Visit - https://t.me/freebitmexsignals
For more latest news update on Cryptocurrency, Free bitMEX Cross signals & Bitcoin Binance Bitmex automated trading BOT visit above given Telegram channel
South Korean economists aren’t happy with the government’s proposal to tax Bitcoin and other cryptocurrencies, days after reports suggested the latter.
Any “cryptocurrency tax” must be abolished and not implemented, the country’s academics told local reporters over the weekend.
The reason was singular and simple — taxes on an emerging asset class and disruptive technology sector may block broader industrial growth in the country; one that suffers from an ongoing employment crisis.
Taxing Bitcoin is “premature”
South Korea’s economy hinges on slow-growth and a family-run business system called “chaebol,” making the job market notorious to enter into and condemned for poor wages.
With th
e above in mind, Korean economists believe cryptocurrencies are a burgeoning asset class, while blockchain technology presents long-term growth opportunities for the country.
Ask Sung Tae-yoon of Yonsei University. The Harvard-educated professor says implementing crypto-taxes is a “premature” decision, considering the digital asset market is still developing and is not as established as other sectors.
Sung believes cryptocurrencies have a long way to go before being regulated similar to fiat currencies. The professor has a point — Bitcoin’s been around since 2009, but cryptocurrencies have gained widespread prominence only since after 2018.
The above means cryptocurrencies are, in all regards, still a nascent development and not a decade-old. Sung explains:
“Any rash taxation or introduction of regulations can be a stumbling block for sustainable growth of the industry.”
BTC gains to be reported
Korea’s cryptocurrency tax decision came late last week after years of deliberation and parliamentary exchanges. Until the date, cryptocurrencies were considered a “tax-exempt safe haven” in the country, with regulators and experts fiercely opposed over their legality.
Visit - https://t.me/freebitmexsignals
For more latest news update on Cryptocurrency, Free Crypto signals & Bitcoin Binance Bitmex automated trading BOT visit above given Telegram channel
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%.
Visit - https://t.me/freebitmexsignals
For more latest news update on Cryptocurrency, Free Crypto signals & Bitcoin Binance Bitmex automated trading BOT visit above given Telegram channel
The number of people who trust Bitcoin over big banks has shot up by 29% over the last three years, while millennials are flocking to Bitcoin.
In brief
A new survey shows that the number of people who trust Bitcoin over big banks has increased over the past three years.
Millennials are leading adoption of Bitcoin, with 44% expecting to buy some in the next five years.
Over 45% of respondents preferred Bitcoin over stocks, real estate and gold.
People around the world are increasingly trusting Bitcoin over big banks, according to a new survey conducted by fintech news site The Tokenist. The survey, which polled 4,852 participants across 17 countries, found that 47% of respondents trust Bitcoin over big banks, an increase of 29% in the past three years.
Millennials embrace Bitcoin
The survey also showed a striking generation gap when it comes to Bitcoin and the banks. While over half (51%) of millennials trust Bitcoin over big banks, an increase of 24% over 2017, over nine in ten (93%) of over-65s trust big banks over Bitcoin.
The over-65s are wary of Bitcoin in general, with half of those polled thinking that it’s a bubble, versus less than a quarter (24%) of millennials.
Millennials’ embrace of Bitcoin is partly down to increased familiarity; 78% of millennials are “somewhat” familiar with Bitcoin, versus 61% of total respondents, and 14% of them have owned Bitcoin. In the next five years, 44% of millennials expect to buy some Bitcoin
Not surprisingly, then, the survey also found that 59% of millennials are confident that Bitcoin will see mass adoption within the next 10 years, and that most people around the world will likely be using it by that time.
Confidence in Bitcoin up across the board
While millennials may be leading the way in Bitcoin adoption, the survey found “increased knowledge of, and growing confidence in, Bitcoin among all age and gender groups surveyed,” its writers stated.
Six in ten (60%) of those polled felt that Bitcoin is a positive innovation in financial technology, an increase of 27% in three years. And over 45% of respondents preferred Bitcoin over stocks, real estate and gold.
“Three years ago, many of the largest BTC brokers were relatively new and were therefore accorded a low level of trust,” said the report’s writers. “Now, there appears to be an appreciation of the maturity, and stability, of these providers.”
With stocks and shares taking a beating in the wake of the coronavirus pandemic and subsequent lockdown, some Bitcoin advocates are arguing that this is the cryptocurrency’s moment. Though with Bitcoin’s price fluctuating in recent days, it clearly has some way to go yet.
Visit - https://t.me/freebitmexsignals
For more latest news update on Cryptocurrency, Free Crypto signals & Bitcoin Binance Bitmex automated trading BOT visit above given Telegram channel
The ongoing COVID-19-pandemic has served as a defining point of modern financial markets.
The U.S. and global indices are close to all-time highs, after an initial dip in March, even as virus casualties, global unrest, and unemployment linger on. To combat, some billionaire fund managers like Paul Tudor Jones have called out the instability in global markets and purchased Bitcoin futures as a hedge against possible hyperinflation.
Now, a $22 billion rated fund manager is starting to recommend cryptocurrencies as a hedge alongside gold, for numerous reasons apart from currency risk.
No government bonds, buy Bitcoin
Paul Britton, CEO of Capstone Advisors in New York, believes the decades-old strategy of holding government bonds to balance equity risk may have run its course. His main reason; the U.S. Federal Reserve lowered interest rates to zero, allowing many to access technically “free” money to eventually purchase equities and pump markets.
The change has huge implications. Fiat currencies like the U.S. dollar have been exposed to inflation and long-term risk. Reports also suggest equity markets are now dominated by retail traders instead of hedge funds and banks, causing dislocation in prices and a deviation from fundamentally-derived intrinsic value.
Some institutions have already started storing Bitcoin and Ether, presumably for risk protection:
The U.S. and global indices are close to all-time highs, after an initial dip in March, even as virus casualties, global unrest, and unemployment linger on. To combat, some billionaire fund managers like Paul Tudor Jones have called out the instability in global markets and purchased Bitcoin futures as a hedge against possible hyperinflation.
Now, a $22 billion rated fund manager is starting to recommend cryptocurrencies as a hedge alongside gold, for numerous reasons apart from currency risk.
No government bonds, buy Bitcoin
Paul Britton, CEO of Capstone Advisors in New York, believes the decades-old strategy of holding government bonds to balance equity risk may have run its course. His main reason; the U.S. Federal Reserve lowered interest rates to zero, allowing many to access technically “free” money to eventually purchase equities and pump markets.
The change has huge implications. Fiat currencies like the U.S. dollar have been exposed to inflation and long-term risk. Reports also suggest equity markets are now dominated by retail traders instead of hedge funds and banks, causing dislocation in prices and a deviation from fundamentally-derived intrinsic value.
Some institutions have already started storing Bitcoin and Ether, presumably for risk protection:
However, with no access to cutting-edge risk tools that institutional investors apply, retail traders have been left “defenseless,” having little apart from equity options on IB or Robinhood to protect against risk. Hedge funds are facing trouble as well — the lack of positive government bond yields has made prosperous environments a distant dream.
Britton states the old 60/40 portfolio approach — one that includes treasury bonds to serve as insurance against equity risk — has plunged into “double jeopardy.” Dying or negative yield, has left equities as the only source of capital gains. And the latter is now under risk as well.
Meanwhile, the volatility hasn’t put off all investors. Paul Tudor Jones II, the famed billionaire fund manager, invested over $70 million in Bitcoin futures last month. Others, like Jim Simons’ of the famed Renaissance Technologies, are also reportedly eyeing the crypto market to capture and profit from volatility.
One part of the allure towards Bitcoin comes from reaping crazy, once-in-a-lifetime type returns. The other, however, is a bit more sinister. As Jones puts it, crypto provides a definite hedge against the “massively” inflated equity and currency market.
Visit - https://t.me/freebitmexsignals
For more latest news update on Cryptocurrency, Free Crypto signals & Bitcoin Binance Bitmex automated trading BOT visit above given Telegram channel
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.
Visit - https://t.me/freebitmexsignals
For more latest news update on Cryptocurrency, Free Crypto signals & Bitcoin Binance Bitmex automated trading BOT visit above given Telegram channel
Crypto exchange Binance has expanded its futures offering to support quarterly Bitcoin futures. But it warns, it could be risky.
In brief
Binance has launched quarterly futures contracts.
This marks its latest expansion into the derivatives market.
Binance has quickly gained market share.
Crypto exchange Binance today launched quarterly Bitcoin futures. The addition marks Binance’s latest expansion into the crypto-derivatives market, an area in which the firm is quickly gaining market share.
Futures trading allows traders to bet on the expected price of Bitcoin at a moment in the future. Traders can go "long," expecting the price to go up, or "short," for it to go down.
Binance has offered futures contracts since 2019, but these were perpetual contracts that can mature (end) at any point. By comparison, quarterly futures end on the last Friday of the corresponding three-month period.
Just like the perpetual contracts, the quarterly Bitcoin futures contracts offer leverage of up to 125x. This allows traders to amplify their trades—increasing their potential winnings and losses.
Binance gets into derivatives
“We are a late-comer to derivatives,” Binance CEO Changpeng Zhao told Decrypt. But the giant crypto exchange has quickly muscled its way to the front. A report by CryptoCompare last week showed that derivatives volumes on Binance are the third-largest in the industry, behind Huobi and OKEx. In the last 24 hours, $2.42 billion was traded on its futures exchange, also ranking third in the market, according to data from Skew Analytics.
In May, Binance’s derivatives share increased by 58% compared to the previous month, according to CryptoCompare, and Binance reports a 217% increase in institutional client volumes compared to the previous quarter.
Zhao said that Binance offers institutional investors its big name brand, security and lower fees. “Binance is one of the strongest brands in the industry already, and also has the highest number of VIP and institutional investors in the market,” he said, adding, “We invested heavily in security to prevent risks of hacking and also have a SAFU fund to ensure funds are safe in Binance.” SAFU is one of Zhao’s favorite phrases. It means that funds are insured in case of a hack.
Zhao also touted Binance’s stability, both “in terms of both system stability and available liquidity.” In "high volatility days where other platforms suffered from system stability and/or liquidity crunches, Binance performed with little issues," he said.
In February, Binance's spot exchange struggled with performance issues when Bitcoin's price rose, even though the exchange was "stress-tested...like crazy in our test environments,” Zhao said at the time. Binance suffered no such problems later in the year, even though peak trading volumes have surpassed levels observed at the time of the performance troubles.
Visit - https://t.me/freebitmexsignals
For more latest news update on Cryptocurrency, Free Crypto signals & Bitcoin Binance Bitmex automated trading BOT visit above given Telegram channel
Cameron and Tyler Winklevoss are co-financing a film based on Ben Mezrich's Bitcoin Billionaires—the follow-up to the book that became The Social Network.
In brief
The Winklevoss twins are co-financing a film based on Ben Mezrich's book Bitcoin Billionaires.
Bitcoin Billionaires continues on from Mezrich's The Accidental Billionaires, which was adapted into 2010 film The Social Network, directed by David Fincher.
The new film will explore how Cameron and Tyler Winklevoss used money from a settlement with Facebook to make early investments in Bitcoin.
The Winklevoss twins will return to the silver screen in a film adaptation of Bitcoin Billionaires, author Ben Mezrich's follow-up to The Accidental Billionaires—the book that became 2010 film The Social Network.
According to a report from Deadline, Cameron and Tyler Winklevoss will co-finance the film, which picks up the story where The Accidental Billionaires left off—with the twins receiving a $65 million settlement from Facebook, which they went on to invest in Bitcoin during the early years of the cryptocurrency boom.
"Bitcoin is coming to the silver screen," Tyler Winklevoss tweeted as the news broke.
After The Social Network
Mezrich's The Accidental Billionaires, and the subsequent film adaptation, The Social Network, focused on Mark Zuckerberg's creation of Facebook. Cameron and Tyler Winklevoss took on Zuckerberg in a legal battle over code that he worked on for their rival Harvard social network, ConnectU; the twins subsequently won a $65 million settlement from Facebook, paid in cash and shares.
Bitcoin Billionaires, a New York Times bestseller, follows the Winklevoss twins as they're ostracized from Silicon Valley due to their public battle with Facebook, struggling to find firms who'll accept them as investors—before finally betting it big on Bitcoin.
The pair invest in the risky new venture of cryptocurrencies, encountering figures from the early days of Bitcoin such as Charlie Shrem and Erik Voorhees, and enduring shocks such as the Mt.Gox hack and subsequent crash of Bitcoin. Their perseverance pays off when Bitcoin's price surges and they launch their own venture, the crypto exchange Gemini.
Mezrich described Bitcoin Billionaires as a "second act" for the twins, with The Accidental Billionaires and The Social Network having cemented a view of them as privileged jocks that was "in need of revising." With Facebook now dominating the Internet and embroiled in scandals, Mezrich argued, "Zuckerberg's and the twins' roles as rebels and Evil Empire seem to have been reversed."
Who's making Bitcoin Billionaires?
The Winklevoss twins will team up with production company Stampede Ventures on the adaptation. In a twist worthy of Hollywood, Stampede Ventures is backed by former Facebook CFO and San Francisco 49ers co-owner Gideon Yu, who was CFO of Facebook at the time the company settled with the Winklevoss brothers.
The Winklevosses subsequently contested the settlement in court, asking a judge to undo their settlement with the company, arguing that they deserved more money. Although their initial settlement was worth $65 million, it appreciated in value to nearly $200 million as Facebook secured more funding rounds including from Asia’s richest man Li Ka Shing. After "careful consideration," however, the twins abandoned their attempt to undo the settlement.
Who could play the Winklevoss twins?
In The Social Network, director David Fincher cast Armie Hammer as both Winklevoss twins opposite Jesse Eisenberg as Zuckerberg; visual effects were used to enable Hammer to play both Tyler and Cameron.
Visit - https://t.me/freebitmexsignals
For more latest news update on Cryptocurrency, Free Crypto signals & Bitcoin Binance Bitmex automated trading BOT visit above given Telegram channel
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.
Visit - https://t.me/freebitmexsignals
For more latest news update on Cryptocurrency, Free Crypto signals & Bitcoin Binance Bitmex automated trading BOT visit above given Telegram channel
Tether CTO Paolo Ardoino says over-the-counter trading desks and crypto exchanges want dollars on hand, and this is driving up demand.
In brief:
Bitfinex and Tether CTO Paolo Ardoino speaks to Coin Metrics co-founder Nic Carter about Tether.
He explains why $5 billion of Tether has been printed since January, and whether it could reach $100 billion.
He also looks at the exodus of Bitcoin from crypto exchange Bitfinex.
Tether and Bitfinex CTO Paolo Ardoino today revealed why Tether has minted $5 billion in the last six months, more than at any point in the company’s history. After slowly climbing the market cap rankings, Tether has now risen above XRP to reach third place in the crypto rankings, with a market cap of $9 billion. But what’s behind this massive surge in demand?
Speaking on the “On The Brink With Castle Island” podcast, Ardonio said demand has been driven by exchanges craving cash, especially after the market crashed in mid-March.
“On 12 and 13 of March, when there was that huge drop—50 percent in Bitcoin and other major currencies—we have seen people being stuck on fiat on-ramp exchanges because they couldn’t move fast enough their dollars in order to exploit the market conditions or protect themselves,” he explained.
He suggested that the inflow of money wasn’t coming from outside the cryptocurrency sector but from exchanges who wanted more Tether.
I believe that Tether is absorbing part of the cash wealth that is sitting in cash in bank accounts on many other exchanges,” he said, adding, “We have seen OTC desks that have started dealing massively in Tether as well.”
Ardoino also spoke about the exchange’s inflows and outflows, its banking situation and whether Tether can grow to $200 billion.
For context, crypto exchange Bitfinex and stablecoin issuer Tether are two separate companies, run by the same people. Tether is responsible for issuing the Tether (USDT) stablecoin, which now has a market cap of $9 billion. Each dollar stablecoin is purportedly backed up by Tether’s reserves, although the company has never produced an audit to guarantee this.
Bitcoin flowing out of Bitfinex
In the interview, Ardoino was asked why large amounts of Bitcoin (BTC) had been flowing out of the Bitfinex exchange, while big amounts of Ethereum (ETH) flooded back in—a phenomenon that had many market commentators scratching their heads.
Ardoino explained that several large over-the-counter purchases were the reason for the sudden liquidity in its Bitcoin holdings.
He also noted that for months, if not years, the Bitcoin price on Bitfinex had been higher than on other exchanges, but that this has reversed since March 12 (when there was a large crash in the price of Bitcoin and traditional currencies). He suggested this lead to more arbitrage opportunities, where traders buy Bitcoin for a lower price on Bitfinex and sell on other exchanges for a profit.
“On the Ethereum side, we have seen a really considerable inflow, more than $1 million Ethereum in the last two or three months,” Ardoino said before suggesting it could be in preparation for Ethereum 2.0.
The road to $100 billion
Ardonio was also asked about Tether’s scalability, and how it would work with banks if the project’s market cap kept growing.
“It’s theoretically not complicated to go from $0 to $200, $300 billion but if you surpass $100 billion and more, it becomes more complex to deal with banks,” said Ardoino.
Tether has had difficulties in the past with its banking partners. It lost $750 million of its reserves when accounts in a Panamanian bank were seized by law enforcement. To solve this, it created a cryptocurrency designed to work as a loan from the crypto community to cover these losses, which it intends to pay back. It has also stopped paying dividends to its shareholders.
“I believe that if we have to go to $100 billion then it would require probably a tier one bank to help us in the enterprise. The more you grow, the more you need diversification, and the more you need to step up the game and deal with the much bigger banks each time,” he said. But there are clouds gathering in the global economy that could scupper Tether’s expansion plans.
The specter of negative interest rates—where banks charge depositors to hold their money—has been mooted by several central banks recently. If implemented, Tether would have to pay banks holding its cash reserves. “It would be possible to still break even in that situation. To still maintain the capital and super safe investments. I think that it is harder if you have $100 billion, but if you have $9 billion it’s definitely something that is achievable,” he said.
Perhaps there is a limit to Tether’s rapid growth after all.
Visit - https://t.me/freebitmexsignals
For more latest news update on Cryptocurrency, Free Crypto signals & Bitcoin Binance Bitmex automated trading BOT visit above given Telegram channel
Coin Metrics says if past is prologue, it won’t be too long until Bitcoin’s trading volume matches other major asset classes.
In a new report, the crypto analytics firm compares BTC’s current trading volume to US equities, bonds and global FX markers.
Bitcoin’s daily spot market volume is only $4.1 billion. In comparison, the daily volume of the US equity spot market is $446 billion, $893 billion for the US bond spot market and $1.98 trillion for the global foreign exchange spot market.
Based on these numbers, Coin Metrics says Bitcoin has a lot of room to grow, and is currently more comparable to that of a large capitalization stock than of a distinct asset class.
“If historical growth rates can be maintained, however, Bitcoin’s current daily volume from spot markets of $4.3 billion would need fewer than 4 years of growth to exceed daily volume of all U.S. equities. Fewer than 5 years of growth are needed to exceed daily volume of all U.S. bonds.”
Coi
n Metrics says current market conditions appear favorable to the top cryptocurrency, concluding store-of-value assets such as Bitcoin are likely to hold up in the current macro environment.
“On the margin, the policy response to the coronavirus, the protest-related civil unrest in the United States, and the potential for a re-escalation of the trade war between the United States and China should be supportive for store-of-value assets such as Bitcoin.”
The report also points out the high level of correlation between gold and Bitcoin.
Visit - https://t.me/freebitmexsignals
For more latest news update on Cryptocurrency, Free Crypto signals & Bitcoin Binance Bitmex automated trading BOT visit above given Telegram channel
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.
Visit - https://t.me/freebitmexsignals
For more latest news update on Cryptocurrency, Free Crypto signals & Bitcoin Binance Bitmex automated trading BOT visit above given Telegram channel
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.
Visit - https://t.me/freebitmexsignals
For more latest news update on Cryptocurrency, Free Crypto signals & Bitcoin Binance Bitmex automated trading BOT visit above given Telegram channel
Bitcoin buying dropped off more than half in March, but rebounded soundly in April, according to the fintech company.
In brief
Revolut analyzed trading data collected from its crypto trading app.
UK users bought, on average, 50% less crypto when lockdown restrictions kicked in mid-March, the data showed.
But by the end of April, Bitcoin trading saw a huge rebound, according to the challenger bank.
When the UK went into lockdown, financial trepidation spread into the Bitcoin world, according to a new study released Wednesday by “challenger bank” Revolut.
The London-based fintech analyzed data from 3 million UK customers who use its crypto trading service to buy and sell Bitcoin (BTC), Bitcoin Cash (BCH), Ripple (XRP), Ethereum (ETH) and Litecoin (LTC).
The UK went into full coronavirus lockdown with the British public ordered to stay at home on March 23.
In the second half of March, UK crypto traders bought nearly two-thirds (-58%) less crypto per week, Revolut said. That’s an average per week drop of approximately 540 pounds to 230 pounds ($663 to $280). Users of the Revolut app also did about 50% less trading, the company said.
April saw Bitcoin buyers return
Interest in the market began to pick up again on April 20, when users began to purchase more BTC, according to the report. This was accompanied by a rise in the price of BTC.
On April 20, BTC was about $7,000. Since then, it has gone up more than 30% to about $9,000.
In the two weeks following April 20, the number of users buying cryptocurrencies rose 68%. The average amount of cryptocurrency bought by users increased by 57% and the amount bought per trade increased 63%, the report showed.
Bitcoin domination
Throughout the lockdown period, Bitcoin (BTC) dominated purchasing habits, with a total 51% share of the cryptocurrency trading market, Revolut’s data showed. This was followed by XRP, ETH, and BCH, the company said.
Revolut’s data also highlighted how different age groups buy and sell cryptocurrency. Those in the 55-64 age group buy at the highest value (345 pounds per trade) whereas those in the 18-24 age group trade at the lowest value (109 pounds per trade), the firm said.
Launched in 2015, Revolut now boasts more than 10 million customers, mainly in the UK and Europe. Along with banking services, the company offers a currency exchange, insurance brokerage and equity trading platform. The fintech completed a $500 million Series D in February, valuing the company at $5.5 billion.
