivot for Bitcoin right now is whether it can hold the $13,000-$13,200 area for support. If that area warrants support, then the recent breakout can’t be classified as deviation above the range high. However, if Bitcoin’s price fakes out above $13,500 and drops back into the range, the deviation is confirmed by a bearish retest of the $13,000-$13,200 area. If this scenario plays out the way it should, retests of $12,500 and potentially $12,000 or $11,600 are on the tables.Obviously, such a move is lining up with a potential reversal on the U.S. Dollar Currency Index and the failure of Bitcoin to breakout above $14,000. Once again, such a retest is not bearish. It’s very healthy to test previous resistance levels for support before continuation to the upside can occur. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Read More

  • Cointelegraph.com News - 27 October 2020, 3:44 pm

    He believes it could happen if mainstream companies put a mere 1% of their holdings into the market. Bitcoin (BTC) has recently seen ample interest from a number of mainstream companies and persons, such as billionaire hedge funder Paul Tudor Jones. This could be the beginning of a new wave of Bitcoin buyers, according to Brian Estes, chief investment officer and managing partner at Off The Chain Capital — an investment firm focused on blockchain and digital assets. “I think eventually all corporate treasuries will have a small amount of their reserves in Bitcoin,” Estes told Cointelegraph in an interview. A growing number of companies are looking to Bitcoin as part of their treasury fund equation. Two of the latest entrants to the Bitcoin ecosystem, MicroStrategy and Square, recently bought approximately $425 million and $50 million worth of BTC respectively. “Those are two of the Fortune 1000 companies and I think there’s 998 left to go,” Estes said.Collaborating with a number of its partners, Off The Chain crunched a few numbers based on hypothetical scenarios, matching each company’s presumed investment capability with possible Bitcoin purchases. “There’s $4 trillion of treasury reserves at public corporations today,” Estes said. “If just 1% of that moves into Bitcoin, that’s $40 billion.””The multiplier effect for every dollar that goes into Bitcoin, Bitcoin goes up somewhere between $20 and $100 in market cap,” Estes explained. “If there’s $1 million in Bitcoin bought, the market cap of Bitcoin goes up between $20 million and $100 million.”This multiplier effect relates to the availability of funds on order books across crypto exchanges, according to Fundstrat senior research analyst and director David Grider. “Reason you get this effect is, as in all markets, it’s the marginal liquidity at the edges that sets the price and value for the entire asset base,” Grider told Cointelegraph.On the low end of the spectrum, multiplying the $40 billion estimate by twenty would boost Bitcoin’s market cap by $800 billion, Estes speculated. This would push Bitcoin’s market cap past $1 trillion, up from its current $222 billion evaluation. “If 1% of treasury reserves from public companies go into Bitcoin, Bitcoin is a trillion-dollar market cap, on the conservative side, and it could be a $5 trillion dollar market cap if we use the 100 number,” Estes explained. “That doesn’t count central banks and other institutions that may be coming in later on.”Read More

  • Cointelegraph.com News - 27 October 2020, 3:14 pm

    The country is relatively new to crypto adoption, but is building momentum quickly. Colombia now has the largest number of Bitcoin (BTC) ATMs in Latin America. According to CoinATMRadar, Bogota, the nation’s capital, has 34 ATMs, followed by Medellin with 11, and Bucaramanga and Cali with 4 each. Other cities with one ATM at least include Armenia, Barranquilla, Cartagena, Cúcuta, La Hormiga, and Pereira.Until recently, countries such as Venezuela and Argentina were more frequently discussed as crypto hotspots in terms of regional adoption due to factors like political and economic turmoil. Colombia has taken important steps towards regulating the nation’s crypto sphere, however, with its government approving a pilot program to test crypto transactions back in September. The pilot, which operates within a recently instituted regulatory sandbox, will run until December 31.In September, the Colombian Ministry of Information Technology and Communications, or MinTIC, released a draft of a guide calling for the public sector to adopt blockchain technology, including crypto payments.Figures released in August by Statista showed that cryptocurrency adoption had reached double digits in Brazil, Colombia, Argentina, Mexico, and Chile.Read More

  • Bitcoin News - 27 October 2020, 2:30 pm

    The Singaporean multinational banking and financial services corporation DBS published an announcement revealing it was launching a cryptocurrency exchange. The announcement was later removed by the company, but crypto proponents have learned about the upcoming support for assets like bitcoin, ethereum, and bitcoin cash. DBS Bank Ltd is Southeast Asia’s largest bank in terms of […] The post Southeast Asia’s Largest Bank DBS Plans to Launch a Cryptocurrency Exchange appeared first on Bitcoin News.Read More

  • Cointelegraph.com News - 27 October 2020, 2:20 pm

    While crypto firms have been trying to build the crypto equivalent of PayPal, the company itself will soon enter the industry. The crypto world has been buzzing with excitement over the last couple of days, and rightfully so. Bitcoin (BTC) is currently hovering around the $13,000 mark, while Ether (ETH) has once again safely tread past the $400 threshold in spite of the KuCoin exchange hack and the unfortunate legal events that recently unfolded around BitMEX. That being said, this latest surge can largely be attributed to the decision of online payments processor PayPal to finally enter the crypto arena.Come 2021, PayPal will be allowing its customers to use a number of popular digital currencies such as Bitcoin, Ethereum, Bitcoin Cash (BCH) and Litecoin (LTC) in order to shop seamlessly across its massive network of affiliated merchants. While transactions can be initiated in crypto, payments will only be settled in fiat, meaning that merchants will only receive money in their local currency. To make all of this possible, PayPal teamed up with Paxos for its custody and liquidity needs. Furthermore, PayPal was able to secure its conditional virtual currency license from NYDFS through the Paxos Trust charter. Charles Cascarilla, CEO of Paxos, told Cointelegraph that teaming up with PayPal to provide customers all over the world with streamlined crypto access will undoubtedly have huge implications for the crypto industry at large. He also stated via a blog post that based on PayPal’s market reputation alone, the crypto industry will most likely experience an unparalleled surge in mainstream awareness. Similarly, Luke Stokes, managing director at the Foundation for Interwallet Operability and Interim Executive Director for the EOS Foundation, told Cointelegraph that PayPal has not only legitimized the cryptocurrency space for retail user adoption, but also highlighted the importance of timing: “The time is now and PayPal is looking to get in early with their personalized approach to digital finance. Other financial products and services have an opportunity to step outside of a walled garden that PayPal will be stuck in by integrating with decentralized open finance usability solutions.”PayPal’s entry could be a game changerJust a day after PayPal announced its decision to foray into the world of crypto, news broke that the payments giant was exploring various avenues through which it could potentially purchase prominent and soon-to-be-rival Bitcoin custodian BitGo, which was the first United States crypto service provider to obtain a broker-dealer approval, transfer agent registration and trust company recognition.The move could be pertinent for PayPal, since its new crypto buying and selling platform will effectively transform the company into a digital asset custodian, thus explaining its interest in BitGo. Not only that, the deal could also potentially signal a new era for mainstream crypto legitimacy, as both PayPal and BitGo have made compliance a priority from the very beginning and have been able to secure all of the necessary licenses needed to facilitate various crypto-related activities throughout the U.S.Lastly, over the last couple of days, certain critics have pointed out that companies such as Square and Revoult are already doing more in terms of providing their users with crypto functionality than what PayPal is planning on implementing. However, the fact remains that there is no other digital financial platform that currently possesses the same type of mainstream market clout as PayPal. On the subject, Douglas Borthwick, chief marketing officer at INX Limited cryptocurrency exchange, told Cointelegraph that while PayPal’s initial restrictions may be perceived as severely limiting for many crypto purists, it will allow users to interact with, and learn about, crypto as well as be involved with crypto outside of PayPal. “Think of the Paypal environment as being a safe space with training wheels for folks to learn about crypto, before escaping to the real world, where they can experience crypto without limitations,” he proposed.Centralization still remains a key issueThe last few months have seen many prominent banking institutions dabble with crypto tech as well as various countries experimenting with CBDCs, suggesting that it was just a matter of time until a financial giant like PayPal would make its entry into the world of crypto. João Gomes, head of growth and marketing for Utrust, a crypto payments firm, told Cointelegraph:“Everywhere in the world, adoption is gaining momentum. We have always believed it was a matter of ‘when,’ not ‘if,’ and PayPal jumping in is just another domino falling. This is the money of the future.”That being said, Gomes was skeptical about the centralized design of PayPal’s upcoming digital currency system since it completely deprives users of features such as private keys as well as the ability to withdraw their digital assets. Also, the fact that PayPal’s system is not on-chain makes it extremely limited in its overall scope of utilization, especially for seasoned crypto players.Another pertinent critique could be that when making use of PayPal’s system, users won’t really be buying digital currencies, but getting derivatives — much in the same way as how Revoult’s system works — since they won’t have real ownership of their assets. Not only that, but for every transaction, the crypto in question will be converted back into fiat for a hefty fee of 2.3% (on transactions of less than $100), since merchants can only receive payments in crypto. This then raises the question of why anyone would choose to pay with crypto with so many add-on fees.In short, it seems as though PayPal is currently dabbling with digital currencies on the surface without providing users any of the independence that should ideally come with them, according to Gomes: “They actually own the currencies, they intermediate everything, and they even charge you according to their own not-so-clear payment structure. […] They run the show.”PayPal will need to evolveIt stands to reason that as some of the ongoing hype around PayPal dies out, people may start looking more closely at some of the company’s rivals for possible alternatives. For example, on crypto-to-fiat (and vice versa) transactions between $200 and $1,000, PayPal will be charging a processing fee of 2%. In comparison, one can see that Coinbase charges just 1.49% on transactions over $200. Similarly, Square’s Cash App provides users with dynamic conversion fee rates.Lior Lamesh, co-founder and CEO of GK8, an Israeli cybersecurity firm, told Cointelegaph that PayPal must avoid the “Not your keys, not your money” pitfall that has already inflicted a great deal of damage on many crypto exchanges in past years:“By relying on 3rd party custody providers, PayPal is exposing its customers’ digital assets to a serious cybersecurity risk. Therefore, I believe that once this initiative takes off and gains traction, PayPal will eventually shift to a self-managed services model, particularly self-custody: when it comes to a network of over 340 million users, stakes are simply too high.”Last but not least, PayPal has always been considered as an out-and-out centralized financial platform. Many hardcore crypto enthusiasts who hold transparency and financial freedom in high regard may therefore stay away from the platform altogether. However, it seems fair to say that just PayPal’s market reach alone will do more good than harm for the crypto industry’s mainstream reputation in the long run.Read More

  • Cointelegraph.com News - 27 October 2020, 1:55 pm

    The IOTA blockchain finds a use case in industrial maintenance. The IOTA Foundation, a non-profit organization behind the IOTA blockchain, is collaborating with Japan’s government on a project targeting industrial infrastructure.The foundation has partnered on a project initiated by major Japanese maintenance companies, Best Materia and IMC, IOTA representatives announced on Oct. 27. The project is funded by the New Energy and Industrial Technology Development Organization, a national research and development agency operating under Japan’s Ministry of Economy, Trade and Industry.According to an announcement, the initiative intends to implement artificial intelligence and distributed ledger technology to risk-based maintenance systems in power, industrial, petrochemicals and oil refining plants.Dominik Schiener, chairman and co-founder of IOTA, told Cointelegraph that the project aims to digitize manual processes with AI and deep learning in order to “predict when and which parts of the plant are going to require maintenance.” According to the executive, AI and blockchain implementation is expected to reduce outages, improve availability as well as reduce costs by cutting unnecessary inspections and repairs.Schiener said that the IOTA Foundation was chosen as the project’s DLT platform partner. IOTA will be used to share immutable data, providing a trust infrastructure and “single point of truth” for different stakeholders, the exec noted. Schiener highlighted that the new system is expected to benefit from IOTA’s zero-fee transactions on IOTA Tangle, stating:“And, without paying a transaction fee, but having free data and value transactions in the network. IOTA will be used to make the different parties accountable for the quality of the data they put into the system.”According to the announcement, the project includes a number of collaborating organizations including Best Materia, IMC, the High Pressure Institute of Japan, the Society of Chemical Engineers Japan, OMC, Lloyd’s Register and Yokohama National University.The New Energy and Industrial Technology Development Organization has been involved in several blockchain-related developments in recent years. In 2018, the NEDO announced it was working on a blockchain-based data-sharing system for the trade industry. The project is a joint venture with Japanese IT giant NTT Data.Read More

  • Cointelegraph.com News - 27 October 2020, 1:55 pm

    The crypto industry records another major acquisition in 2020. According to an official announcement, INX has signed a term sheet for the acquisition of OpenFinance, which operates as a registered broker-dealer in compliance with the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation.With the new deal, INX is set to acquire OpenFinance’s broker-dealer and alternative trading system business including its systems, digital asset listings, client base and licenses.OpenFinance’s listings include firms like major industry venture capital firm Blockchain Capital, Spice VC and Lottery.com. INX’s representatives said that their company will assure continuity of operations and service to OpenFinance’s customer base.Shy Datika, president and founder of INX, outlined that the new acquisition will bolster INX’s leadership in the the digital assets’ ecosystem, stating:“Digital securities represent a new evolution in traditional capital markets. There are massive benefits of listing and trading digital assets versus traditional equities. Openfinance has pioneered this space and earned the respect of Wall Street, the blockchain community, and U.S. regulators.”Openfinance CEO Jim Stonebridge highlighted that INX and Openfinance share the same vision of providing a safe and regulated ecosystem for listing and trading of digital assets. “We believe that regulatory oversight, combined with liquidity, will make digital assets the financial instrument of choice for companies and investors seeking to access and raise capital,” Stonebridge noted.The latest news comes amid the INX’s ongoing initial public offering, or IPO, registered with the United States Securities and Exchange Commission. Launched in August 2020, the $117 million IPO claims to be the first-ever security token IPO that is registered with the SEC. Starting from Sept. 14, INX’s IPO has been accepting major cryptocurrencies like Bitcoin (BTC) and Ether (ETH).Read More

  • Cointelegraph.com News - 27 October 2020, 1:01 pm

    Defender simplifies the task of deploying and administering smart contracts. OpenZeppelin, a blockchain software company known for developing one of the most used implementations of the Ethereum ERC-20 contract, announced on Tuesday the release of a developer suite called Defender.The tool helps automate many of the development operations associated with running Ethereum-based decentralized apps. It provides a simple dashboard to manage upgrades and admin operations for existing smart contracts, which can help developers keep track of changes.Other features include a transaction relayer that simplifies integrations with web-based back ends, automated tasks like logging or oracle updates, and a general knowledge base of best practices in development.The company says that normally, these features need to be developed independently by every team, which diverts time and effort from actual smart contract deployment.OpenZeppelin’s chief technology officer, Jonathan Alexander, told Cointelegraph that this suite could help mitigate hacks in decentralized finance:“Multiple exploits we’ve seen in DeFi this year, such as those in YAM, Uniswap, dForce, and Hegic, could have been avoided or reduced by following a careful security process, but teams lack a comprehensive system that fully informs them on security best practices and how to assess risk.”The knowledge base shows how to mitigate some of the core issues that led to hacks such as the reentrancy attack used on dForce, according to a presentation shown to Cointelegraph.Beyond the ease of access to best practices, Alexander said that a quick response tool could have reduced the loss of user funds in situations similar to the bZx and Opyn hacks.The team decided to build the tool following conversations with developers, who “were spending months and months of precious time trying to build their own infrastructure and tools,” Alexander said. “OpenZeppelin Defender is the first SecOps [security operations] platform for Ethereum and as such is a critical addition that the ecosystem has been missing.”Defender is free for use on testnet, but requires a paid subscription for production use. It comes as new security and development tools are being released to simplify the process of developing a DApp. On Monday, CertiK announced the release of a blockchain that would create a more liquid market for security audits and scoring.Read More

  • Cointelegraph.com News - 27 October 2020, 12:19 pm

    Reports of a fresh market entry from a Singapore bank buoys Bitcoin price as Raoul Pal sees hardly any resistance below $20,000 all-time highs. Bitcoin (BTC) hit new highs of $13,480 on Oct. 27 as fresh news that a bank was entering the cryptocurrency space fuelled already bullish markets.Cryptocurrency market daily overview from Coin360Bank news drives BTC price to $13,480Data from Cointelegraph Markets, Coin360 and TradingView showed BTC/USD climbing once again during Tuesday trading, adding 2% in just over an hour. The move followed an as yet unconfirmed news that Singapore bank DBS had decided to build a cryptocurrency exchange and offer crypto custody services, fully regulated by the city state’s de facto central bank, the Monetary Authority of Singapore (MAS).The move originally came to light via a cached website page which subsequently disappeared from public access. DBS had yet to confirm as of press time. Despite this, Bitcoin immediately reacted, climbing out of its range in the lower $13,000 area and rebuffing concerns that a correction was imminent.BTC/USD 1-day chart. Source: TradingViewPal: New all-time highs in 3 months “at the latest”For Raoul Pal, CEO of Real Vision, the bullish atmosphere had been reinforced, and further gains were more likely than ever. “There are literally only two resistances left on the #bitcoin chart – 14,000 and then the old all-time high at 20,000,” he tweeted. “I fully expect new all-time highs by early next year at the latest.”That would take Bitcoin up by another 50% in around three months — the largest cryptocurrency has already delivered year-to-date gains of over 85%.Read More

  • Cointelegraph.com News - 27 October 2020, 12:18 pm

    For the first time, Indians will be able to take out a loan against cryptocurrencies. Indian bank United Multistate Credit Co. Operative Society is planning to expand its banking services to cryptocurrencies and cryptocurrency products.In collaboration with the crypto banking service provider Cashaa, United has established a joint venture dubbed UNICAS that aims to provide both online crypto banking services and walk-in services across its 34 physical branches in northern India.This move by United and Cashaa comes amid India’s uncertain crypto regulations. While the Supreme Court of India took down the crypto banking ban put in place by the Reserve Bank of India in March, most banks are still skeptical of providing services to crypto companies and individuals dealing in digital currencies.UNICAS will allow United account holders to integrate cryptocurrency wallets directly with their accounts. Customers will also be able to directly buy Bitcoin (BTC), Ether (ETH), Ripple (XRP) and Cashaa (CAS) by paying either in cash or directly from their account. When UNICAS launches, United will also allow its customers to take out loans against cryptocurrencies.Cryptocurrencies have seen significant adoption in India since the lockdown started in March. Many Indian cryptocurrency exchanges reported a spike in their crypto trading volume to the tune of 200% to 400%. Kumar Gaurav, the chief executive of Cashaa, said that the increased interest in cryptocurrencies was a major reason for them to integrate cryptos into the legacy banking system. He said that UNICAS will help disseminate reliable information about cryptocurrencies to the mainstream Indian population and help further the adoption of cryptos in India. He also said that the addition of cryptocurrency services to a traditional bank will help India adopt a more digitized payment system.Read More

  • Cointelegraph.com News - 27 October 2020, 12:00 pm

    Glassnode data finds Bitcoin has entered the “belief zone” for the first time since the July 2019 top, indicating a bull cycle is nearing. Bitcoin (BTC) might be in the early phase of a major new bull cycle, a key on-chain metric suggests on Oct. 27. The dominant cryptocurrency has entered the “belief zone,” which historically marked the start of explosive rallies.According to Glassnode, the last time the Net Unrealized Profit/Loss (NUPL) reached the belief zone was in June 2019. In the month that followed, Bitcoin rose from around $7,500 to $13,868 by over 80%.The NUPL of Bitcoin on top of its historical daily chart. Source: GlassnodeWhat is NUPL and why does it signify the start of a Bitcoin bull run?The NUPL metric essentially gauges how many Bitcoin holders are in profit or at a loss. If the metric rises, it means more investors are profitable since they purchased BTC.The researchers at Glassnode calculate NUPL by evaluating the price of Bitcoin when it enters a new address. Since a buyer needs to hold BTC in a new address, newly created addresses typically mean newly purchased BTC. The researchers explained:“The number of UTXOs in profit/loss is computed in a straight-forward manner: We simply count all existing UTXOs whose price at creation time was lower or higher than the current price, respectively.”Currently, more than 50% of the Bitcoin market cap is represented by unrealized profits. This means the overwhelming majority of BTC holders and investors are in profit. Albeit the metric could be interpreted negatively because investors could begin to sell, historically, NUPL would have to rise much higher to signal a top. Glassnode writes:“Bitcoin investor sentiment: Net Unrealized Profit/Loss (NUPL) has been in the ‘Belief’ zone for the past week. Currently, over 50% of the BTC market cap consists of unrealized profits – a level not seen since August 2019.”Throughout 2017, Bitcoin stayed in the belief zone for a prolonged period, compared to the 2019 rally. There is a possibility that a similarly extended accumulation phase could emerge in 2021 because of the post-halving cycle.Analysts often attribute the 2017 rally to the post-halving cycle. In July 2016, Bitcoin experienced its second-ever block reward halving. Since the halving causes the rate at which new BTC is mined, it directly impacts its supply. After a year following the halving, BTC started to rally.The latest halving occurred in May 2020. If a similar pattern ensures, BTC could continue to rally throughout 2020 until the second half of 2021.The psychology of a market cycle and the belief zone. Source: TradingView.comWhat analysts say about the near-term price trend of BTCIn the short term, analysts and traders expect the price of Bitcoin to pull back in a healthy consolidation phase. Researchers at Santiment said that on-chain and social metrics show concerning signs, possibly because BTC is becoming overheated. They said:“This weekend was all about analyzing $BTC’s sustainability above $13k. As of now, our on-chain and social metrics are showing more concerning signs than encouraging.”Unlike the 2017 bull run, the current BTC rally has been more sustainable. It has established numerous major support and resistance levels, which decreases the chances of a massive correction.Read More

  • Cointelegraph.com News - 27 October 2020, 11:47 am

    JPMorgan Chase now recognizes blockchain’s profitability and has created a new business dedicated to digital currency and blockchain work. A year and a half after it was first announced, JPM Coin — JPMorgan Chase’s in-house stablecoin — is now live and in use by a major transnational tech firm for around-the-clock cross-border payments.According to a report on Tuesday, this real-world proof that the technology is increasing efficiency and reducing costs has bolstered the megabank’s confidence in the technology’s promise and profitability. With the expectation that further commercial clients will sign up to use the stablecoin, JPMorgan Chase has created a dedicated business devoted to digital currency and blockchain work.The new business unit, dubbed “Onyx,” has over 100 staffers and is being led by Umar Farooq as CEO. Takis Georgakopoulos, JPMorgan Chase’s global head of wholesale payments, told reporters:”We are shifting to a period of commercialization […] moving from research and development to something that can become a real business.”On the heels of PayPal’s recent embrace of crypto, incumbents’ confidence that blockchain can actually make them money appears to be on the rise. JPMorgan Chase’s experimentation and development with the technology thus far can be broken up into several key areas.First, the megabank has been piloting a blockchain-based Interbank Information Network since 2017, involving over 400 participant banks and corporations. JPMorgan Chase believes that the network, now being rebranded as Liink, can bring significant efficiency savings for the complex interactions of corresponding banks in cross-border wholesale payments. JPMorgan Chase itself accounts for cross-border wholesale payment flows of over $6 trillion per day across over 100 different countries.The bank has also identified blockchain’s usefulness to innovate the existing outdated system for processing “hundreds of millions” of paper checks. Blockchain and digitization can, securely, banish the physical aspects of this exchange altogether. Georgakopoulos said that a new blockchain system is months from commercial launch:“Using a version of blockchain with the participants being the main issuers of checks and the main operators of lockboxes, it’s possible we can save 75% of the total cost for the industry today, and make checks available in a matter of minutes as opposed to days.”Lastly, JPMorgan Chase has confidence in blockchain for the creation of new payment rails for global central banks and their evolving central bank digital currencies. Pointing to China and Singapore, Georgakopoulos expressed his confidence that the probability of CBDC adoption is “very high.” Farooq, the new CEO of Onyx, gave his insights as to why developments have appeared “slow,” or at least equivocal, on the blockchain front at JPMorgan Chase until now:“If you think about blockchain, we are either somewhere in the trough of disillusionment or just beyond that on the hype curve. That’s why at JPMorgan we’ve been relatively quiet about it until we were ready to scale it and commercialize it.”Read More

  • Cointelegraph.com News - 27 October 2020, 11:01 am

    Blockchain allegedly eliminates the need for trust — but how far is this notion actually true or helpful? Crypto community members will likely be familiar with mantras such as “Don’t trust, verify!” or the “law of code.” Both refer to the promises of greater transparency and audibility via a technology that offers to replace fallible, corruptible powerful actors with a functional rules-based order secured through deterministic computation.The desire to dispense with the need to trust third-party actors is a mainstay with many cryptocurrency creators and users. Bitcoin (BTC), after all, was invented in the immediate aftermath of the 2008 financial crisis, and the abuse of authority by powerful actors and institutions continued to make itself felt throughout the Great Recession. Crypto has continued to draw in more and more enthusiasts against the backdrop of social, political and economic crises. However, a paper published by a group of researchers this August that circulated through the University of Oxford Faculty of Law’s blog on Oct. 27 argues against conceptualizing blockchain as a question of trust — or the absence of such.Instead, the paper proposes to understand blockchain as a “confidence-machine”: A technology designed to maximize the degree of confidence in the system as a means to, only indirectly, reduce the need for interpersonal trust. The paper’s argument rests on carefully parsing the distinction between trust and confidence, each of which is a complex cluster of ideas in its own right. Yet for all their internal complexity, trust and confidence, each imply a fundamentally different interpretation of the nature of the social environment. Trust, across its various definitions, presupposes an acknowledgment of risk and uncertainty: One can choose to consciously trust another agent by way of a leap of faith or commitment, or as the outcome of a rational choice, based on the calculation that it is in the interests of a third party to act in a particular way. One can also trust more tacitly, by way of routinized actions, where the backdrop of risk is less explicitly recognized. Confidence, by contrast, presupposes the predictability of systems or institutions. These predictable systems, in the case of blockchain, refer to the technological design of a protocol (i.e., one that is designed to mint a certain degree of new coins at a given interval), a repository of open-source code, and the mathematical properties of hash functions and public-private key cryptography. Blockchain systems also attempt to maximize the predictability of a network of actors’ decisions by means of game-theoretical mechanisms and economic incentives, and by the provision of a collectively auditable record of the sequence of actions in a given ecosystem.In the course of their argument, however, the authors of the paper complicate this view of confidence, which, they claim, rests on a denial that blockchain systems are irreducibly hybrid, involving both social and technical components. They make their case by exploring the real asymmetries in resources and knowledge — and therefore power — among the various actors in blockchain networks, uncovering the mixture of confidence, trust and even faith that is involved in their everyday operations. “The governance of most blockchain-based systems is highly centralized: on-chain governance is inherently plutocratic, dominated by a few large operators or individuals who control most of the mining resources and/or token holdings, whereas off-chain governance most often operates as a technocracy, with a few influential players dominating both the front-stage and the backstage.”Rather than evoking an alternative, ideal scenario wherein relationships of dependency and domination could be magically eliminated, the paper concludes with an exploration of what blockchain governance, accurately understood, actually involves, and what it could evolve into if we fully acknowledge the clusters of power that inescapably shape its infrastructure.Read More

  • Cointelegraph.com News - 27 October 2020, 11:00 am

    Chainlink delivers easily the best year-to-date returns in 2020, but Bitcoin is still down the least against its all-time highs. Bitcoin (BTC) may be down less from its all-time highs than any other cryptocurrency, but 2020 has so far been the year of Chainlink (LINK).In the latest edition of its Weekly Insights report on Oct. 26, The TIE noted that Chainlink has outperformed every other cryptocurrency with year-to-date returns of over 600%.Bitcoin down least vs. all-time highsComparing altcoin performance, the report also highlighted Cardano (ADA) with 224% returns, Ether (ETH) on 217% and Monero (XMR) on 182%. The numbers provide a timely counterpoint for cryptocurrency spectators as attention remains broadly focused on Bitcoin and its recent gains, which topped out at $13,370 over the weekend.Enthusiasm around a rerun of the so-called “altseasons” from previous years has also waned, with Cointelegraph Markets analyst Michaël van de Poppe warning that Ether may not be set to copy Bitcoin’s successes this time around.Zooming out, Bitcoin remains the cryptocurrency down the least versus its historic all-time highs, at press time circling 36% against its $20,000 peak from late 2017. By contrast, Chainlink is down 41%, Ether 73% and Cardano 92%. The worst performers out of the major market cap tokens are Ripple (XRP) and Bitcoin Cash (BCH), both down 94%.“Among the major cryptocurrencies, Binance Coin, Bitcoin and Chainlink are closest to their all-time high prices. While the median asset is down -79% from its ATH, BTC is down -36%,” The TIE summarized.“That means that Bitcoin’s price would need to increase by +55% (roughly $7,000) to reach its ATH price. It has been almost 3 years since BTC was at $20,000.”Major cryptocurrency 2020 returns comparison. Source: The TIE“Where’d all the LINK Marines go?”The TIE meanwhile noted that despite its 2020 rally, Chainlink is noticeably absent from social media.“Like many assets, Chainlink recently set it’s all time high during the summer’s altcoin craze and has fallen a considerable amount since then. This has caused LINK related conversations on Twitter to decrease by -60%,” the report stated. “This decrease in conversations has continued on, despite the fact that LINK has rebounded 70% from its low. So, this brings me to my question of where’d all the LINK marines go?”Google search data for Bitcoin meanwhile has trended slightly up over the course of recent price rises, but remains lower than in August when it returned to $12,000.Read More

  • Bitcoin News - 27 October 2020, 10:30 am

    A South African regulator along with the country’s police have reportedly seized electronics devices and computers belonging to two principal members of Mirror Trading International (MTI), an alleged bitcoin Ponzi scheme. The raid at Clynton and Cheri Marks’ home on October 26 was conducted by Financial Sector Conduct Authority (FSCA) officials who are looking for […] The post South African Regulator Raids Home of Key Members of an Alleged Crypto Ponzi Scheme appeared first on Bitcoin News.Read More

  • Cointelegraph.com News - 27 October 2020, 10:13 am

    Another global bank believes that digital assets are the future of the global economy. DBS, Singapore’s largest retail and commercial bank, seems to be entering the cryptocurrency space with three new offerings.According to information seen by Cointelegraph, DBS is launching cryptocurrency trading and custody as well as a platform for conducting security token offerings. A description of the offering and its components appeared briefly on DBS’ website before being removed minutes later.Snapshot of new services to be offered by DBS. Source: CointelegraphDBS’ upcoming crypto service — the DBS Digital Exchange — will support five major cryptocurrencies including Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH) and Ethereum Classic (ETC).Supported fiat currencies include the United States dollar, the Singapore dollar, the Hong Kong dollar and the Japanese yen.DBS Digital Exchange will not hold any assets itself, instead, “all digital assets are kept at DBS Bank, which is globally recognised for its custodial services.”The DBS Digital Exchange will also allow small- and medium-sized enterprises as well as large corporations to issue security tokens.As a company regulated by the Monetary Authority of Singapore, DBS noted that its upcoming crypto service will offer “distinct advantages such as the assurance of institutional-grade security.” The upcoming bank-backed exchange also aims to also provide robust measures to prevent fraudulent activities and maintain strict compliance with Anti-Money Laundering and Counter Terrorist Financing regulations, according to the document.Despite details surfacing about the exchange earlier today, a spokesperson for DBS told Cointelegraph that the platform is still under development: “DBS’ plans for a digital exchange are still [a] work in [progress], and have not received regulatory approvals. Until such time as approvals are in place, no further announcements will be made.”Read More

  • Cointelegraph.com News - 27 October 2020, 9:32 am

    LibertyX wants to provide instant Bitcoin cashouts as the token hits new 2020 highs. LibertyX, a major retail network of Bitcoin (BTC) ATMs in the United States, is expanding Bitcoin sales options at thousands of its ATMs.According to an Oct. 26 announcement, LibertyX has enabled a Bitcoin cashout feature at 5,000 regular ATMs across the United States. As such, consumers can now sell Bitcoin for cash at any of the participating ATMs.LibertyX CEO and co-founder Chris Yim said that previously, the firm’s software only supported Bitcoin purchases with debit cards. The latest addition allows holders to receive cash for selling their Bitcoin.Yim noted that Bitcoin has reached new yearly highs. “With the run-up in the price of Bitcoin, consumers are looking for a way to sell Bitcoin without dealing with wire or bank transfer delays,” Yim said.The Bitcoin sale feature is supported by a limited number of ATMs in the U.S. compared to Bitcoin purchases. Yim said:“While it’s never been easier to buy Bitcoin, selling is another story. There are almost 15,000 bitcoin ATMs across the U.S., but fewer than 2,000 allow consumers to sell bitcoin for cash. Our ‘cash-out’ product deployed across 5,000 ATMs triples the number of Bitcoin ATMs where consumers can sell Bitcoin, furthering our mission of putting Bitcoin on every block.”Bitcoin sales at ATMs come with their own fees. According to data from LibertyX’s helpdesk, the consumer fee at Bitcoin ATMs by LibertyX is 8%. Yim said that LibertyX’s BTC price is based on an index of exchanges, tracking closely to Coinbase’s consumer prices. LibertyX came under the media spotlight in October 2020 shortly after reports claimed that the Tesla Fremont Gigafactory in Nevada had an operational Bitcoin ATM. LibertyX representatives told Cointelegraph that the company enabled BTC sales and purchases at three employee-accessible ATMs at Tesla in August 2020.Read More

  • Bitcoin News - 27 October 2020, 6:30 am

    Onchain analytics from the research and analysis firm Glassnode shows that the number of bitcoin whales (addresses with at least 1,000 bitcoins) has surpassed 1,900 clusters. The number of network participants in terms of 1,000 coin whales hasn’t been this high since 2016. Seven-day trailing statistics for the number of whales (addresses with balance ≥ […] The post Onchain Data Shows Rising Bitcoin Whale Index Surpassing 4-Year High appeared first on Bitcoin News.Read More

  • Bitcoin News - 27 October 2020, 5:39 am

    It’s Halloween! Play spooktastic casino games and celebrate this hallowed festival with Bitcoin Games as they promise the most Harrowing Halloween you’d ever experience! Zombies🧟 Monsters👹 Vampires🧛 Our very own premium casino brand, Bitcoin Games, has launched the Harrowing Halloween🎃 promotion where you can play from 12 horror-themed games and get a special bonus all […] The post Celebrate this Halloween with Spookalicious Casino Games and Get Rewarded appeared first on Bitcoin News.Read More

  • Bitcoin News - 27 October 2020, 2:30 am

    Six years ago, a number of theories spread across the internet that claimed the famed American economist and mathematician John Forbes Nash Jr. was Satoshi Nakamoto. There’s a bunch of circumstantial evidence that has invoked some research into the possibility that Nash could have been Bitcoin’s creator. The following editorial is the ninth installment of […] The post The Many Facts Pointing to John Nash Being Satoshi Nakamoto appeared first on Bitcoin News.Read More

  • Bitcoin News - 26 October 2020, 10:45 pm

    Popular actor Kevin Hart gave bitcoin a boost this weekend during an all-star charity event to benefit the Muscular Dystrophy Association (MDA). He told viewers that cryptocurrency is a legitimate investment after calling it “voodoo money.” Kevin Hart Shouts Out About Bitcoin and Cryptocurrency American comedian, Hollywood actor, and producer Kevin Hart shouted out this […] The post Kevin Hart Learns Bitcoin Is a Legit Investment in an All-Star Telethon appeared first on Bitcoin News.Read More

  • Bitcoin News - 26 October 2020, 6:45 pm

    The CEO of Nasdaq-listed billion-dollar company Microstrategy has made a strong bull case for bitcoin. He says there is a $250 trillion ocean of assets looking for the ideal store a value right now and bitcoin is a better store of value than gold or tech stocks, so “a lot of that monetary energy is […] The post $250 Trillion in Assets Looking for Ideal Store of Value: A Bull Case for Bitcoin appeared first on Bitcoin News.Read More

  • Bitcoin News - 26 October 2020, 2:45 pm

    Decentralized finance (defi protocol) Harvest Finance was hacked on Monday for $24 million. The attacker targeted the protocol’s liquidity pools, performing an arbitrage attack using a large flash loan – a type of uncollatarized loan – but later returned $2.5 million. In seven minutes, the hack was complete. Harvest Finance revealed that the hacker “manipulated […] The post Defi Protocol Harvest Finance Hacked for $24 Million, Attacker Returns $2.5 Million appeared first on Bitcoin News.Read More