Popular gold advocate Jeffrey Gundlach, CEO of DoubleLine Capital, has thrown his weight behind Bitcoin (BTC), stating that the crypto asset is a better investment than the precious yellow metal.Gundlach tweeted earlier today that despite being a strong gold bull and a long-term U.S. dollar bear, he has chosen to be neutral on both for the past six months. Gundlach Makes U-turn Earlier this year, Gundlach declared his hatred for Bitcoin, joining other traditional financial experts to call the asset a “bubble.” “Bitcoin, to me, is now sort of in bubble territory in terms of the way it’s been acting,” Gundlach told CNBC in an interview. The so-called Bond King warned investors to stay away from Bitcoin, saying the asset could be overheated amid its rally and that it is in a “bubbleRead More »
Articles by Mandy Williams
Cardano, a decentralized open-source project that runs a public blockchain platform for smart contracts, has recently released a date for its long-awaited Hard Fork Combinator (HFC) event dubbed “Mary.”Cardano To Launch Mary On March 1According to an update on Tuesday by the project’s founder, Charles Hoskinson, the network upgrade will take place on March 1, after the HFC has completed all the quality assurance and developer checks on February 24.Hoskinson stated that the event would take place five days following its initial trigger from the current epoch. Therefore, if the initial trigger takes place on February 24, then the hard fork will happen on March 1.However, he noted that certain variables might change the course of the schedule. Such things as bad weather conditions, accordingRead More »
The United States Securities and Exchange Commission (SEC) and Ripple, the fintech company behind the third-largest cryptocurrency, XRP, have clearly stated that there will not be any settlement on the current lawsuit against Ripple prior to the official trial date.No Prospect For SettlementBoth parties made this statement in a discovery letter dated February 15, 2021, which was addressed to Judge Analisa Torres. In the document, both the SEC and Ripple said that they “do not believe there is a prospect for settlement at this time” since they had earlier deliberated on the issue.They also added that the discussions were made under the “previous administration” with several SEC department directors who are currently no longer with the SEC, considering that the former chairman Jay ClaytonRead More »
The billionaire CEO of Tesla shocked the entire crypto community on Twitter with an enticing offer he presented to major DOGE holders in his most recent engagement.Too Much ConcentrationHe noted that the only thing hindering Dogecoin from becoming the “official currency of the internet” is its high level of concentration among a few wealthy people.With this minority group owning more than 50% of the entire Dogecoin supply, it becomes increasingly difficult for the cryptocurrency to achieve mainstream adoption.Additionally, since a large quantity of the coin’s supply is in the possession of a small group of wealthy people, the chances of the coin losing its value due to sudden price crashes are very high.Therefore, to solve this problem, Musk, who has more than 46 million followers onRead More »
With more institutional investors indicating interest in cryptocurrencies in recent times, Bank of New York (BNY) Mellon has announced that it would be offering crypto-related services later this year.Bank of New York To Hold BitcoinThe New York oldest bank stated in The Wall Street Journal today that it will hold, issue, and transfer Bitcoin (BTC) and other cryptocurrencies on behalf of its institutional clients. According to the report, the bank will not handle its crypto offerings any different from other traditional asset classes, such as stocks. Notably, the bank is already in talks with its clients to bring their crypto holdings to its platform.Digital currencies became increasingly popular among institutional clients late last year when the world economies were affected by theRead More »
Ronald Stephen Baron, an American mutual fund manager and one of Tesla’s major shareholders, has clearly stated that although Tesla’s recent bitcoin acquisition does not come as a surprise to him, he still wants to explore the possible reason behind the purchase.Bitcoin Buy ExpectedAccording to a report by CNBC on Monday, Baron said that the recent comments made by Tesla’s CEO, Elon Musk, regarding bitcoin gave him hints on the purchase, and so, the announcement, which was made yesterday, did not come as a surprise to him.Musk has been frequently talking about bitcoin and the meme coin, DOGE, in several of his tweets, pumping the prices of these crypto assets. On Monday, reports emerged that Tesla has purchased $1.5 billion worth of bitcoin and that the electric car company couldRead More »
In a Q4 2020 investor update, PayPal revealed that it recorded fourth-quarter and fiscal year financial results that were far beyond its expectations. The company noted that it was its strongest fiscal year, with high payment volume and new accounts further strengthening its scale.PayPal recorded a massive surge in the number of active accounts on its platform, with a whopping 16 million active accounts in Q4 2020 alone. For fiscal 2020, the company added 72.7 million net new active accounts, bringing its total active accounts to 377 million.This increase came shortly after the company introduced cryptocurrency trading on its platform. On October 21, 2020, PayPal confirmed its entry into the market after it had received a conditional license from the New York State Department of FinancialRead More »
Barely a week after its launch, the new non-fungible token (NFT) project, Hashmask, takes the NFT market by storm. Earlier today, a rare Hashmask was sold at 97,2 ETH, worth $139,100 as of today’s price.What Are Hashmasks?Hashmasks are living digital art collectibles that have been created by more than 70 artists from across the globe. There are a total of 16,384 unique digital portraits as of now.Each of these artworks is uniquely designed to be part digital art and part digital collectible. They are all designed to possess five basic characteristics: eye color, mask, skin color, character, and an item.This NFT was sold for $140K. Source. TwitterAlthough every card possesses these characteristics, they all have varying degrees of rarity, which makes them truly unique. Interestingly,Read More »
Popular blockchain company, Blockstream has purchased $25 million worth of MicroBT’s WhatsMiner M30s Bitcoin mining hardware. Blockstream stated in an announcement that it plans to deploy the hardware across its various mining facilities located in the United States and Canada. A Top Secret Mining FacilityFurthermore, Blockstream disclosed that it would allocate some of the mining equipment to a new “top-secret” mining facility it plans to launch soon. The purchase will be an essential addition to the company’s enterprise-class hosting services, as it looks forward to continuing to provide its clients with reliable solutions.Since Blockstream launched its mining hosting service in 2017, its operation has attracted several institutional-based clients, including Fidelity Center for AppliedRead More »
The veteran U.S. cryptocurrency exchange, Bittrex Global, has recently announced that it will now start offering the tokenized stocks that have been delisted from several trading platforms like Robinhood following the GameStop saga. According to a Friday report, the exchange has decided to list tokenized stocks for Gamestop (GME), AMC Entertainment (AMC), Nokia, BlackBerry, and iShares Silver Trust with plans to list more additional stocks whenever they are delisted from other platforms. “We intend to list every stock that gets delisted from platforms like Robinhood so that even small investors have the same opportunities afforded to multibillion-dollar financial institutions,” Tom Albright, CEO at Bittrex said. Leveling The GroundHe further added that “the current situation feeds into theRead More »
Global regulators have always branded cryptocurrencies, especially bitcoin, as a tool for illicit activities such as money laundering and crime financing. Even the newly-confirmed US Treasury Secretary Janet Yellen recently raised concerns over the same issue. Experts like ECB President Christine Lagarde and Shark Tank’s Kevin O’Leary have also called for a unified global regulatory framework for bitcoin to work properly. With the regulatory pressure mounting on the crypto industry, Michael Sonnenshein, CEO of leading cryptocurrency asset manager Grayscale Investments, believes that education is crypto’s biggest missing link. Bitcoin Is The Worst Method For CrimeIn an interview with Bloomberg, Sonnenshein noted that people who understand how cryptocurrencies work know that bitcoin isRead More »
Trading above $35,000, Bitcoin continues to pass milestone after milestone as reports show that the cryptocurrency received the most capital inflow this month compared to tech stocks and traditional investments. Long Bitcoin Wins Most Crowded TradeA recent survey conducted by the Bank of America on fund managers with over $500 billion in AUM reveals that investors are bullish on Bitcoin’s price in the long term. The study shows that “long bitcoin” dethroned “long tech” as the most crowded trade in January 2021. Reuters reported Tuesday that this is the first time a long position on technology companies is losing the top spot since October. This is also the first time “long bitcoin” has ever ranked first in the financial markets. The milestone is coming just three months after less than 5%Read More »
The legal battle comes as the Aussie man allegedly suffered significant losses in his crypto business after the banks, Westpac and ANZ, shut down his accounts, local media reported Monday.According to the proceedings filed at the ACT Civil and Administrative Tribunal, Allan Flynn alleged that the banks’ action was illegal as they closed his accounts without any prior warning or reason. 20 Accounts Closed In Three YearsFlynn owns an AUSTRAC-registered crypto exchange with about 450 customers. Using the platform, he helps his clients to purchase crypto assets like Bitcoin.The Australian Financial Review revealed that the complainant has had about 20 of his accounts shut down in the last three years by more than five Australian banks, including CBA, NAB, ING, and Bendigo Bank, to mention aRead More »
Following news of the legal action, which alleged that Ripple had been conducting unregistered securities offerings worth $1.3 billion, the price of XRP plummeted heavily.But things are getting worse for the cryptocurrency. The drastic fall in price was just one of XRP’s problems as several crypto trading companies have quickly moved to disassociate themselves from the cryptocurrency to avoid getting hammered by the U.S. regulator. These companies have either delisted XRP or suspended support for the cryptocurrency on their platforms. Here’s the list of exchanges that have already delisted XRP following the SEC lawsuit against Ripple. Bitwise Assets Management The San Francisco-based crypto fund manager announced a few hours ago to press time that it had discontinued its support for XRP.Read More »
Nigeria is the world’s second-largest Bitcoin peer-to-peer market, according to recent information curated from CoinDance and published by Quartz. Nigeria Follows The USThe data gathered from leading peer-to-peer bitcoin exchange Paxful between May 2015 and November 2020 shows that the United States ranks first with a total trading volume of 535,660 BTC ($3.76B) within the period.Nigeria takes the second position with a total of 60,215 BTC ($5П267M) traded within the last five years compared to third-place China with a volume of 20,553 BTC ($181M). This also makes Nigeria Africa’s largest Bitcoin market. Bitcoin P2P Trading Volumes. Source: QuartzHow It All Started Bitcoin started trending in Nigeria in 2016 because of the infamous MMM Ponzi scheme, which promised to pay investors 30%Read More »
More than a year after joining forces with Ripple, Adam Holmes, CEO of U.S.-based money transfer giant, MoneyGram, told CNN in an interview today that the partnership has evolved and is pushing boundaries. In June 2019, the companies announced a strategic partnership that would see Ripple shell out a $50 million capital commitment to MoneyGram. In turn, the money transfer company would adopt Ripple’s xRapid product while leveraging XRP as part of its cross-border remittance process. The partners share a common goal of improving cross-border settlements by reducing cost and increasing efficiency through RippleNet. Moneygram has been using Ripple’s product for settlement treasury management and its FX management. Ripple and MoneyGram Pushing BoundariesIn the interview, Holmes said that theRead More »
In an effort to reinforce its foothold in the cryptocurrency industry, Japanese financial behemoth SBI Holdings, through its subsidiary SBI Financial Services, has acquired UK-based crypto trading company B2C2 for an undisclosed sum. The development comes six months after SBI signed a strategic partnership with the firm. According to reports at the time, SBI purchased a $30 million minority stake at the firm as a first leap into future cooperation.B2C2 was established in 2015 as a crypto liquidity provider with headquarters in the United Kingdom. The company provides its services to institutional investors with clients ranging from exchanges to funds managers and brokerages. First Financial Conglomerate With Crypto DeskThe move to acquire B2C2 makes SBI the world’s first financialRead More »
Ernst & Young LLP (EY) and Microsoft have extended the latter’s blockchain service for gaming rights and royalties management to offer a financial system of record ranging from contract productions to settlements and reconciliations.More Functionalities For Gaming PartnersThe expanded blockchain functions will allow Microsoft’s Xbox video gaming partners and its network of content creators, including musicians, artists, writers, and more, to gain more “visibility into tracking, management and payment processing of royalty contracts.”Global professional services network EY plans to use the solution to help its B2B clients automate contract-related calculations and processing.According to the release, the solution lowers “processing time by 99%, with 100% near real-time calculation ofRead More »
One of the leading cryptocurrency derivatives exchanges BitMEX has announced the completion of a significant upgrade on its custody system to improve transactions. The update will allow BitMEX to use Bitcoin Core to track users’ BTC deposits and withdrawals, the company said. Important UpdatesSince Bitcoin Core ZeroMQ notifications trigger the new architecture, deposits will be credited within a minute of the block confirmation, considerably quicker than before.According to the announcement, the development helps remove BitMEX’s in-house fork with custom RPC calls and address-based indexes. While simplifying BitMEX’s software stack, the upgrade will lift other barriers, making it easier to adopt new Bitcoin features. The upgrade will also enable BitMEX to track native SegWit depositRead More »
XRP holders are eligible for the upcoming SPARK token airdrop. The community is getting excited about the event as the date draws near. Only users who hold XRP are eligible for the airdrop, and they will receive FLR based on XRP they have. Below is everything you need to know about it and the exchanges that have announced support for it.What Is An Airdrop? An airdrop means distributing a cryptocurrency or token as rewards or gifts to users or wallet addresses. Crypto projects use airdrops as a marketing strategy to create awareness about their product(s) and increase their userbase. How To Participate In An AirdropAlthough airdrops are usually free, users are sometimes expected to complete a task or meet some requirements to be eligible for the event. These requirements vary amongRead More »
According to an official press release from today, U.S.-based financial services company Square has launched a new initiative for the firm to become net-zero carbon for operations by 2030.Square Invests $10 MillionAs a part of the plan, the Jack Dorsey-led company will allocate $10 million to its Bitcoin Clean Energy Investment Initiative, which intends to fund companies that drive adoption and research into the use of green energy for Bitcoin mining operations.Bitcoin is often criticized for its heavy electricity usage, which makes mining an expensive business. A 2019 study evaluated Bitcoin’s total carbon output as similar to that of some small countries.As the Bitcoin mining sector becomes more competitive, major miners are moving to areas that are already producing surplus energy toRead More »
Amidst the excitements of BTC hitting an all-time high, Bitcoin bull and ex-hedge fund manager Mike Novogratz said, in an interview with Yahoo Finance, that Bitcoin was designed for every investor. “Bitcoin is for everyone,” he said, adding that “Everyone should put 2% to 3% of their net worth in bitcoin and look at it in five years, and it’s going to be a whole lot more.”Novogratz is also a former partner at Goldman Sachs and a former manager of Fortress Investment Group. In 2012, Novogratz’s net worth was about $500 million. In 2017, he revealed that 20% of his net worth is held in Bitcoin and Ethereum, from which he generated over $250 million in profit. Novogratz’s $20k Prediction Coming True? The Galaxy Digital boss is fond of predicting bitcoin price. Even after the March crash, whenRead More »
South Korea’s largest cryptocurrency exchange Bithumb announced today that it is shutting down its offline offices as Korea struggles with a renewed coronavirus outbreak.Bithumb Suspending Offline SupportSince the start of November, the country has been recording increased daily cases of COVID-19, with the number tripling in the last nine days. This has raised fears that South Korea has entered a third wave of the pandemic.As authorities are taking measures to strengthen social distancing to curtail the spread of the virus, Bithumb said in its announcement that it intends to suspend its Seoul offline support service temporarily.Bithumb noted that the Gangnam center office shutdown will begin on Tuesday, Nov 24, and will remain closed until further notice.“We ask for your understanding ofRead More »
Andre Cronje, the brain behind the popular DeFi protocol Yearn Finance and the most expensive cryptocurrency YFI, has unveiled yet another DeFi protocol called Deriswap.Obsessed With Capital EfficiencyThe project focuses on capital efficiency, an aspect of DeFi that Cronje said he is obsessed with. The YFI creator is set to change the current segmented liquidity, which only allows users to choose one of Swaps (Uniswap, Sushiswap, Bancor, etc.), Options (Deribit, Hegic, Opyn, etc.), and Loans (Aave, Compound, DyDx, etc.). He described Deriswap as a protocol that combines multiple DeFi services, including Swaps, Options, and Loans, into a capital-efficient single contract. According to the developer, this allows the interaction between two assets that make up the pair. For Swaps, CronjeRead More »
After running a 12-month test, U.S.-based digital asset investment management DAiM has announced the launch of the first employer-sponsored 401(k) plans that use bitcoin as a base currency. According to the announcement today, DAiM notes that the new service is compliant with the Retirement Income Security Acts of 1974 (ERISA) and will be fully available from 2021. Allocating Up To 10% To BitcoinThe crypto manager said it would work closely with companies and serve as an advisor and custodian to create a 401(k) plan with a flexible recommended model portfolio and 10% allocation to Bitcoin.DAiM will also be responsible for selecting, monitoring, and benchmarking the investment offering, as well as a plan fiduciary. The bitcoins will be stored in Institutional Cold Storage Custody withRead More »
It has been quite a year for Bitcoin, both in terms of price action and adoption. After recording its biggest daily price drop to $3,600 in March due to the COVID-19 pandemic, the cryptocurrency is now trading less than 25% from the all-time high of 2017.
Analysts are bullish and believe that bitcoin is poised for even bigger moves, and the digital asset could reach higher highs if the current bullish trend continues.
Bitcoin At $1 Trillion Market Cap
Interestingly, Bloomberg’s senior strategist Mike McGlone believes that a bitcoin market cap of $1 trillion is possible if the crypto asset reclaims the $20,000 ATH price level.
With the asset currently trading above $16,500 after a drop to $15,800 over the weekend, Bitcoin’s market valuation is now more than $304 billion.
Cory Bernardi, an Australian politician, recently said that he became a bitcoin faithful in the last few years and he believes BTC demand is getting stronger.
Bitcoin continues to find its way to the heart of mainstream politics across the world as former Australian Senator Cory Bernardi reveals today in a tweet that he has been a bitcoin convert for at least two years.
Bitcoin Demand On The Rise
He said this as a response to a comment on a Twitter post where he wrote about “Banking an Asymmetric Bet.” However, Bernardi did not reveal if he owns any bitcoin.
Cory Bernardi. Source: 7NewsAfter spending the “last couple of years” with Bitcoin, Bernardi concludes that the cryptocurrency serves as a digital version of gold for millennials.
While the former Senator is bullish on
Cryptocurrency trading platforms in Hong Kong will soon be subjected to full legal scrutiny as the nation’s financial watchdog plans to release a new regulatory framework.
The Hong Kong’s Securities and Futures Commission (SFC) announced that it plans to regulate all cryptocurrency exchanges in the country, Reuters reported Tuesday.
Hong Kong has struggled in the past with unclear rules for crypto exchanges. After a first failed attempt in 2018, the country published an “opt-in” framework for crypto platforms that offer trading services in the region last year.
However, the regulation was limited to exchanges that traded assets officially classified as a “security” or offer their services to institutional investors, the report said.
Only a few trading platforms applied for
Talks about the Anti-social Media Bill to prevent Nigerian youths from protesting against the government has reminded us about the need for decentralized social networks.
Following the recent EndSARS protests against police brutality in Nigeria, the government has returned to a previous bill that intends to criminalize the use of social media to restrict free speech.
Created last year, authorities claimed the bill dubbed “Protection from Internet Falsehood and Manipulations Bill” is part of the government’s efforts to curb fake news on social networks.
The idea to regulate social media met heavy criticisms across the country, and fortunately for Nigerians, the bill died a few months later.
Police Brutality In Nigeria
However, talks about the bill resurfaced after
Multinational technological giant Huawei announced today that its newly-launched smartphone has a built-in wallet that will allow users to store, send, and receive China’s national digital currency.
Announcing the features of the Mate40 series in a Weibo post, the company said that the device is the first smartphone that supports the digital yuan via a hardware wallet.
The Chinese giant said in the post that users would enjoy hardware-level security while being able to control and protect their anonymity. Users can also conduct dual transactions using the new device, meaning they can also send and receive payments offline.
According to Huawei, the device guarantees a new safe and convenient payment experience for users.To celebrate the launch of the smartphone, the company