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Binance is approaching an all-time high in new user registrations as it continues to expand around the world facilitating crypto trading in different jurisdictions as more countries ease their regulatory framework to adapt quickly to this new era.
Binance has seen an increase in its activity and user base in days before the bitcoin halving. Inactive users have started resetting their passwords and began trading again, the CEO & Founder of Binance, Changpeng Zhao, said during the Consensus: Distributed today.
Binance sees spike in trading volume
Binance registered the highest volume of transactions during the last 30 days before the Bitcoin halving, reporting movements of 184,921,277,939 USD, according to coinmarketcap, placing it at the top of a list with over 330 exchanges.
Similarly, Binance.US – the Binance subsidiary exchange for the United States – is still adapting to the national regulations in a process that CZ considers somewhat slow. “It’s just a lengthy process in the U.S. to go through all of the regulatory compliance work,” Zhao said. “Hopefully we will get there and continue to enrich the product.”
“Right now, we’ve got just the fundamentals – being able to provide people easy ways to buy crypto, easy ways to put market order in or limit orders.” according to Catherine Coley CEO of Binance.US.
Users can now buy crypto with South African Rand
On the other hand, the Asian Giant added support for deposits and withdrawals in South African Rand, on its platform. Users will be able to trade that currency against BTC, ETH, BNB, BUSD, and USDT.
In the same way, users of banks with support for “Faster Payments Service” will be able to deposit ZAR in a matter of minutes (approximately 30 minutes).
As part of its expansion, Binance recently added support for the Indian Rupee just after an Indian Court ruled crypto trading should not be banned. Also, today it announced an investment in Tokocrypto South East Asia’s fiat to crypto brokerage platform.
2020 seems to be a very promising year for Binance, which continues to grow both in adoption and volume, seeking to position itself as the number one exchange when it comes to the cryptocurrencies market.
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US Debt Breaks $25T — Stimulus Checks Which Bought Bitcoin Are Now Worth $1.6K
Bitcoin (BTC) supporters are shocked once again this week as the real extent of the US’ fiat debt bubble inflated by the COVID-19 stimulus becomes clearer.
Citing statistics from the U.S. Treasury on May 7, market analyst Mati Greenspan said that the country’s total national debt has crossed $25 trillion for the first time ever.
U.S. adds $24M of debt per minute
The unenviable achievement comes after several huge rounds of public financing from the Trump administration via the Federal Reserve. Since April 9, the debt mountain has grown by $1 trillion.
That, according to Greenspan, is the equivalent of $24 million every single minute last month.
According to data from online monitoring resource U.S. Debt Clock, each taxpayer is now $201,000 in debt, putting into perspective the selective $1,200 checks Americans get a couple of weeks ago.
A century of warnings goes unheeded
Economists who do not support inflationary policies promoted by governments have long warned that inflation can not lead to prosperity.
The grave reality of money printing is a regular point of debate in Bitcoin community, notably on financial news show the Keiser Report, as well as on social media and in Saifdean Ammous’ popular book, “The Bitcoin Standard.”
Long before Bitcoin existed, dissenting voices were criticizing the irrational behavior of central banks inflating the money supply. Notably, Henry Hazlitt forecast the current situation in his well-known book “Economics in One Lesson,” published just a year after the end of the Second World War.
In the meantime, others continue to pour light on the absurd debasement of fiat currency. A dedicated Twitter account covering the U.S. stimulus checks notes that a check invested in Bitcoin on April 15 would now instead be worth $1,609.
In mid-April the percentage of deposits and buys worth $1,200 — the exact value of the stimulus check — increased over four times, according to Coinbase CEO, Brian Armstrong.
Greenspan commented on the $25 trillion threshold being crossed with a well-known meme among crypto fans — the “BRRR” sound used to refer to the Fed’s money printer.
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The banking giant’s move could signal a thaw in relations with the crypto industry. But will Jamie Dimon change his mind about Bitcoin?
In brief
JP Morgan has approved banking accounts for crypto exchanges Coinbase and Gemini.
The exchanges are the bank's first crypto customers.
The news will be encouraging for crypto businesses seeking banking services.
JPMorgan has extended its banking services to popular cryptocurrency exchanges Coinbase and Gemini, according to people familiar with the matter, who spoke to the Wall Street Journal. The exchanges will be the bank’s first cryptocurrency clients.
Reported today, the landmark move is a sign that Wall Street is gaining confidence in the cryptocurrency industry, but banking requirements could still be overly exacting for many crypto businesses struggling to acquire accounts.
Coinbase and Gemini had to jump through multiple hoops to gain JPMorgan’s approval, the sources said, emphasising the degree to which the exchanges have become regulated entities.
“The fact that both are regulated by multiple parties played a big part in the approval process,” they told the WSJ.
Both exchanges hold money transmitter licenses in multiple states; Gemini won a trust charter in 2015 from the New York State Department of Financial Services. Meanwhile, Coinbase has a BitLicense, a specialized license for crypto businesses, and is registered with the Financial Crimes Enforcement Network.
As well as an extensive vetting process, JPMorgan’s decision may have been influenced by increased interest in Bitcoin by mainstream investors and traders.
Trading volumes saw record highs in March and April, as people sought a safe haven from volatile traditional markets; investment platforms geared towards institutional investors, such as Grayscale, have been thriving, and more funds are turning to Bitcoin as a viable alternative, in the face of quantitive easing.
Even Wall Street legend Paul Tudor Jones has recently come out in favor of Bitcoin, contrasting its monetary policy with that of the Fed's. Beyond recommending it to other institutional traders, he also said that 1-2% of his assets are in Bitcoin.
In the past, JPMorgan chief executive Jamie Dimon has criticised Bitcoin. But, more recently, the bank has experimented with blockchain, and even its own digital currency, JPM Coin (for clients' digital payments.)
The bank approved the Coinbase and Gemini accounts in April, per the WSJ. Primarily, it will handle dollar-based transactions, and cash-management services for the exchanges.
No Bitcoin or crypto then—at least, not yet.
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In brief:
Stellar wants to become the global payments standard in the next 5 years.
While admitting it won't happen any time soon, the Stellar foundation wants governments to issue CBDCs on the network.
Several Stellar network upgrades are planned for June.
today the Stellar Development Foundation shared its lofty goal to become the next global payment standard. How it will get there, however, depends on whether governments choose to harness Stellar's permissionless network for Central Bank Digital Currencies (CBDCs). Since the talk, the price of Stellar has shot up 11%—beating the rest of the market.
Speaking during Consensus distributed, Stellar CEO, Denelle Dixon, kicked proceedings off with an applicable nod to the current financial crisis.
"The existing financial infrastructure is outdated, operating on models that have been unchanged for decades," said Dixon, "In the context of this pandemic, just look at how many people have waited weeks for paper stimulus checks.
This, she suggests, is forcing policymakers, governments, and central banks alike to recognize the need for innovation as well as equitable access to the financial system. In response, Stellar has been examining how to implement CBDCs.
"CBDCs was exactly the type of digital money Stellar was designed for, connecting today's real-world financial infrastructure with the digital blockchain world," Dixon explained.
When asked what this new normal might bring for Stellar, Dixon responded that it would likely create a huge opportunity with blockchain becoming the arbiter of innovation.
Talks inevitably turned to Facebook's Libra—a project that has had to drastically change direction from initial conception due to regulatory pressure. With Stellar attempting to achieve a similar goal, will regulation become a hindrance?
"The network layer is very much like the internet, it shouldn't be regulated," explains Dixon. "Stellar itself is the layer that everyone can build on top of, so I don't see regulation with respect to that."
No digital dollar on Stellar, yet
As for whether a government would opt to create a digital dollar on private sector initiatives such as Stellar or Libra, Stellar’s founder, Jed McCaleb, remained tactful.
"We've talked to a few governments around the world about CBDCs. I still think it's pretty early for that and especially early for them to issue these things on a public chain, most [governments] when they get into the nuts and bolts of it they want to control it," says McCaleb. "So, I still think the whole CBDC story is far away."
Nevertheless, he holds out hope that a government does choose a permissionless chain, Stellar's in particular. McCaleb argues that there is no benefit of a private chain as it technically already exists in the form of digitized dollars held in central bank reserves.
"It doesn't really get you anything unless you make it this more open system where it's flexible for people to send money around," he added.
Stellar's technical advancements
McCaleb ran through several technical upgrades to the Stellar ecosystem.
Rattling off the stats, McCaleb highlighted that since the network started in 2015, it has conducted over a billion operations, issued 7,000 assets, and onboarded 121 validators. This means that the network is now in a position to run without the support of the Stellar foundation.
"This is obviously a big step for decentralization," McCaleb said.
Stellar's next milestone is the Protocol 13 and Horizon 1.0 upgrades—expected to be voted on by validators in early June.
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Blockchain analytics firm CipherTrace has launched a new project which aims to help central banks launch digital currencies without compromising user privacy.
In brief
Blockchain forensics firm CipherTrace wants to expand its business to central banks.
A new initiative aims to help central banks launch their own digital currencies in a safe, private, and regulatory compliant manner.
CipherTrace, funded by DARPA, already works with banks and governments around the world.
Blockchain forensics firm CipherTrace is launching a new initiative designed to ensure central bank digital currencies (CBDCs) are private, safe to use, and free of money laundering, terrorist funding and other illicit ties.
Since the introduction of Facebook’s Libra in 2019 and China’s unveiling of a digital version of the yuan, financial institutions have felt pressure to explore bank-issued digital assets. According to John Jeffries—chief financial analyst at the Silicon Valley-based CipherTrace—central bank digital currencies have several advantages to them, as they provide banks with immediate control over their monetary policies and they lower the costs of managing cash.
There is also great fear among central banks, he says, that Libra or China’s digital yuan could potentially become default reserve currencies or gain too much economic influence. At the moment, 80% of the world’s central banks, including the UK, France, India, and Russia, are already working on plans for bank-issued digital currency.
CipherTrace, initially funded by DARPA and the US Department of Homeland Security, believes most banks will ultimately issue CBDCs within the next five years. And its new initiative aims to enable these currencies with “customizable mechanisms,” so they can be trusted by financial institutions, government agencies and consumers alike.
But balancing compliance with security and privacy is no small feat.
In an interview with Decrypt, Jeffries explained that CBDCs should not be used to spy on users, and it will be critical to defend consumer privacy while protecting both individuals and institutions from harm due to illicit activity.
“Blockchain analytics have the power to identify illicit activities that should not remain anonymous, thus enabling privacy-be-default for all other transactions,” he said. “Privacy-enabled CBDCs should be designed to protect [revelatory] details and only enable authorities to view transaction details on large or suspicious transactions,” said Jeffries.
To achieve privacy-by-default, Jeffries said CBDCs should have a “protected” mode, but consumers ought to also be able to reveal their data for tax reasons, as well as to prove custody. Governments and law enforcement should only be allowed to request access to transaction details for legitimate legal investigations via subpoena or mutual legal assistance treaty (MLAT), he explained.
In other words, transactions should only be unshielded by regulators and financial authorities when blockchain analytics reveals that digital assets have been used in illegal acts, according to Jeffries. Regulators can use risk profile monitoring to identify which digital asset companies and wallets are participating in illicit activities before unmasking transactions, he said.
CipherTrace is already seeking to form close working relationships with banks around the world. Last month, it launched Armada, a tool built to identify risks associated with virtual asset service providers (VASPs) and prevent banks from becoming unknowing participants in illegal financial schemes.
According to the blockchain analytics firm, banks already unknowingly process $2 billion in crypto-related transactions each year.
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The leading US-based cryptocurrency exchange, Coinbase, reportedly experienced issues again as Bitcoin’s price suddenly dropped, losing around 20% quickly. This isn’t the first time the exchange goes down amid sudden movements of the kind.
Coinbase Goes Down As Bitcoin Price Plummets
Bitcoin is known to be volatile. What is more, when there’s volatility, it usually takes place in sudden bursts rather than prolonged trading sessions. In March, the price lost around 40% in just a few hours.
Hours ago, Bitcoin suddenly crashed, and in a few minutes, it tanked from a little less than $10,000 to below $8,000 before recovering to its current trading levels.
At times of the kind, it’s essential for users to be in control of their positions and minimize the losses or maximize the profits, depending on their trading setup. When an exchange is down, however, that’s practically impossible.
Coinbase, the leading US-based cryptocurrency exchange, reportedly went offline again. Numerous users on Twitter complained about the problem, while data shows that there are more than 1,000 reports around the time of the crash. Many even joked that Coinbase is acting like the NYSE circuit breakers that halt trading when legacy markets experience a violent drop.
The Fed’s Interest Cut And Global Markets’ Crash Might Lead To Bitcoin & Crypto Surge, Says Coinbase CEO
According to the official website, Coinbase experienced connectivity issues yesterday and delayed sends for ETH and ERC20 tokens because of network congestion. Many of the reports, however, point out that the site was inaccessible.
It’s Not The First Time
Back in 2019 in June, Bitcoin lost about 15% in about 15 minutes, reducing its price with about $1,700. At the time, Coinbase experienced technical issues again, and traders were unable to access their funds.
On April 29th this year, the exchange was off again as Bitcoin soared to just below $9,000. These are far from being the only instances when Coinbase has been going offline during times of severe volatility.
Being one of the world’s leading exchanges, issues of the kind should be reduced to a minimum. The industry has come a long way in the last few years, and setbacks of the kind are questionable, to say the least.
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Yuri Molchan
Last year, billionaire Tim Draper shared one major reason why Bitcoin would surge to $250,000 within two years, now his statement seems to be finding support
In December 2019, in one of his interviews, the billionaire, global investor and Bitcoin advocate Tim Draper doubled down on his forecast regarding the Bitcoin price in the near future.
He again stated that BTC would be worth not less than $250,000. Earlier, he mentioned that this was even a conservative prediction.
However, the trigger that would take Bitcoin as high as $250,000 by 2022-2023, according to Draper, now is confirmed by those who have a direct connection to it – women.
Women to drive Bitcoin adoption forward
The prominent Bitcoin advocate Tim Draper earlier several times predicted that by 2022-2023 Bitcoin would hit the astronomically high level of $250,000.
Back in December 2019, he stated that a wide Bitcoin adoption would be achieved thanks to women getting involved. As the main reason, Draper mentioned that around eighty percent of shopping is done by them.
However, as per Draper, only one wallet out of fifteen belongs to a woman. So as soon as they realize that paying with BTC is cheaper than using bank cards, the adoption is going to boost, as well as the price. He said:
“I think the flood gates are about to open because it turns out that women do about 75-80 percent of the shopping and only 1 out of 15 Bitcoin wallets is held by a woman. So once women realize they are wasting 2.5-4 percent every time they swipe their credit card they will definitely be starting to look for a better solution
