##Bitcoin Price Breaks $12K To New 2020 High: New Bull Run Gets Underway?

 

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Bitcoin price had been lingering under the $11,900 mark for the past 48 hours, despite another injection of $6 billion entering the global crypto market at that period.

In the last hour, however, a sudden surge in buying pressure finally arrived, which assisted in driving prices over the psychological $12,000 resistance for the first time in over a week. The bulls drove the price higher than $12,125, which was the 2020 high since the beginning of August.

This key level has so far succeeded in defeating bullish BTC traders on two separate occasions in the first ten days of August. Will it be third time lucky for the primary cryptocurrency, including a daily close above $12,100?

Price Levels to Watch in the Short-term

Right now, BTC is attempting to close above the median line (dashed line) of the long-standing rising channel. This particular level also overlaps with the first major resistance area (green area) between $12,000 and $12,070.

Breaking over this will secure a new reliable support for Bitcoin as bulls attempt to daily-close a new YTD high above $12,100.

Looking at the Fibonacci extension levels on the 4-Hour chart (yellow lines), we can see that the initial breakout ricocheted cleanly off the 0.618 level ($12,199). If this area is overcome during the current uptrend, the first significant test for bulls will be at the 0.786 fib extension level ($12,343), which also overlaps with the upper channel resistance.

There will undoubtedly be a lot of selling pressure at this key level, but breaking over it will almost certainly signal that the Bitcoin bull market is about to add its next leg.

Looking back at previous daily closes, the only area which has shown any real resistance in the past year is the $12,400 level – between June 29 and July 08, 2019.

Going back to 2018 candles, we can also see the $12,800 was a key S/R level during the month of January.

##Bitcoin Breaks Above $12,000 After David Portnoy and MicroStrategy Venture into BTC

 

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According to the chart from TradingView, Bitcoin has now gone above the $12,000 mark. Bulls have made it after dominating the market recently, but there have been a few major factors that may have pushed Bitcoin above this line.

Bitcoin goes up after Portnoy and MicroStrategy bet on it

As covered by U.Today recently, Barstool Sports founder and internet celebrity, David Portnoy, invited the Winklevoss twins to his place to let them tell him what Bitcoin (and crypto in general) is and how it works.

The twins, Bitcoin billionaires, pitched BTC to Portnoy successfully, as he immediately opened his laptop and acquired both BTC and Chainlink. Among the arguments that he heard was that Bitcoin is superior to gold, since Elon Musk and NASA plan on mining gold and other precious metals in space from asteroids.

Thus, Bitcoin, according to Cameron and Tyler Winklevoss, is the most scarce asset in the galaxy and gold’s supply is likely to be infinite.

MicroStrategy lays hands on Bitcoin

Another likely reason for Bitcoin's surge above $12,000 is that, last week, a major publicly-listed Nasdaq company—software giant Microstrategy—announced that it had got hold of $250,000,000 worth of Bitcoin.

The company decided to allocate this amount of cash to a safe haven asset and decided that Bitcoin can definitely be that, thus acknowledging BTC as a legitimate inflation hedge.

##How the Ethereum Classic hacker stole $5.6 million from OKEx

 

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OKEx explains how the person who attacked the Ethereum Classic network managed to steal millions of dollars from its exchange.

In brief

OKEx explains how the recent 51% attack on Ethereum Classic was used to steal $5.6 million in crypto.

The hacker allegedly confused the community into switching from ETC mainnet to a "shadow chain."

The alternative transaction history was modified to redirect over 800,000 ETC from OKEx to the hacker's addresses.

Crypto exchange OKEx published a new report on Saturday, detailing how the perpetrator of the recent 51% attacks on Ethereum Classic (ETC) managed to steal $5.6 million of cryptocurrency using its platform.

As Decrypt reported, Ethereum Classic’s blockchain was recently hit by two consecutive 51% attacks on August 1 and August 6. Gaining control over 51% or more of the network’s hash power, the hacker—or a group—snatched around $5.6 million worth of cryptocurrencies during the first strike. Here’s how it went down.

Preparing for the attack

According to OKEx, the hacker began preparing for the attacks as far back as June 26, creating five phony accounts on the platform. Notably, all of them also passed the second and third levels of know-your-customer (KYC) procedures and got their withdrawal limits increased

Starting on July 30, these accounts deposited around 68,230 ZEC privacy coins on OKEx combined. Simultaneously, the hacker had been building a “shadow chain” of the ETC blockchain—an alternative record of transaction history hidden from other miners.

On July 31, the attacker’s accounts traded all of their ZEC for ETC, receiving a total of 807,260 coins that were worth around $5.6 million at the time. ETC were then transferred to the hacker’s external addresses.

The hacker starts the attack

Later that day, the hacker launched a 51% attack on Ethereum Classic, initiating his shadow chain. At this point, both the legit and malicious transaction histories contained the records of 807,260 ETC being transferred from OKEx to the hacker’s external addresses.

During the attack, the hacker sent all of the previously received Ethereum Classic coins back to OKEx and traded them for around 78,900 ZEC, which he immediately withdrew.

Because over 51% of the blockchain’s hash power was under the hacker’s control at this point, he was able to mine new blocks faster than other nodes, making the shadow chain longer than the original ETC history. Combined with inefficient communication between exchanges, wallets and miners, this confused the Ethereum community and prompted nodes to start mining the malicious shadow chain from now on.

However, the hacker had manipulated his version of the transaction history—which now became the main one. In it, the 807,260 ETC were recorded as being sent not to OKEx, but to the attacker’s other addresses, making it so that the coins were never sent back to the exchange.

This way, the hacker had convinced OKEx that it had deposited funds—before making it so that the funds were never deposited in the first place. This is how OKEx lost its money.

OKEx blacklisted the addresses that were allegedly used by the hacker and suspended his five accounts. In the future, the platform also plans to increase confirmation times for ETC deposits and withdrawals. And, if the network can’t become more secure, the exchange might even delist it altogether.

#Coinbase to allow Americans to take cash loans with Bitcoin collateral

          

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US crypto exchange Coinbase is going all out with its crypto offerings ahead of a purported bull run, listing DeFi projects, in-demand altcoins, and now a product for loans using one’s Bitcoin.

The exchange announced Thursday that Coinbase users can burrow cash loans on up to 30% of their Bitcoin holding. The feature will be gradually rolled out to cover all US states, it said.

More control” over crypto holdings

Coinbase said it wants to give customers “even more” control over their crypto investments while offering secure access to cash at the same time. And after the announcement, US customers in eligible states* will be invited to join the waitlist for the option to borrow up to 30% of their Bitcoin holdings.

The announcement, the exchange noted, was a result of customer feedback centered on freeing up capital for everyday transactions, as Bitcoin and cryptocurrencies are not widely used/accepted for payments as of today.

But with the loan feature, users can free up cash for immediate expenses without selling their Bitcoin and incurring high overdraft fees on credit cards. 

“We hear from customers that they need cash for expenses like home renovations or car repairs, but they do not want to prematurely sell their crypto, or take out high-interest loans that could come with 20%+ APR,”  said Coinbase, adding that  the “portfolio-backed loans” allows customers to “borrow cash quickly.”

The announcement added:

“No need to fill out a long application or go through a credit check. Customers can simply sign up with a few taps and get the cash in their accounts within 2–3 days.”

Eligible customers can join the waitlist today, and Coinbase will offer access to customers starting this fall, it concluded.

Bitcoin demand spikes

The move comes as demand for Bitcoin and cryptocurrencies has grown in the past few weeks, as a result of corporations searching a “global hedge” and the DeFi market serving as an attractive investment venture for some.

This week, Nasdaq-traded firm MicroStrategy said it purchased over $250 million in Bitcoin to protect against the ill-effects of overinflation and money printing. The firm called the pioneering digital asset as a “new, tested, and superior” form of money than existing options

The Lending and Borrowing News Category was brought to you by the CryptoSlate and Cred Partnership.

US crypto exchange Coinbase is going all out with its crypto offerings ahead of a purported bull run, listing DeFi projects, in-demand altcoins, and now a product for loans using one’s Bitcoin.

The exchange announced Thursday that Coinbase users can burrow cash loans on up to 30% of their Bitcoin holding. The feature will be gradually rolled out to cover all US states, it said.

“More control” over crypto holdings

Coinbase said it wants to give customers “even more” control over their crypto investments while offering secure access to cash at the same time. And after the announcement, US customers in eligible states* will be invited to join the waitlist for the option to borrow up to 30% of their Bitcoin holdings.

The announcement, the exchange noted, was a result of customer feedback centered on freeing up capital for everyday transactions, as Bitcoin and cryptocurrencies are not widely used/accepted for payments as of today.

But with the loan feature, users can free up cash for immediate expenses without selling their Bitcoin and incurring high overdraft fees on credit cards. 

“We hear from customers that they need cash for expenses like home renovations or car repairs, but they do not want to prematurely sell their crypto, or take out high-interest loans that could come with 20%+ APR,”  said Coinbase, adding that  the “portfolio-backed loans” allows customers to “borrow cash quickly.”

The announcement added:

“No need to fill out a long application or go through a credit check. Customers can simply sign up with a few taps and get the cash in their accounts within 2–3 days.”

Eligible customers can join the waitlist today, and Coinbase will offer access to customers starting this fall, it concluded.

Bitcoin demand spikes

The move comes as demand for Bitcoin and cryptocurrencies has grown in the past few weeks, as a result of corporations searching a “global hedge” and the DeFi market serving as an attractive investment venture for some.

This week, Nasdaq-traded firm MicroStrategy said it purchased over $250 million in Bitcoin to protect against the ill-effects of overinflation and money printing. The firm called the pioneering digital asset as a “new, tested, and superior” form of money than existing options.

Prominent crypto entrepreneurs like Barry Silbert of Digital Currency Group commented MicroStrategy was now a “publicly-traded Bitcoin play.” His comments weren’t unfounded — the firm’s stock rose over 10% on the announcement.

MicroStrategy joined the ranks of hedge fund legends like Paul Tudor Jones in terms of choosing Bitcoin to protect against a grim economic outlook.

And that might just turn out a great decision.

##Ethereum Fees Race Towards $10 Per Transaction

 

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The ethereum blockchain has become very expensive with network fees reaching all time high and by far, giving miners some $7 million a day, 7x more than for bitcoin miners.

Average transaction fees are now nearly double that of the very peak in January 2018, standing at $5.67 per transaction on average.

That was for yesterday, today they’ve increased further from 200 gwei to 300 gwei per simple transaction.

Ethereum fees all time high, Aug 2020

While simple transactions may still be cheap at $3 or $4, contract transactions are becoming very expensive with an etherean claiming he was asked to pay $600 in eth fees.

4Chan has a screenshot, which unfortunately we didn’t save, of being asked to pay 0.3 eth in gas fees, about $120

When we tried to testrun Yam, we were asked to pay about $9 just to give the contract permission.

We didn’t go ahead with it because by the time we got to the deposit stage, all the test-run funds would have run out, so considering what happened after with Yam, there may well be some small benefits to these high fees.

This used to be just 20 gwei but defi has now taken over with Uniswap being the top gas users.

That’s an onchain permissionless broker where all sorts of tokens are traded with its volumes skyrocketing.

Uniswap trading volumes, Aug 2020

Because of this froth, plenty are seemingly happy to pay these high fees because of all the token giveaways in the hope they make a profit anyway.

However, some claim it now costs $40 even to enter a second layer, like Loopring, with it unclear what miners plan to do.

Miners gas vote, Aug 2020

They seemingly want to increase it maybe to 15 million as uncle rates are still very low, but last time they got shouted at by the Geth maintainer.

So the pressure is primarily on dapp developers to get second layers, but that takes time, skill and effort.

Meaning miners could increase capacity a bit as ethereum is not even running at 2MB per ten minutes like bitcoin, but that would be just buying time which is just what we need as we wait for ethereum to go Proof of Stake by being merged with eth2 hopefully next summer according to Danny Ryan, the ethereum 2.0 coordinator.

##Chinese state media takes aim at Binance while Huobi looks on

      


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China's state media frequently functions as bellwether for government policy, with its reporting prompting changes in policy from companies.



In brief


Reporting in Chinese state media has taken a markedly different tone on crypto exhanges Binance and Huobi.


Chinese state media often functions as a bellwether for the government's views, with its reporting prompting changes of policy by companies.


While Binance exited China in 2018, Huobi has opened a Communist Party of China branch within the company.






Two of the world’s biggest crypto exchanges are receiving markedly different coverage from Chinese state media. Binance, which exited the country in 2018, is facing negative reporting from local media outlets. By contrast, Huobi, which has opened a government relations branch, is being lauded.



State media outlet China National Radio (CNR) recently reported on Binance's accessibility in China, while also highlighting the China Internet Finance Association's recent "Risk Tips for Participating in Speculation of Overseas Virtual Currency Trading Platforms." CNR noted that the "risk tips" emphasized the dangers of virtual currency transactions and ICO trading—both illegal in China since 2017—while highlighting recent security breaches suffered by Binance. 




The "risk tips", CNR reported, emphasized that some virtual currency trading platforms have set up servers overseas to continue to engage in related activities, posing a risk to users.



Binance hasn’t had a corporate registration in China since 2018, when the company exited the country, citing a “hostile regulatory environment”. The location of Binance’s corporate domicile is currently unknown, with CEO Changpeng Zhao claiming that the company doesn't have an office.China's state media is a bellwether for government policy, with its reporting frequently prompting changes in policy from foreign companies. In 2013, state media targeted Apple, with the company eventually capitulating to government demands to open up a data center within the country (making user data accessible to local law enforcement).


Huobi's charm offensive


Earlier this week, Binance's rival exchange Huobi was also the subject of a report from Chinese state media—but China News took a markedly different tone to CNR's reporting on Binance. Huobi was highlighted as an important part of the tech cluster in the recently established Hainan free trade zone.




In its relations with the Chinese government, Huobi has taken a different approach to its rival Binance. In 2018 it opened a Communist Party of China branch (a government liaison and lobbying office) within the company, a move that many organizations undertake to signal regulatory compliance and build a sense of legitimacy.



The CPC’s charter says that any enterprise in China having at least three party members as employees must establish its own party branch; setting up a party branch in Huobi demonstrates the exchange's loyalty to the Party and willingness to work under its supervision.


Huobi is also a stakeholder in China’s national Blockchain Service Network as one of the 14 founding members of the platform, and has participated in China’s Belt and Road initiative. 

The question for exchanges in the region is: which approach will ultimately bear fruit?

Blockstream launches Bitcoin OTC trading platform in Japan

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Dubbed Settlenet, the new platform promises to minimize the risks of over-the-counter trading by using atomic swaps.





In brief:


Blockstream, Digital Garage and Tokyo Tanshi have launched a non-custodial digital asset settlement platform.


Dubbed Settlenet, it promises to minimize the risks and paperwork associated with over-the-counter trading.


Currently, the platform supports Blockstream’s Liquid Bitcoin and Crypto Garage’s token that represents the Japanese Yen.




Blockchain firms Blockstream and Digital Garage, as well as financial services company Tokyo Tanshi, have announced the launch of Settlenet—a non-custodial digital asset settlement platform designed to help foreign enterprises more easily conduct their business in Japan.



Blockstream is a Canadian blockchain services company known for its work on the Bitcoin Lightning Network and its Bitcoin solutions like the Liquid Network. Liquid works by moving the Bitcoin on a “sidechain”—think a blockchain running in parallel, but one that’s faster—which settles transactions in just two minutes.



Settlenet is built on the Liquid Network. At launch, the platform supports trading between Blockstream’s Liquid version of Bitcoin (L-BTC) and Crypto Garage’s token that represents the Japanese Yen (JPYS).



According to the developers, Settlenet is using atomic swaps (where money is transferred from one blockchain to another) to mitigate the risks usually associated with over-the-counter (OTC) transactions and is regulatory compliant.



“The Settlenet platform operates within a regulatory sandbox program set up by the Government of Japan and is open to exchanges, OTC desks, brokers, asset managers, and other financial institutions from around the world,” said the announcement, published on June 8.



The developers added that a number of “global OTC firms and Japanese exchange platforms” have already signed up to use Settlenet, but it did not specify which ones.



The platform could allow overseas businesses to more easily gain a foothold in the Japanese market.



“Entering the Japanese Bitcoin market has traditionally been a challenge for overseas companies due to the high costs involved in establishing a legal presence in the country. Settlenet makes things considerably easier thanks to the introduction of JPYS,” stated the announcement.



After a transaction is made, companies will be receiving the fiat-backed JPYS tokens instead of a physical settlement to a Japanese bank account, enabling “Settlenet clients from anywhere in the world to quickly and easily start accepting settlements in Japanese yen in a cost-effective and compliant manner,” the announcement explained.



In the future, Settlenet will support more tokens and trading pairs such as Tether (USDT) and L-CAD—a stablecoin pegged to the Canadian dollar.

##4 key insights into Bitcoin's global trading Volume

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Bitcoin markets are still minuscule compared to traditional finance, yet capable of exceeding them in less than five years, says a new report.




In brief:


Crypto data firm Coin Metrics has published a detailed analysis of Bitcoin's global trading volume.


Data showed that fiat currencies are far from dominant in the crypto market.


Bitcoin derivatives' volumes are several times larger than all spot markets.




Coin Metrics, a Boston-based cryptocurrency data and infrastructure startup, has published a detailed breakdown of Bitcoin’s trading volumes today. 



Assessment of trading volume is hard because different calculation methodologies can result in varied outcomes. The report provides a unique insight into where the majority of Bitcoin trading takes place, by looking at multiple different aspects.



Bitcoin trading on spot markets

According to the report, Bitcoin’s daily trading volume amounts to roughly $0.5 billion on US spot markets in total, when looking at markets that handle US dollars.


While there are a large number of crypto exchanges that operate in the US, the majority of Bitcoin trading occurs on just four large platforms—Coinbase, Bitstamp, Bitfinex and Kraken—according to Coin Metrics’ data.



Comparing the types of trading volume


If worldwide fiat markets are also taken into account, Bitcoin’s daily trading volume gains an additional $0.7 billion, reaching $1.2 billion in total.


The Japanese yen, the euro, the Korean won and the British pound are the most prevalent fiat currencies used to trade Bitcoin after the US dollar, Coin Metrics noted. 



Looking at stablecoin markets


At the same time, fiat currencies make up only one-third of Bitcoin’s trading volume if stablecoins are also added to the mix.



“Including markets quoted in stablecoins significantly increases the daily trading volume to $3.5 billion, primarily due to Tether—a stablecoin which operates in a regulatory gray zone,” the report continued.

#4 Indicators Show Bitcoin Has a “High Chance” of Falling in Next 2 Weeks

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Bitcoin has mounted a strong recovery since the lows seen last week. The leading cryptocurrency traded as high as $9,750 on Saturday, over 13% higher than last weekend’s lows.


Even still, there remain textbook technical indicators suggesting there is a “high chance” BTC sees a correction in the coming weeks. According to the analyst that made this observation, this may be the largest correction Bitcoin has seen since March’s capitulation event.



Watch Out: Bitcoin Could Fall in the Next 2 Weeks


BTC may have bounced strongly since last week’s correction lows, but the asset’s weekly chart is printing four textbook signals indicative of an impending correction. A top analyst recently shared these signals:



The Tom Demark Sequential has printed a “9” candle. The time-based indicator prints “9” or “13” candle near or at inflection points in an asset’s trend. This latest “9” suggests an end to the Bitcoin rally that has transpired over the past few months.
Hidden bearish divergences have formed between the Klinger indicator and the price.


The Stochastic Relative Strength Index (RSI) has seen a bearish cross for the first time since February.
Bitcoin formed a “Heikin-Ashi spinning top” pattern last week, which suggests a likely trend reversal.


Adding to the confluence, there remains sell-side resistance on Bitfinex’s BTC/USD order book.


Below is a chart of recent BTC price action alongside the Order Book Dominance Bands indicator, which shows there is resistance from investors to let the asset pass the low-$10,000s.



Long-Term Outlook Still Bullish


The case may be growing for Bitcoin to correct in the short term, but that’s not to say that the uptrend formed from the $3,700 lows is over. Far from, some analysts have said.


As reported by NewsBTC previously, BTC just closed the price candle for May above the crucial $9,360 level.



This is “incredibly significant for bulls” because the low-$9,000s acted as macro resistance for BTC on multiple occasions over the past year. As one analyst remarked in reference to the chart below:



“We’ve not had a Monthly close above 9360 in nearly 12 months. Rejections from this level have led to tests of $6k and eventually $3k.”



When Bitcoin failed to surmount this level in February, prices crashed to $3,700. Furthermore, when BTC rejected this level in 2018, there was a brutal bear market to $3,150 in the ten months that followed.

##JPMorgan Chase Will Pay $2.5 Million For Secretly Charging Extra Fees In Crypto Purchases

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After fighting a legal case for two years, America’s largest bank, JPMorgan Chase will pay $2.5 million to settle a class-action lawsuit over extra fees on cryptocurrency purchases. 



In 2018, the plaintiffs – Brady Tucker, Ryan Hilton, and Stanton Smith – filed the lawsuit against JPMorgan in a Manhattan federal court, accusing the bank of charging customers additional fees in the form of cash advances for crypto purchases made with Chase credit cards.  




JPMorgan Secretly Updated T&C



The trouble started in early 2018 during the period of the crypto bull market, when several banks, including JPMorgan, decided to block their customers from purchasing cryptocurrencies using credit cards. 




However, JPMorgan did not immediately inform clients that it had started treating credit card purchases of digital assets as cash advances. The banking giant only announced on this update ten days after implementing the changes, a move the plaintiffs considered as a violation of cardholders’ terms of service.



Tucker, who initially filed the lawsuit before filing an amended complaint with Hilton and Smith, claimed that Chase not only charged him extra fees but also charged higher interest rates on the cash advances. According to him, the bank refused to refund the excess fees after calling the bank to complain. 



Crypto Is Like Cash


During a recent hearing, Chase Bank argued that its cardholder agreements did not actually change and that cryptocurrencies are basically “like cash” since they also function as a medium of exchange. Hence, no advance notice to customers was required in this case.  




JPMorgan noted that the cardholders who filed the lawsuit could not claim that the bank violated its customer agreements when it stopped the purchase of cryptocurrency with credit cards and started treating them as cash advance activities, which attracted additional fees and higher interest rates. 




Additionally, the bank claimed that crypto exchange Coinbase also changed its merchant category from “purchases’ to “cash advances,” which led to the adjusted fee schedule. 




Lawsuit Settled But Chase Not Wrong 
In the trio’s legal action, they requested for full refunds of all unlawful cash advance charges, $1 million in statutory damages, and an order declaring that JPMorgan’s cardholder terms do not allow the bank to impose such excessive charges in the purchase of crypto assets.



In a motion filed last week, Reuters reported that JPMorgan agreed to settle the class-action with a $2.5 million payment. However, the bank did not admit to any wrongdoing as part of the settlement deal.

##South Korean lawmakers propose tax on crypto Profits

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The South Korean Ministry of Strategy and Finance is gearing up to tax income from the sale of Bitcoin and other crypto.


In brief



South Korean lawmakers recently provided details on upcoming legislation regarding income taxes on crypto transactions.


Tax would apply to profits derived from sources like crypto mining and initial coin offerings.


South Korea has an inconsistent track record of crypto-related taxation.




South Koreans may soon find their crypto dealings at the mercy of the tax man.



The South Korean Ministry of Strategy and Finance proposed a tax on profits made through crypto-fiat transactions earlier this week, including tokens sold by crypto mining organizations and through initial coin offerings (ICO). 



Regulators intend to release the full proposal in July and submit the tax amendment to the South Korean regular assembly in September, as reported by local South Korean news outlet Edaily. In a country that has struggled to find the right approach to taxing digital currencies, the proposed change could bring much needed clarity to the domestic crypto industry.




Under existing laws, South Koreans are not taxed on income generated from digital currency transactions, breaking from the standard set by the US, Japan, Germany, and others, all of whom treat crypto gains as taxable income. Singapore also applies a value added tax (VAT) to crypto transactions, but South Korean regulators said they don’t intend to go that far.



Officials are now seeking to apply the standard of ‘taxation where income is located’ to digital currency transactions that generate a profit. Tax won’t apply if the transaction results in a net loss, but will be applied equally across citizens and foreign residents. Cryptocurrencies are anticipated to be treated as assets rather than currencies, in light of G20 deliberations on the matter. But not everyone is convinced the proposed changes are a good idea, or even possible to implement effectively.



“If you do a P2P transaction without going through an exchange, there is a possibility of avoiding taxation,” Seung-Young Jeong, a researcher at the Korea Local Tax Institute, told Edaily. “Even with IP tracking, if there are a large number of targets, administrative costs will increase and it will be difficult to track each day.”



South Korean action on crypto taxes have been in flux over the past few years, stymied by coronavirus concerns and a retroactive tax bill for the Bithumb exchange that resulted in an ongoing lawsuit. Crypto in South Korea is also under pressure from a proposed change that would stop residents from using DeFi products, designating cryptocurrencies as ‘high-risk assets.’

##Samsung integrates Gemini exchange into its Bitcoin Wallet

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Samsung blockchain wallet has integrated with crypto exchange Gemini, enabling users to buy, sell, trade and store cryptocurrencies.





Multinational tech conglomerate, Samsung, is onboarding crypto exchange and custody service Gemini directly into its blockchain wallet.



The integration of Gemini's mobile app will enable Samsung users to instantly buy, sell, and trade cryptocurrencies, such as Bitcoin and Ethereum, as well as place them into cold storage via Gemini's custody service.




"Crypto is not just a technology, it is a movement. We are proud to be working with Samsung to bring crypto's promise of greater choice, independence, and opportunity to more individuals around the world," said Gemini CEO Tyler Winklevoss. "Now, Samsung Blockchain Wallet customers can buy crypto in a simple, elegant and secure way on Gemini."



Launching in 2018 alongside Samsung's flagship smartphone, the Galaxy s10, Samsung's blockchain wallet was lauded as a genuine game-changer by the cryptocurrency community. Not only was it one of the first major smartphone firms to facilitate safe storage of cryptocurrencies out of the box, but it also extended support to a host of decentralized apps (dapps).



Since its arrival, the blockchain wallet has expanded from the s10 series into several other Samsung devices, including the Galaxy S20 Series, Galaxy Z Flip, and the Galaxy fold.



"Samsung is committed to establishing a simple and secure gateway for more individuals to enter the blockchain and cryptocurrency ecosystem," stated a press release.



Now, with the integration of Gemini, Samsung's relatively nascent wallet looks to up the ante on its crypto venture.

##Bitcoin trading in Africa breaks volume record Again

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Africa has seen an explosion of growth among peer-to-peer Bitcoin traders within the last month, even outpacing the regional P2P scene in Latin America.






In brief


Bitcoin volume on P2P platforms in Africa saw another record week.


More than $14 million in Bitcoin was traded across LocalBitcoins and Paxful combined.


Economic turmoil in the region could be partly responsible.





Bitcoin traders in Africa have their feet on the gas pedal, with no intention of slowing down any time soon.


Less than two weeks after registering all-time high, peer-to-peer trading volumes at the regional level, Africa has done it again. According to data from analytics site Useful Tulips, Bitcoin traders in Africa exchanged the equivalent of more than $14 million across P2P platforms, such as LocalBitcoins and Paxful.



Bitcoin reading volume in Africa is currently outpacing local trading in Latin America, a region often referenced when examining regional, peer-to-peer volumes. 


This volume was higher than last week's figure for Latin America —a region often taken as a reference in terms of trading volume on p2p and OTC platforms. Just over $11 million worth of Bitcoin was trading through Latin America over the last seven days.



The growth in local trading appears to reflect increased interest in cryptocurrency within the African continent. As Decrypt recently reported, local inflation rates range between 4% to 7% year-on-year, and economic uncertainty stemming from the coronavirus outbreak combined with a widespread economic recession seems to be leading a growing number of African traders to view Bitcoin as a viable store of value




In Latin America, Venezuela is still the leading the Latin American BTC market. Despite having lost almost a million dollars in volume in the last week, its $4.3 million gives it a slight edge over Colombia, which reported $4.1 million in trades during the same period.



But on the other side of the globe, Nigeria saw considerable growth, registering more than $9.3 million in weekly trading volume, 400% more than South Africa, its closest competitor.




Although it is difficult to determine how local traders behave on centralized exchanges, volume on P2P platforms is likely much higher within African countries, according to Useful Tulips founder Matt Ahlborg.


In an interview with the On the Brink podcast, Ahlborg explained that Latin Americans and Africans prefer P2P trading because it reduces commissions and allows for a direct relationship with other customers.

##US Injects Trillions Into Economy, Will It Affect Bitcoin Price?

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US Pumps Trillions Into Economy, Will It Impact Bitcoin Price?




Policymakers around the world have created unprecedented amounts of new money in an effort to stave off an impending recession, or worse: a total depression. In the United States, the Senate approved a $2 trillion stimulus package in late March, and the House of Representatives has now accepted a proposition from House of Democrats for another $3 trillion intended to ease the needs of Americans who are suffering an unemployment rate of around 15%. As a response to COVID-19, the Federal Reserve has undertaken a series of quantitative easing unparalleled in its history. How will these actions of the U.S. government influence the price of Bitcoin?



As the monetary body responsible for controlling the world’s reserve currency, the Fed uses quantitative easing as a way of sustaining the economy with fresh liquidity. Having total control over money printing allows the Fed to print as many dollars as it wants, which it then pumps into the financial system by purchasing assets on the open market.





Market observers remember the consequences of the Great Recession in 2008, when the Fed brought up more than $1.2 trillion worth of assets in just four months as a means to inject fresh capital into the markets. However, the scale of quantitative easing undertaken in the wake of the COVID-19 crisis dwarfs anything done before, with the Fed putting no limit on the amount of money it is going to infuse into the system.



Over the past 2 ½ months, the Fed has bought about $2.8 trillion worth of assets. Unlike in the aftermath of 2008 when the governing body limited its asset purchases to secure U.S. Treasury bonds, this time it decided to buy even riskier assets like corporate and municipal bonds as well.



What should crypto investors expect?



U.S. bailout money is aimed at assisting public companies and preventing shareholders from losing their value. This new money may inflate the cost of assets, but since most Americans don’t own assets, the only result they will see is a weakening purchasing power. Beni Hakak, the CEO of LiquidApps, sees an opportunity for Bitcoin (BTC) to prove its store of value narrative:

“The COVID financial crisis is the first crisis that Bitcoin is experiencing as an asset class, and while some expected it to perform similar to gold, it led to a sharp decline in Bitcoin’s price. As the world economy has started to open up, Bitcoin has recovered quite nicely, outperforming the S&P since their respective lows. With the Bitcoin halving behind us, an event that has historically been followed by a bull run, it will be interesting to see if Bitcoin can gain acceptance as a hedge against inflation and a store of value.”




Quantitative easing vs. quantitative hardening



The apparently unlimited money printing represents a harsh contrast to the Bitcoin halving, an event which occurs once every four years and cuts down Bitcoin’s issuance by half. For crypto enthusiasts, this is further proof of Bitcoin’s status as the “hardest money in the world.” Bitcoin’s provable scarcity is attracting attention from average investors and users concerned about money printing and the possibility that it may lead to runaway inflation.



While the system may be “baked” with transparency and non-regulations, Avi Rosten, a product manager at CryptoCompare — a crypto data and research platform — states that through his monitoring he is seeing that the market is fluctuating severely. The high volume means distrust, noting big fluctuations in the U.S. stock market between March 12 and March 13 when CryptoCompare recorded 11,000 trades per second. Rosten says everyone was leaving risk-on assets to the U.S. dollar with Bitcoin as no exception. He added that it is about time for Bitcoin to show its value as an asset as all eyes are on it:




“We are likely seeing increased interest due to the excitement surrounding the Bitcoin halving, as well as record spot exchange volumes. Our April Exchange Review found that April 30th saw the second highest spot volumes in crypto history.”



The U.S. may be at the epicenter of the financial storm, but it doesn’t mean that other economies aren’t suffering it. Quantitative easing measures such as the recently proposed $3 trillion have caused currencies such as the Brazilian real, Mexican peso and South African rand to lose over 20% in value to the dollar since the beginning of the coronavirus crisis.



The uncertainty after the mid-March crash pushed Bitcoin into the place where gold has usually been. While markets are slowly regaining their losses, many countries are facing a second wave of the coronavirus, pumping the breaks on the recovery process.




A throwback to the ’70s?


The year is 1973, and an oil crisis sends shockwaves throughout global markets. Governments, especially in the U.S., print money fiercely in order to stimulate the job market. Attention is diverted to scarce commodities such as gold since investors want to hedge against the risk of rising inflation.




While this picture of uncertainty nicely fits the present-day situation, it also relates well to the economic condition of the 1970’s. The decade, which began with the U.S. abandoning the gold standard entirely, ended with a crippling 13.3% annual inflation in the country, even as wages and economic growth trended sideways. A combination of stagnant growth and rising inflation, or “stagflation,” pushed gold into the limelight as an inflation-resistant store of value.





Getting back to the present, fiat currencies are expanding their supply at the same time as the Bitcoin halving. With inflation fears beginning to flood the markets again, assets with provable scarcity are regarded as well-positioned. Mati Greenspan, an analyst and the founder of Quantum Economics, believes that after the large-scale quantitative easing rollouts undertaken by the U.S., Bitcoin will sustain its price and preserve its future value due to its low supply:



“It [Bitcoin] acts as a hedge against inflation like gold and silver. So if the likely scenario of this money creation happens to induce inflation, then it’s very likely that gold, silver and Bitcoin would hold their value against that currency and act as a valid hedge.”