Bad Crypto news of the week
Bitcoin continues its bull run. The coin is up more than 12 percent over the last week and is now tickling $16,000. According to the Big Mac Index, a Bitcoin will now buy as many as 6,3421.26 of the giant burgers. It’s even passed the monetary base of the Russian ruble, and is on its way towards beating Canada. That will happen when Bitcoin is worth $18,000. It’s almost there. The coin already has a market cap bigger than that of Bank of America, Netflix, and Shopify. If it keeps rising, it will soon be in the top 20 assets by market cap, alongside Facebook, Tesla, and Apple. It’s no wonder that economists at the US Federal Reserve are looking harder at the value of CBDCs. They think that a central bank digital currency could be a useful way to deliver money directly to households.
Not everyone is so optimistic. Eric Wall, chief investment officer of crypto hedge fund Arcane Asset, is betting a million dollars that Bitcoin’s stock-to-flow model will be broken by 2025. By “broken” he means that Bitcoin won’t have reached 50 percent of its target range. In a tweet laying out the challenge, he tagged in PlanB, the creator of the model. PlanB had predicted a Bitcoin price of $100,000-$288,000 by December 2021. David Schwartz, CTO of Ripple, won’t be taking that bet. He says that he has already lost about $300,000 trading in tokens that turned out to be “completely worthless.”
The public still isn’t entirely persuaded either. Douglas Tuman, a crypto enthusiast and Monero podcaster, lost his bid for New York’s 4th District. He was running as a Republican on a pro-crypto platform. Joe Biden, though, has selected Gary Gensler to serve as an advisor, helping to ensure a smooth transition with the Federal Reserve and banking and securities regulators. Gensler was previously the chairman of the Commodity Futures Trading Commission and has talked about the importance of regulation to help cryptocurrencies grow.
Regulations have already landed on one Bitcoin user. Volodymyr Kvashuk, a Microsoft engineer, has been sentenced to nine years in prison for stealing $10 million of digital currency. He also told the IRS that the $2.8 million of cryptcurrency that passed through his account was a gift from a relative. That made this crime the first crypto conviction with a tax element.
Looking abroad, the China Construction Bank, one of the four biggest banks in China, is selling $3 billion worth of bonds and letting buyers pay for them with Bitcoin. The World Economic Forum sees the blockchain as the key to sustainable digital finance. And ZebPay, India’s oldest cryptocurrency exchange, is launching its own NFT and starting an NFT marketplace.
It’s not all good news, though. Binance has started to block US users from its platform. Users have 90 days to withdraw their funds. The blockade is the result of US regulators’ demands for the implementation of Know Your Customer and anti-money laundering requirements. And in Hong Kong, a proposal to require crypto exchanges to obtain a license and only target professional investors has met with criticism. The proposal, say some experts, will limit volume and suggest that crypto assets are speculative.
Finally, while the last few weeks have been pretty eventful for Bitcoin, Bitcoin Cash is about to have its moment. The coin hard forks in November 15. Make sure you’re ready.
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Author: by Total Exchange
Expert Opinion: Russian Authorities Should Establish Control Over The Cryptosphere
Sooner or later, the Russian authorities will be able to control the movement of funds on the crypto-rtorut.
The government and the Central Bank are determined to achieve their goal, Alexey Zubets, director of the Institute for Social and Economic Research at the Russian Government Finance University, told REGNUM news agency.
With this statement, the expert commented on the proposal of the Ministry of Finance to introduce criminal liability for the refusal to declare the cryptocurrency.
Remember, the Ministry of Finance proposes to amend the legislation and oblige all holders of bitcoins and other currencies to report all transactions. Citizens and companies must provide relevant information to supervisory authorities if the number of transactions per year exceeds 600,000 rubles.
Aleksey zubets supports the initiative of the authorities. He noted that control of the cryptosphere is a matter of state security. In this direction, it is useful for Moscow to study the experience of China and other countries.
According to the expert, only the digital ruble should be a payment tool in the Russian market on a par with fiat money. Other digital assets cannot be used to pay for goods and services.
He admits that the crypto industry should not be underestimated. It will develop and the state must establish control over it.
Otherwise, we will get a repeat of the situation with social networks. The authorities ignored them for a long time, and during this time the influence of social media has increased significantly. The same will happen with cryptocurrencies, the expert concluded.
Author: Souvik Sarkarhttps://news.triunits.comCrypto Expert And Blogger .
Bakkt Opens its Bitcoin and Crypto App for Early Testers
After announcing the launch of the Bakkt Bitcoin and crypto app earlier this year, the Bakkt mobile app is now ready for testing. The company sent an email on November 11 expressing its readiness to launch the mobile app.
According to the information in the email, the firm asked users to provide valuable feedback on the app’s functionality when they start using it.
The Bakkt team told its users they will be getting access to the Bakkt App, making them an early adopter of the much anticipated Bakkt App.
One user is only allowed to create one account, and the $10 bonus will be available for the first 50,000 customers. However, the app is not yet available to customers in Hawaii or New York.
The Bakkt app development team also said it will be launching more new features on the app in the next few weeks. However, the early access users can still enjoy the already available features such as Bitcoin (BTC) trading, aggregation of participating and rewards accounts, as well as withdrawals and deposits (plus $20 reward when they link a bank account).
The additional features to be added include Bakkt Cash experience with Starbucks mobile app, purchase, and aggregation of supported gift cards, as well as instant USD cash deposits).
During the announcement, the Bakkt and crypto app was supposed to be launched in the summer. But the present global coronavirus pandemic delayed its launch, just as it delayed several other scheduled launches in the industry.
Users won’t mind that the app’s launch was slightly delayed, especially for the early users who signed up to start enjoying the app.
This Bakkt mobile app is coming barely 24 hours after PayPal made a major move in the digital currency industry by granting users access to purchase Bitcoin and cryptocurrencies on their accounts.
Both companies will now provide traders and investors with the opportunity of investing in Bitcoin and other cryptocurrencies. It’s one of the major news for the cryptocurrency community who have been hoping for more crypto adoption from the mainstream. And there are few companies with a wider reach to influence more cryptocurrency adoption than PayPal. Bakkt’s move has also been hailed in the industry as a step in the right direction for the crypto community.
Author: FOLLOW ON