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- Customer reviews – German tax advice hotline
- Market Wrap: Bitcoin Can’t Stick to $9,000 While Stocks Rally
- New Crypto Bull Run ‘Inevitable’ Says Data Analytics Company CEO
- India Central Bank Gives Green Light for Crypto Firms | Bitcoin News – Tokeneo
- Swiss Government Rejects $103 Million Bailout for Crypto Companies Battered by Coronavirus | Finance Bitcoin News
Customer reviews – German tax advice hotline
Market Wrap: Bitcoin Can’t Stick to $9,000 While Stocks Rally
May 26, 2020 at 21:06 UTC
Author: Daniel Palmer
New Crypto Bull Run ‘Inevitable’ Says Data Analytics Company CEO
A new crypto bull run could be on its way as a result of government economic measures and mainstream interest.
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After two years of uncertainty since 2017’s mega bull run, the signs are looking promising for a big crypto rally, says the co-founder of market analytics company Digital Assets Data.
“I believe a major crypto bull cycle is inevitable,” CEO Mike Alfred told Cointelegraph.
Several months of coronavirus prevention measures, including business closures and stay-at-home orders, have wounded the global economy. High unemployment numbers means less spending as people look to meet their budgetary needs.
Extended periods of reduced revenue also foreshadow businesses closures. Meanwhile, mainstream financial markets have rallied amid trillion-dollar U.S. government efforts. Several other nations have pushed similar plans forward.
Such government action, matched with improved crypto infrastructure, could boost prices in the crypto sphere and spark a fresh crypto bull run Alfred said:
“The confluence of factors that could help drive this cycle include unprecedented recent interventions by fiscal and monetary authorities around the globe and rapidly improving trading, lending, and custodial infrastructure.”
As of late, a number of mainstream giants have also entered the crypto space, including hedge fund founder Paul Tudor Jones.
“We are seeing large traditional hedge funds start to participate in the space in a meaningful way and retail interest has ticked up as evidenced by search traffic,” Alfred said.
“The interest is real … I’ve had literally 20 friends from outside the industry reach out to me in the last month because they’re interested in getting involved,” he added.
Those contacting Alfred also include older generations who primarily bought mainstream markets prior to their recent understanding of the new asset class.
Recent weeks also yielded naysayers changing their tune as JPMorgan Chase unveiled its nod of approval toward crypto exchanges Gemini and Coinbase — a bold contrast from 2017, when the bank’s CEO Jamie Dimon called Bitcoin a fraud.
Author: Benjamin Pirus
India Central Bank Gives Green Light for Crypto Firms | Bitcoin News – Tokeneo
A recent announcement issued by the Reserve Bank of India (RBI) suggests that Indian banks are not prohibited from opening accounts for crypto companies anymore.
It therefore appears that the Central Bank of India, the Reserve Bank of India, finally clarified its position on financial services dedicated to companies related to the cryptocurrency market.
Indeed, in its letter, the RBI explained that there are no restrictions on banks that want to open accounts with companies that deal with cryptocurrencies.
The RBI’s letter was written at the request of Harish BV, co-founder of the local crypto exchange, Unocoin.
It’s a big breakthrough. In 2018. the RBI issued a statement that limited the development of the cryptocurrency market in India. Commercial banks were somehow banned from opening accounts for companies that offered trading in digital currencies.
Since then, the situation improved as the RBI ban was lifted by the Supreme Court in early March. This was an apparent success, as allegedly the banks were still afraid to open accounts with the crypto exchanges. They claimed that they had not received any letter from the RBI in this case.
Lawyer Mohammed Danish noted that the Supreme Court’s decision to lift the ban did not contain an order for the RBI to notify the banks of the ruling.
The current announcement published by the central bank theoretically makes the situation clear.
The actions of the RBI were detrimental to the Indian economy. It is worth noting that companies from the BTC market in India have reregistered in recent months to countries with crypto-friendly regulations.However, they were still actually operating in India, although taxes were paid in other jurisdictions. Some of India’s best known companies were forced to close down.
Harish BV told Cointelegraph that now that the RBI’s position is crystal clear, the blockchain and cryptocurrencies industry can grow again in India. And we’re talking about a market of 1.35 billion people.
“After Supreme Court scrapping RBI’s Ban on crypto and RTI’s reply from RBI, it is clear that there is no need for any blockchain or crypto company to register out of India.”
– he says.
Switzerland’s government has rejected a 100 million franc ($103 million) bailout for local cryptocurrency companies battered by the coronavirus economy, local media reported.
Zug finance director Heinz Taennler requested the special funding package in April. He planned to issue out loans to startups, which could be converted into shares.
The central government had already unveiled a $158.6 million credit facility for all fintech startups, but Taennler felt that won’t be enough for the cryptocurrency sector’s ambitious financing needs.
Zug is the heartbeat of Switzerland’s famed crypto industry, commonly known as the “Crypto Valley.”
Now, members of the Zug local government last week turned down Taennler’s funding request, the only such request to be rejected from over 24 different applications for coronavirus emergency funding, according to a report by local newspaper Tages-Anzeiger.
The majority of the government officials were reportedly not too enthused about the future of the crypto industry.
However, the Zug finance director announced a loan facility of about $15.4 million on May 25, which is now expected to provide temporary relief to emerging businesses in Crypto Valley. The report said more than 66% of cryptocurrency and blockchain companies that applied for broader central government loan guarantees failed to get them.
“Taennler wanted to help blockchain start-ups shaken by the corona crisis with a sovereign wealth fund. But his government colleagues reject this,” said the newspaper report.
The once-flourishing Swiss cryptocurrency industry is struggling to survive following the withdrawal of private equity investors.
About 80% of 203 firms surveyed by the Swiss Blockchain Federation recently warned of imminent bankruptcy. Only half of the 50 biggest companies in Crypto Valley expect to last a year in business.
While startups are generally threatened by the Covid-19 impact on the economy, Cypto Valley’s loss of venture capital constitutes an underlying condition.
A mid-2019 analysis of the 50 top companies valued them at $40 billion, which was two times their value at the beginning of the year. The report also listed six unicorns. As a whole, the “Crypto Valley” had more than 800 companies with over 4,000 employees.
What do you think of the Swiss government turning down Crypto Valley’s funding request? Let us know in the comments section below.
Bailout, Bitcoin, Coronavirus, coronavirus economy, COVID-19, Crypto Valley, Cryptocurrency, Fintech, heinz taennler, loan, Swiss Startups, Switzerland, Zug
Author: Finance by Jeffrey Gogo