##US Tech Stocks Worth More Than European Stock Market

 

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Technology stocks in the US, which include some crypto and blockchain firms, are now valued higher than the entirety of the European equity market.

In brief

American tech stocks are now valued higher than the European stock market, including the UK.

Observers said investors rushed to tech investments as the sector was relatively sheltered from the financial impact of social distancing.

Prices of Bitcoin and other cryptocurrencies have grown in tandem as well.

US technology stocks now have a higher valuation than all of Europe’s equity markets, according to a report on markets outlet Business Insider. Cryptocurrencies and blockchain technology play a vital part in propping up the US tech stocks.  

Tech stocks' market cap totaled $9.1 trillion as of Thursday, Bank of America executives reportedly told clients. The figures meant the sector's stocks have, for the first time, eclipsed equity markets in all of Europe.

Investors largely shifted their capital into tech players at the start of the ongoing coronavirus pandemic in March 2020 based on the sector’s large cash piles and insulation from lockdowns, the report said.

Heading the list are the so-called FAANG tech darlings: Facebook, Amazon, Apple, Netflix, and Google (now restructured as Alphabet). They account for a collective $7.5 trillion of the tech sector’s total valuation; Apple alone is worth $2.1 trillion as of August 28, while Amazon is valued at over $1.7 trillion.

Many large companies in the US stock market also build on blockchain. Nvidia, which sells its graphics cards to crypto miners, has a market cap of $324 billion.  IBM, which builds blockchain products, among them a blockchain-based supply chain system used by Walmart, has a market cap of $111 billion. J.P. Morgan, which creates the Quorum blockchain network, has a market cap of $313.2 billion.

Companies exclusively devoted to crypto have, so far, remained a humble player in the broader US stock market.  As per equity data site Barcharts, these include mining companies like Riot Blockchain, and Hut 8 Mining, with market caps of $170 million and $104 million respectively, crypto advisory firms like Blockchain Inc, and the Grayscale Bitcoin Trust, which is currently worth $2.3 billion.

However, firms like Coinbase, a regulated crypto exchange based in San Francisco, aim to change that. The firm reportedly made plans for an initial public offering earlier this year. Insiders tout an $8 billion valuation for its business—based on the SEC’s approval, according to Reuters. 

However, while the blockchain, crypto mining, and tech firms are enjoying a moment in the US markets, the country’s financial giants have faced the ill-effects of an economic downturn. ForexSchoolOnline found that of all US banks, JP Morgan Chase decreased in value the most—the bank’s market capitalization plunged by $142.6 billion between December 2019 and July this year.

The rise in the valuation of tech stocks coincides with Bitcoin’s price increase this year. The pioneer crypto asset has risen over 60% since March 2020. It trades at $11,500 as of August 29. 

##Simple Strategy Can Turn Crypto Traders Into Whales, Says One of the Wealthiest Known Bitcoin Investors

 

                

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A Bitcoin whale known for making his opinions very public is promoting an investment strategy that he says most crypto traders overlook.

The pseudonymous trader known as Joe007 says smart traders monitor Bitcoin’s long-term price movements, selling their position when BTC has increased 10x and buying when Bitcoin has decreased 5x from its top. The trader, who is known for placing large bets on the exchange Bitfinex, calls the method a “simple and effective investment strategy that allows anyone to become a whale within reasonable timeframe.”

Although diminishing returns will eventually kick in and eliminate the viability of the strategy, Joe believes the 10x/5x rule will hold up for at least the next couple of cycles. The trader believes Bitcoin is currently too volatile to take the “buy and never sell” approach.

Joe says the repeating waves of highs and lows match the buzz on the street about BTC.

“Buy BTC when it’s way down and everyone and their dog barks about how it’s going to zero soon, and sell it when it’s way up and a boomer neighbor asks you for tips how to get into ‘the next bit coin'”.

Joe007 also says Bitcoin’s halvings will start to matter less cycle-to-cycle.

“Halvings may have served as major drivers of supply/demand imbalance in early cycles but over time changes in demand side will be playing a much bigger role, IMHO.”

In terms of his personal portfolio, the trader says that in addition to Bitcoin, he parks a “non-trivial” amount of his fiat in Tether (USDT) to hedge against “banking system failure”.

#Neo Joins Coinbase-led Blockchain Framework

 

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Rosetta is a framework to help blockchains speak to each other. Now, they can speak to Neo.

In brief

Neo has joined Rosetta.

Rosetta, a Coinbase-led project, is a framework that lets blockchains talk to each other.

Neo rose in price after the news.

Coinbase-led Rosetta, an open-source set of tools to help developers integrate other blockchains into their services, just got a new signup: Neo, a blockchain platform that is itself focused on interoperability.

Rosetta, which launched on June 17, is a standardization tool to make it easier for blockchains to speak to each other. Each blockchain is different, making it difficult and time-consuming for crypto project developers to integrate other blockchains.

“The process requires careful analysis of the unique aspects of each blockchain and extensive communication with its developers to understand the best strategies to deploy nodes, recognize deposits, and broadcast transactions,” wrote Neo in a blog post today. “Project developers spend countless hours answering similar support questions for each team integrating their blockchain, rather than spending time working on their blockchain.” 

It’s theoretically easier for crypto companies to integrate a blockchain that adheres to Rosetta’s framework, since they roughly know how such a blockchain works.

That’s good for everyone. It’s beneficial for the blockchain’s developers, who want to get their blockchain’s coin listed on exchanges and integrated with other services. And it’s also beneficial for those integrating another blockchain, since they can improve their own products with new services.

Today, then, things got a lot easier for Neo, a Chinese blockchain platform started by Da Hongfei and Erik Zhang in 2014. Neo focuses on crypto trading, digital identity and smart contracts—it’s a little like Ethereum. It’s also one of the founding members of PolyNetwork, a blockchain interoperability platform, and runs an interoperable DeFi platform, Flamingo. 

Despite the Rosetta integration, however, Coinbase has still not listed Neo’s coin as the exchange requires a coin to overcome several regulatory hurdles.

After today’s announcement, Neo’s price shot up 6%, though it likely wasn't related to the news; most top coins had similarly rosy days. Its current price is $18.23, according to data from metrics site CoinMarketCap.

#Top Investors Bet $7 Million that DeFi Will Move to Polkadot Network

 

                 

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Polkadot continues to attract DeFi developers and investors alike as the newly-launched network looks to take on Ethereum.

Acala, a DAO established on the newly-launched Polkadot network, has announced a successful series A funding from 15 high profile investors, such as Pantera Capital, Arrington XRP Capital, ParaFi Capital, CoinFund, DCG, Spartan Group, and others. 

Santiago Roel Santos, Partner at ParaFi Capital, says: 

“At ParaFi, we envision a constellation of DeFi ecosystems spanning multiple chains and believe that would be a win-win for the broader crypto industry. Acala is our first DeFi investment in Polkadot, and one of our first outside Ethereum. We are encouraged by the pace of development and innovation by Acala and are excited to join the team in their journey to become the primary DeFi hub of the Polkadot ecosystem.”

The investment is a simple agreement for future tokens (SAFT) deal and was led by Pantera Capital. According to Coindesk, the total amount raised is around $7 million.

Acala is a financial primitives platform that will provide an alternative infrastructure for DeFi on Polkadot’s multi-chain ecosystem. The Acala platform will feature a MakerDAO-like governance structure with split governance (ACA) and stablecoin (aUSD) tokens on the Polkadot network. 

However, it plans to go beyond MakerDAO’s current capabilities with a decentralized exchange (DEX) on top.

The need for a fast and cheap blockchain is rising, as Ethereum-based DeFi continues to be an unattainable investment for small retail investors. The rising gas fees are just one example of this, and may ultimately result in an investor migration from Ethereum to Polkadot. 

Regardless of the short term implications of Polkadot’s launch and Acala’s fundraising success, in the long run, Ethereum competition is extremely beneficial for everybody involved in crypto.

##Big Four Accounting Firm KPMG Launches Tools To Help Institutional Cryptocurrency Investors

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KPMG Chain Fusion is set to help traditional financial companies and fintech startups provide well-managed crypto asset services.



Aiming At Institutional Clients

In a recent announcement, the company presented KPMG Chain Fusion. The project aims to help the management of crypto and traditional assets over public and private blockchain networks for institutional clients.




The new set of capabilities will be able to assist customers in managing and addressing global regulatory considerations for strong system controls and processes for crypto and digital assets. It will also help clients in solving a variety of complex foundational problems, facing organizations, which compete in the institutional market of crypto assets.




“Regulators and auditors expect fully implemented controls and processes within and across a crypto asset business – whether they are crypto assets or traditional systems or anything in between.  If you are a blockchain or digital asset-based business, you will have separate systems for everything,” said Sam Wyner, director, and co-lead of the KPMG Cryptoasset Services team.




How It Works



Chain Fusion’s basics consist of leveraging a structured information model to combine data, coming from both blockchain and traditional systems. Thus, it will support the necessary analytics for business, risk, and compliance objectives.



The capabilities and accelerators of Chain Fusion are built to support companies easily reach the adoption of fundamental crypto business capabilities. The core will also assist them in dealing with the challenges of cryptographic proof of assets under custody. It will help in the deployment and integration of core custody capabilities such as multi-party computational crypto asset wallets, and transaction monitoring for AML.


Leading cryptoasset technology solutions can address process and control requirements within their own systems, but the greater challenge is making sure systems can work together, with all the right processes and controls in place between those systems,” Wyner explains.



As stated, Chain Fusion will “bring such systems together with a required processes and controls under one roof.”



Several financial organizations and fintech companies are offering crypto asset services for their clients already. It’s absolutely no wonder that KPMG is stepping into the field as institutional interest is on the rise when it comes to cryptocurrencies. 





Most recently, the American multinational financial services corporation Fidelity Investments reported that 36% of institutional investors have exposure to Bitcoin or other types of cryptocurrencies.



Coinbase, the leading US-based cryptocurrency exchange also strengthened its institutional focus by recently acquiring leading crypto brokerage firm Tagomi.

##US Supreme Court Restricts Power of SEC to Seek Penalties Against ICOs

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Initial coin offerings (ICOs) indicted by the U.S. Securities and Exchange Commission (SEC) may see a significant reduction in fines owed following a recent Supreme Court ruling.


Apex Court Caps SEC Disgorgement Ability


According to Bloomberg, the U.S. Supreme Court issued a ruling on Monday (June 22, 2020), placing a cap on the disgorgement sought by the SEC in fraud cases. As part of the court’s decision which came by way of an 8-to-1 majority, the Commission can no longer seek disgorgement above the net profits of the indicted party.




Commission Unrelenting in ICO Enforcement Efforts


The botched Telegram token sale event is perhaps one of the biggest victories for the SEC in its ICO enforcement activities. Despite carrying out one of the highest-earning ICOs, Telegram has been unable to move forward with its planned TON blockchain launch.



As reported by CryptoPotato on several occasions, the SEC has brought charges against several 2017-era ICOs. Even celebrities and other public figures have not escaped the SEC ICO enforcement net with the likes of Grammy Award-winning music producer DJ Khaled and boxing champion Floyd Mayweather getting into trouble with the Commission.


The SEC’s characterization of ICO tokens as securities might change if Congress passes the Token Taxonomy Act. This piece of legislation seeks to protect cryptos from securities laws while establishing a ‘de minimis’ tax exemption for profits on cryptocurrency trading below a certain limit.



The Cryptocurrency Act of 2020, another crypto-related bill before Congress aims to provide a framework for classifying digital assets while delineating the responsibilities of Federal regulatory agencies regarding cryptocurrencies.







Apart from restricting disgorgement to the net profits, Justice Sonia Sotomayor writing for the apex court declared that the funds recouped by the Commission must be geared towards restitution of affected investors. For situations where such transfers to investors is not possible, the Supreme Court recommended that the funds be sent to the Treasury.




For the SEC, the Supreme Court’s decision is a win for the Commission despite the reduction in its disgorgement powers. Some pundits say the ruling is preferable to the total eradication of the SEC’s ability to seek such fines and penalties.

Ledger and Nomura launch institutional-grade Bitcoin custody service

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A large investment bank has launched a crypto custodian service for institutional investors.




Global investment bank Nomura, hardware wallet company Ledger and crypto investment fund CoinShares today launched a long-awaited crypto custodian service, called Komainu.


First announced in May 2018, Komainu will service institutional investors and support a range of cryptocurrencies. It is regulated by the Jersey Financial Services Commission.




Komainu is headed by Jean-Marie Mognetti, the co-founder and CEO of CoinShares. Andrew Morfill left his position at Santander, where he commanded its cyber defense unit, to join Komainu as Head of Operations.



Mognetti said in a statement that: "What this partnership has highlighted is the need for credible and solid service providers to support industry participants. Komainu bridges the gap by bringing financial expertise and capabilities for institutional clients to feel confident their assets are in safe hands.



Mognetti told Reuters that the platform has been trialed with a small number of clients for four to five months. Komainu’s advantages over other systems are, it claims, that it can integrate with the technology systems of large financial institutions.



The CEO of Ledger, Pascal Gauthier, said in a statement that “Institutions are looking for compliance and security when it comes to the custody of digital assets.” He added that, without the proper security, “institutions' digital assets are weaponised against them.”


Nomura is the latest large financial institution to offer custody services. Fidelity also offers a custodian, as does Bakkt, the custodian and Bitcoin futures platform owned by the Intercontinental Exchange, which also runs the New York Stock Exchange.



Nomura in January launched a crypto-asset benchmark for Japanese investors. Called the NRI/IU Crypto-Asset Index, the benchmark tracks top cryptocurrencies, among them Bitcoin and Ethereum. Nomura is also on the governing council of blockchain network Hedera Hashgraph, where it lords over the network alongside Google and Deutsche Telekom.



The institutional investors, it appears, are here to stay.

###Coinbase announces Rosetta toolkit for blockchain integration

   



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Crypto exchange Coinbase has announced the release of Rosetta, a set of tools designed to help exchanges and developers integrate any blockchain.





In brief


Coinbase released its blockchain integration tool, Rosetta.



It's aimed at exchanges as well as developers working on cross-blockchain applications.



Celo, Filecoin, and other teams have already contributed to the open-source software.


Popular San Francisco-based crypto exchange Coinbase has released Rosetta, a toolkit designed to make blockchain integration simpler and more effective, especially for exchanges working with new tokens.



In a blog post, Coinbase stated that Rosetta will be available starting today for digital currency exchanges and blockchain developers alike. 



With the number of blockchains increasing—and with each blockchain featuring unique specifications—exchanges have to take time and care when integrating with different blockchains. Coinbase saw the need for standardization. Therefore, it says, Rosetta is designed to keep funds secure and take care of compatibility issues that can slow developers down. 



In addition to exchanges, the company believes other cross-blockchain applications can benefit from Rosetta’s standard format, reducing the amount of code developers need to write.


Rosetta is open source, meaning anyone can contribute to its growth and development. Ventures such as Filecoin, Celo, Near, and Oasis have already added to its documentation.



“Rosetta is an exciting development in the cryptocurrency space that helps establish a standard API for integrating and building applications on blockchain networks,” explained Celo co-founder Marek Olszewski in a statement. “The cLabs team is excited to see applications use a common interface via Rosetta to build not only on Celo, but on other blockchains as well, opening up the potential for new developers and businesses to join our growing industry.”




Coinbase said that in the future, it’s aiming to support a full “ecosystem of Rosetta interfaces” for major blockchains like Bitcoin and Ethereum.



Today’s product news is already receiving plaudits from crypto audiences. That stands in contrast with a Coinbase move from earlier this month when the mega-exchange announced it was looking to issue its blockchain analytics software to government agencies such as the Drug Enforcement Agency (DEA) and the Internal Revenue Service (IRS).

Huobi launches bi-quarterly Bitcoin futures with 125x leverage

          

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Crypto exchange Huobi is among the largest players in the derivatives market.




Just a week after crypto exchange Binance started offering quarterly futures, rival exchange Huobi today introduced bi-quarterly futures. Touché!


A futures contract is a bet on whether the price of a cryptocurrency will rise or fall by a certain point, in Huobi’s case every six weeks. If the bet is correct, the person who made it wins. If not, they lose, and the money goes to the person they signed the contract with.



Huobi’s bi-quarterly futures product supports nine cryptocurrencies, among them Bitcoin, Ethereum and Litecoin, along with 36 trading pairs. Huobi’s futures platform already supports weekly, bi-weekly and quarterly futures contracts. 



Huobi’s offering goes live the day after Huobi Futures launched version 4.2.0 of its platform. It also adds a feature called “locked margin optimization,” which lets users make the most of their money by lowering trading costs and reducing lag.



Huobi offers 125x leverage



People can also leverage trades by up to 125 times—an extremely high number that comes with a considerable amount of risk. Huobi wants to “provide users with wider choices and lower principal cost to open a position.” 



“The higher the leverage multiples they apply, the less principal cost is required to open the position, so as to potentially earn greater profits,” it wrote. 



Huobi is one of the stalwarts in the crypto-derivatives industry. Last quarter, it traded $438 billion, according to coin metrics firm TokenInsight. In March, April and May, Huobi had the largest volumes for derivatives trading among top exchanges, followed by OKEx and Binance, according to crypto analytics firm CryptoCompare.


Binance, the newcomer that launched in late 2019, is hot on Huobi’s heels. Huobi has been solidifying its market share ever since it launched its derivatives platform in early 2018 (then called Huobi DM), but Binance is quickly gaining. Between April and May, Binance’s volume increased by 58%; Huobi increased by just 29%.

##Microsoft builds identity system that runs on Bitcoin

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The tech corporation promised that its ION identity system’s users will always retain control over their own data.




In brief

Microsoft launched its decentralized identifiers network on Bitcoin's blockchain.


Dubbed ION, the network is a second-layer solution on top of Bitcoin's mainnet.


ION is using Bitcoin’s linear block chronology as its consensus mechanism.


IT giant Microsoft has announced the launch of its open-source decentralized identifiers (DIDs) network, dubbed ION, on Bitcoin’s blockchain.


The technology allows users to create decentralized digital credentials—such as driver’s licenses or university diplomas—that could 
be used to identify them online. Alternatively these credentials could be used to log them into websites and apps. Additionally, DIDs’ decentralized nature ensures that people have full control over their data.





“We’re thrilled to see ION make the leap to Bitcoin mainnet for its public beta. ION is an open, public, permissionless ‘Layer 2’ network built on open source code that anyone can review, run, and contribute to,” said Daniel Buchner, one of the developers of the Sidetree protocol, on June 10.



DIDs are a new type of identifier that enables verifiable, decentralized digital identity. For example, “a DID identifies any subject (e.g., a person, organization, thing, data model, abstract entity, etc.) that the controller of the DID decides that it identifies,” according to one of the drafts published on the World Wide Web Consortium’s website.



Buchner added that ION was designed from the start to “operate independently of centralized parties and trusted intermediaries,” including Microsoft. As such, the network doesn’t rely on special utility tokens, trusted validator nodes or additional consensus mechanisms since “Bitcoin’s linear block chronology is the only consensus” ION requires, he continued.


Since the keys for your DIDs never leave your hands, and all ION operations are signed locally on your device, you have the assurance that only you can modify the state of your DIDs, no matter how you choose to interact with the ION network,” he noted.


Currently, ION’s users can already create their own DIDs and use OpenID Self-Issued DIDs to authenticate with sites, apps and services that support the corresponding specification. Additionally, companies and other entities could use ION to issue digital verifiable credentials to their users.



In the coming months, ION developers plan to grow the network’s community and garner additional feedback and contributions, including new use cases and hackathons. Users can track the project’s progress in Sidetree’s and ION’s repositories on GitHub. This all leads up the launch of the final version, this fall.

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.

##US Crypto Exchanges Are Booming Despite Economic Fallout

         

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Several crypto exchanges are seeing a massive growth in retail and institutional investors, particularly in the US.
The crypto industry is persistently moving forward despite the current situation. Several exchanges have been seeing a relentless growth in retail investors.



US-based Square’s Cash App reported its record-breaking financial quarter at the beginning of the year. A quarter of the company’s revenue was generated by the purchases of Bitcoin alone. Many other exchanges also saw the influx of retail investors. London-based financial services firm eToro started offering crypto trading services in April last year. Since then, the platform has gravitated a larger customer base comprising of crypto-investors, particularly from the US. eToro reported a 300-400% increase in crypto trading volume in the US since December, followed by a 270% increase in revenue. eToro’s Managing Director (USA), Guy Hirsch told Decrypt:

“We see [legitimization] across the board. The entire industry has seen a boom since the beginning of the year. Everything that’s happened with COVID-19, we see very strong resilience in cryptoassets, particularly Bitcoin, and an increase in interest from web searches, family and friends asking about it. I wouldn’t be surprised to see similar growth across the industry.”




The rising interest of retail investors seems to have created a ripple effect on institutional investors. Binance has seen steady growth in the institutional investors trading on the platform, with a 47% upswing of clients since 2019

##Bitcoin Likely to Reach All-Time High This Year: Bloomberg

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Bitcoin will reach its all-time peak by the end of 2020: Bloomberg report.
A report by Bloomberg on its outlook of the crypto market, explains how this year the largest cryptocurrency by market cap may reach its all-time peak of USD 20,000.




Mike McGlone, a Bloomberg technical strategist points out the fluctuations in Bitcoin’s price post and pre-halving. He said that the fluctuations seem akin to the ones in 2016, indicating a three-year cyclical pattern hitting the milestone mark by the end of 2020.



After the 60% decline in 2014, Bitcoin reached its peak at the end of 2016 matching the one reached in 2013. Four years later in 2020, two years after a 75% decline in 2018, if Bitcoin is following a similar trajectory as 2016, it will reach its peak by the end of 2020.



Moreover, Bloomberg brought in the factor of gold and Bitcoin having the same macroeconomic factors affecting their price. This means that with gold about to reach its peak since 1980, Bitcoin will experience a similar increase due to the same underlying factors.

##Powerful Bitcoin and Crypto Proponent Hester Peirce Nominated to Second Term at SEC

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Popular Bitcoin (BTC) and crypto advocate Hester Peirce may retain her position as commissioner of the U.S. Securities and Exchange Commission (SEC).


According to a White House press release, President Trump has nominated Peirce to serve a second term at the SEC.



Peirce, a lawyer who specializes in financial market regulation, was sworn into office in January of 2018. Her current term is expiring on Friday, but can continue pending a review of her nomination.




She will serve as SEC commissioner until at least 2025 if she gets backing from the Senate, which confirms nominations for key federal officials.




Peirce became known as the “crypto mom” due to her ardent support for digital currencies. In July of 2018, she publicly dissented on the SEC’s decision to reject a Bitcoin exchange-traded fund application submitted by the Winklevoss twins Tyler and Cameron.



In February, Peirce said the SEC should give crypto startups that conduct token sales a three-year safe harbor period before their digital assets are subject to securities regulations. Peirce believes this will give crypto startups ample time to prove their tokens are legal.


The proposal came after the SEC flagged numerous initial coin offerings (ICOs) for illegally selling crypto assets as unregistered securities.

##Swiss Bank Says Goldman Sachs Is Wrong About Bitcoin (BTC), Predicts Crypto ‘Paradigm Shift’ Is Coming

          

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A Swiss Bank is responding to a recent report from Goldman Sachs that declares Bitcoin (BTC) is neither an asset class nor a suitable investment.



Swissquote’s head of digital assets Chris Thomas released a point-by-point rebuttal to the report. He begins with a comparison between Bitcoin’s volatility and wild swings in traditional markets.


“Absolutely, Bitcoin did fall 37% on March 12, 2020. And just one month later, oil markets plunged 333% in the space of 24 hours, nearly 10x a greater drop, touching a low of minus $40 per barrel at one point. In December 2019, Goldman Sachs predicted the average oil price through 2020 would be $63 per barrel.”



Regarding Goldman’s assertion that investments should not be reduced to a need for others to pay a higher price, Thomas responds that traditional markets also function on an assumption of capital appreciation.



“The ultimate decision to buy (or sell) comes down to whether we believe the price will go higher (lower) and hence whether someone else is willing to pay a higher (lower) price for that investment…



Bitcoin, and select others, are the driving force behind the paradigm shift which is happening. Goldman Sachs is ignoring the strong foundations of this emerging asset class based on cryptographic principles and a world where many, if not all, assets will be tokenised, and trading them will be democratised.”




As for the long-standing narrative that Bitcoin is primarily a tool for criminals, Thomas points out that Chainalysis concluded in a January 2020 report that only 0.08% of crypto transactions originate from the darknet markets and that criminal activity represented just 1.1% of total activity.



Bernard Madoff’s $65 billion scam in the fiat world dwarfs scams in the cryptocurrency world in terms of magnitude, he contends. Lastly, Thomas says the fact that major financial institutions such as Fidelity Investments and JP Morgan are confident enough to venture into the space shows that financial institutions do believe that cryptocurrency has a future.



Although security and the management of private keys remain challenges in the cryptocurrency space, Thomas argues that banks such as Swissquote maintain security and can also solicit deposit insurance in case of hacks.

##Elon Musk Sends a Message to Jeff Bezos: It’s Time to Break Up Amazon

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Tech entrepreneur Elon Musk, the founder of Tesla, SpaceX, PayPal, Neuralink and The Boring Company, among other ventures, says the time has come to break up e-commerce giant Amazon.

In a tweet issued on Thursday, Musk comments on a case of Covid-19 censorship.



Author and former New York Times reporter Alex Berenson apparently received an alert from the Amazon-owned publisher Kindle stating that his latest title, “Unreported Truths About COVID-19 and Lockdowns: Part 1: Introduction and Death Counts and Estimates”, has failed to meet the company’s guidelines.

According to the Kindle message to Berenson,



But Amazon is everywhere and putting an end to its reign would hardly be easy. As of March 31, 2020, Amazon, which delivers essential goods to households, ranks as the third-largest company in the world by market capitalization, trailing only Microsoft and Apple. Not only is Amazon the king of e-commerce, its sprawling empire dominates several verticals, from entertainment to food to publishing.







“As a result we are not offering your book for sale.”




Writes Berenson,

“Oh fuck me. I can’t believe it. They censored it…




It is based entirely on published government data and scientific papers. It doesn’t say coronavirus isn’t real or doesn’t kill people (in fact, the worst-case death toll is likely to be striking to people). And Amazon won’t run it.”

Musk called the decision “insane” and declared that Amazon’s days as a behemoth spanning numerous verticals should come to an end.








Amazon is also the home of AWS (Amazon Web Services) which offers a host of cloud computing products and services, and functions as a utility that powers websites around the world. The number of active AWS users topped one million back in 2016 and generated $35 billion in sales in 2019.


US Department of State, USDA Food


Breaking up Amazon would require politicians to act. But with slow-churning and often crippling bureaucratic wheels, policymakers are reduced to snails that try to regulate sprinters that are innovating, expanding and scaling at breakneck speed.




Seemingly overnight – although lawmakers have had nearly 26 years to address Amazon’s rapid growth, which has now pushed into food production, food distribution, food delivery, television production, television distribution, web services, book publishing and news media, among many other sectors – the behemoth, owned by founder Jeff Bezos, who also owns the Washington Post under a separate holding company, dominates several industries.



Despite regulatory probes, Amazon is not currently labeled as a monopoly by the Federal Trade Commission.

##Bitcoin remains closely correlated with gold, says CoinMetrics

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Coin Metrics points to a high correlation between gold and Bitcoin, while mutual fund manager VanEck shows the correlation has only gotten stronger since March


Coin Metrics points to a high correlation between gold and Bitcoin, while mutual fund manager VanEck shows the correlation has only gotten stronger since March.



There has been wide speculation about the alleged correlation between Bitcoin and the stock market, but, according to new data, it’s Bitcoin and gold that have been moving in tandem with each other.



In its latest report, Coin Metrics shows that the correlation between gold and the world’s number one digital currency by market cap is quite high and has been so for the past several months.


As seen in the chart below, during the COVID-19 market selloff, Bitcoin lost more than half its value and fell into the $4,000 range, while gold was trading for under $1,500.



The price of Bitcoin has since risen beyond $10,000 following civil unrest in the United States and gold is currently selling for more than $1,700.



The chart above from Coin Metrics suggests that February and March saw Bitcoin and gold reach their lowest points for the year, with BTC losing more than half its value in just a few months and gold shedding several hundred dollars. The next two months, however, would see both assets spiking alongside each other and moving into higher ranges, with BTC hitting the $9,000 mark and gold shooting back above $1,700.



Data released in April from mutual fund manager VanEck backs this up. It shows that correlation between Bitcoin and gold has been the norm ever since the market selloff in late February, which occurred during the initial spread of the coronavirus.



From mid to late March, Bitcoin’s correlation with gold shot up to 0.47, where 1 is a strong positive correlation and -1 is a strong negative correlation.



At the end of April, the correlation between Bitcoin and gold increased to 0.49, while VanEck notes a year-to-date figure between the two of 0.42. This shows that Bitcoin and gold have been correlated closely over the last year.



But this hasn’t always been the case. Looking at the relationship between Bitcoin and gold from 2012 to March 2020, there is no correlation between the two assets—at just 0.03. This is likely due to Bitcoin’s huge price rise during that time.


We note that bitcoin’s correlation with traditional asset classes have begun to increase during the COVID-19-induced global market selloff,” wrote VanEck. “Most notably, Bitcoin’s correlation with gold has reached levels never seen before. We believe this may further cement its potential as ‘digital gold.’”


Although, since Bitcoin's price dropped $700 in minutes within the last hour, this correlation may be more hopeful than factual.