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March 2021 – Weekly Recap 3

Posted 22 Mar / In Business Analysis, Investigation

Weekly Recap

March 16th, 2021 - March 23rd, 2021

Welcome to our 3rd weekly recap for March.

Overview 

 

Crypto News

South Korea’s cryptocurrency regulatory space is set to become even more tightly regulated with the incoming laws on financial reporting for crypto businesses in the country.

The Litecoin Foundation has completed the code for its MimbleWimble Extension Block (MWEB) which will enhance scaling and privacy for the cryptocurrency.

Grayscale Investments, the largest digital asset manager, launched five new digital currency trusts, the company announced Wednesday.

Visa CEO, Al Kelly revealed the company’s plans to enable the buying of bitcoin using its credit cards during his recent podcast with Fortune’s ‘Leadership Next’.

In her new report, Deutsche Bank analyst and French economist Marion Laboure writes that Bitcoin can no longer be ignored after its market cap eclipsed $1 trillion.

Cardano’s (ADA) community long-awaited announcement has arrived. Coinbase has listed ADA on its main and pro platform. Starting today users will be able to start trading the cryptocurrency in all supported regions.

Flare Networks considers integrating Cardano’s native token ADA. It has launched a poll on its official Twitter handle to find out the community’s opinion.

Ethereum devs will discuss whether to focus on going full Proof of Stake (PoS) after the fee market hard fork goes through this summer.

Crypto exchange Coinbase could be extending support for more digital assets following the addition of Cardano (ADA) on its platform.

 

 

March 2021 – Weekly Recap 2

Posted 16 Mar / In Business Analysis, Investigation

Weekly Recap

March 9th, 2021 - March 16th, 2021

Welcome to our 2nd weekly recap for March.

Overview 

Crypto News

Last month, MoneyGram suspended trading on Ripple’s platform after the blockchain company got sued by the U.S. Securities and Exchange Commission, but both parties were anticipating to resume their collaboration given that a multi-year contract between them was still in place.

Chinese Twitter-alike social media Weibo has suspended the official accounts of Huobi, OKEx, Binance and MXC in what appears to be an effort targeted on crypto exchanges.

Claims that Oracle would announce a 72,000 Bitcoin buy-in on Wednesday were left unsubstantiated by executives as Bitcoin fell from local highs of $57,300.

In one of his recent tweets, a rigorous Bitcoin opponent, CEO of Euro Pacific Capital, Peter Schiff, wrote that Grayscale is now likely to turn into a Bitcoin seller – just as he expected.

The Commodity Futures Trading Commission (CFTC) is investigating Binance, the largest exchange by global trading volume, according to a March 12 Bloomberg report.

Ripple’s Brad Garlinghouse and Christian Larsen have asked a federal judge to block subpoenas from the SEC requesting personal financial information from eight banks.

India is expected to pass a bill that would criminalize cryptocurrencies, according to a Reuters report that cites an unnamed government official.

A tweet from Sam Trabucco from Alameda clarified that they are not affiliated with REEF as claimed.

A DNS attack can take several forms. However, the affected platforms have reported facing a DNS hijacking on the Binance Smart Chain. In this instance, their domain names have been hijacked, resulting in the internet traffic being diverted to an unknown destination.

 

 

March 2021 – Weekly Recap 1

Posted 09 Mar / In Business Analysis, Investigation

Weekly Recap

March 1st, 2021 - March 9th, 2021

Welcome to our 1st weekly recap for January.

Overview 

Crypto News

Just days after the conclusion of its long-running feud with the Office of the Attorney General of New York, Tether says it is now a victim of an extortion attempt. According to the stablecoin issuer, the blackmailers are threatening to release documents they claim “will harm the bitcoin ecosystem” if their demand for the payment of 500 bitcoins is not met.

Crypto bank Unicas, a joint venture between Cashaa and United Multi State Credit Cooperative Society, has expanded its operations by opening another physical branch. The bank believes that the Indian government will introduce positive crypto regulation and not impose an outright ban on cryptocurrencies such as bitcoin.

Global investment bank Goldman Sachs has brought back its bitcoin trading desk and will start handling bitcoin futures next week. The firm is also reportedly exploring the potential for a bitcoin exchange-traded fund (ETF) and plans to provide a crypto custody service.

Gary Gensler, President Joe Biden’s pick to lead the U.S. Securities and Exchange Commission (SEC), has revealed his policies on bitcoin and other cryptocurrencies if confirmed as the SEC chairman. Gensler is a professor at MIT who teaches cryptocurrencies. He previously served as the chairman of the Commodity Futures Trading Commission (CFTC).

The Thai financial watchdog has reportedly retreated from its initial controversial crypto rule proposal. Citing the country’s Securities and Exchange Commission (SEC), a local media outlet stated that public criticism was significant regarding the matter.

On Friday, the incorporated and publicly listed business intelligence (BI) firm, Microstrategy announced the company has acquired an additional $10 million in bitcoin. The company’s CEO Michael Saylor revealed the latest purchase on Twitter with a link to a Form 8-K Securities and Exchange Commission (SEC) filing registered on March 5, 2021.

Tech entrepreneur and former anti-virus tycoon John McAfee has been indicted by the U.S. Department of Justice (DoJ) on money laundering and fraud charges. The United States Attorney for the Southern District of New York and the FBI unsealed the indictment charging McAfee and his associate Jimmy Watson with securities fraud.

Global investment bank Goldman Sachs is seeing huge institutional demand for bitcoin with no signs of abating. A survey of Goldman’s institutional clients shows that 61% expect to increase their cryptocurrency holdings. Meanwhile, 76% say the price of bitcoin could reach $100,000 this year.

 

February 2021 – Weekly Recap 4

Posted 04 Mar / In Business Analysis, Investigation

Weekly Recap

February 22nd, 2021 - Feb 29th, 2021

Welcome to our 4th weekly recap for Febuary.

Overview 

Crypto News

 

Cryptocurrencies could succeed if properly studied, but bitcoin is a highly speculative and inefficient asset, said US Treasury Secretary Janet Yellen.

 

On Feb. 10, Mastercard announced that it would start supporting a select few cryptocurrencies on its payment network. According to the payments giant, the inclusion of cryptocurrencies will allow customers to “save, store and send money in new ways” while opening up new opportunities for merchants as well.

 

Global money transfer service MoneyGram says it has changed its relationship with blockchain payments firm Ripple amid the latter’s litigation with the Securities and Exchange Commission.

 

The Securities and Exchange Board of India (SEBI) has reportedly ordered stock promoters to exit all cryptocurrency holdings before raising funds.

 

After much back and forth, South Korea appears to have finally set a hard date for the dawn of cryptocurrency taxation.

 

Crypto firms Bitfinex and Tether have settled with the New York Attorney General’s (NYAG’s) office, ending a legal dispute that began in mid-2019.

 

Cryptocurrency exchange Coinbase has filed for an initial public offering with the U.S. Securities and Exchange Commission (SEC). The company has chosen the direct listing route and has applied for its shares to be listed on Nasdaq.

 

A Dubai based crypto-based investment fund, FD7 Ventures says it will offload bitcoins worth $750 million and will use the proceeds to increase positions in Cardano and Polkadot tokens. According to FD7 Ventures, this switch to the two altcoins will help the fund to better serve the interests of investors who are looking to diversify their portfolios.

 

Philippine crypto exchange Pdax recently suffered a costly technical failure – one that led to bitcoin trading at 300,000 Philippine pesos (around $6,000) – a discount of 88% to its current price.

 

February 2021 – Weekly Recap 3

Posted 03 Mar / In Business Analysis, Investigation

Weekly Recap

February 15th, 2021 - Feb 22nd, 2021

Welcome to our 3rd weekly recap for February.

Overview 

 

Crypto News

 

Just recently, during Microstrategy’s “Bitcoin for Corporations” event, Stone Ridge Asset Management and New York Digital Investment Group (NYDIG) founder, Ross Stevens, explained that he sees a “wall of money” entering the bitcoin space. A week later after that statement, NYDIG has revealed that the company has filed for a bitcoin exchange-traded fund (ETF) and is hoping for regulatory approval.

A government-owned entity in Dubai has started accepting bitcoin, ether and tether as payment for its services, according to local media reports.

A U.S. publicly-listed Chinese sports lottery firm is extending its arms into the crypto industry by announcing another related maneuver. 500.com Ltd announced it has acquired Btc.com, the well known bitcoin mining pool.

Two bitcoin exchange-traded funds (ETFs) have been approved in Canada. Evolve Bitcoin ETF has become the second bitcoin ETF to get approval by Canada’s securities regulator. The first approved bitcoin ETF starts trading Thursday.

According to a website that tracks the price of bitcoin across the globe, the crypto asset’s selling price in Nigeria as of February 18 stood at $ 76,000. At this price, the crypto asset is selling for $20,000 more than the approximately $52,000 that most cryptocurrency exchanges are currently quoting.

The world’s largest asset manager with almost $9 trillion in assets under management, Blackrock, has started investing in bitcoin. Sharing his view on what’s driving up the price of the cryptocurrency, the firm’s chief investment officer says the technology and the regulation have evolved to where people find bitcoin should be part of their portfolios.

The North American Purpose Bitcoin ETF launch on Thursday saw massive demand, as more than $165 million in trade volume was recorded. In fact, the exchange-traded fund listed on the Toronto Stock Exchange (TSX) saw it’s first $80 million swapped during the first hour of trading sessions.

Nvidia announced that it will start limiting the efficiency of mining ethereum or any other crypto using its new range of upcoming graphics processing units (GPUs).

The rollercoaster-ride in cryptocurrency prices on Monday was accompanied by Binance’s fresh restrictions for ethereum and ERC-20 tokens.

February 2021 – Weekly Recap 2

Posted 18 Feb / In Business Analysis, Investigation

Weekly Recap

February 8th, 2021 - Feb 15th, 2021

Welcome to our 2nd weekly recap for February.

Overview 

Crypto News

 

Uber CEO Dara Khosrowshahi has said that the company will accept bitcoin and other cryptocurrencies as a form of payment if there is a benefit and a need for it.

The oldest bank of the United States, Bank of New York Mellon (NYSE: BK), has revealed it will start financing bitcoin and other digital currencies through the rollout of a new cryptocurrency custody service.

The Ontario Securities Commission has approved a bitcoin exchange-traded fund, according to public records published Thursday.

BloombergQuint reported the news on Thursday, citing an unnamed “senior Finance Ministry official.” The ban won’t be imposed overnight, according to the official, who said the government would give a three-to-six month transition period for existing investors to liquidate their investments.

Deutsche Bank has joined the growing ranks of large financial institutions exploring cryptocurrency custody, with aspirations to offer high-touch services to hedge funds that invest in the asset class.

Apple Pay is the newest way BitPay makes living life on crypto easy. Simply open Apple Pay and scan or enter the BitPay card information to use it wherever Apply Pay is accepted.

Ukraine and the United Arab Emirates have signed memorandums and contracts worth $3 billion or more, the presidential press service said.

U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce is reportedly vocalizing the urgent need for regulatory clarity across the crypto sector.

Despite this weak price action, a massive influx of new capital may be imminent, thanks to MicroStrategy. The company announced plans to raise roughly $600 million – all of which would be used to add to their BTC reserves.

February 2021 – Weekly Recap 1

Posted 18 Feb / In Business Analysis, Investigation

Weekly Recap

February 1st, 2021 - Feb 8th, 2021

Welcome to our 1st weekly recap for February.

Overview 

Crypto News

 

Spacex and Tesla CEO Elon Musk has clarified his position on bitcoin and dogecoin. He confirmed that he supports bitcoin, stating that it is “a good thing.”

The U.S. Federal Reserve (Fed) has posted a job advertisement that seeks to hire a role related to stablecoins and central bank digital currencies (CBDC). The Fed is looking for a research manager to join its team to assess the “benefits and risks” of digital assets.

New legal provisions on distributed ledger technology (DLT) went into effect on Feb. 1 in Switzerland. After the implementation, two local companies announced that they had issued the first tokenized asset under the brand-new law.

Paypal is launching a new business unit dedicated to cryptocurrency services, the company chief executive officer Daniel Schulman announced this week.

The Central Bank of Nigeria (CBN) has circulated a letter directing banks and financial institutions to identify and close accounts of cryptocurrency transacting entities. The directive, which took immediate effect, threatens “severe regulatory sanctions” to financial institutions that fail to comply.

Grayscale Investments has surpassed the milestone of $30 billion in net crypto assets under management (AUM). The company says the tremendous growth is due to institutional investors, particularly hedge funds.

The Reserve Bank of India (RBI) is actively working on a digital currency and will make a decision “very soon,” the central bank has reportedly confirmed. Meanwhile, payments giant Paypal is shutting down its payment services within India.

Billionaire hedge fund manager Bill Miller’s flagship fund will soon be able to add bitcoin exposure by investing in Grayscale’s bitcoin trust (GBTC), according to its filing with the U.S. Securities and Exchange Commission (SEC). The fund currently has about $2.25 billion in assets under management.

The price of bitcoin touched a new all-time high on Monday after the community discovered that Elon Musk’s firm Tesla added $1.5 billion worth of bitcoin to the company’s balance sheet. At press time, bitcoin is meandering over the $43k handle and has an overall market capitalization of around $814 billion today.

 

 

January 2021 – Weekly Recap 5

Posted 05 Feb / In Business Analysis, Investigation

Weekly Recap

Jan 25th, 2021 - Feb 1st, 2021

Welcome to our 5th weekly recap for January.

Overview 

Crypto News

 

Following in MicroStrategy and Square’s footsteps, Bitcoin mining company Marathon Patent Group is now investing a large portion of its treasury reserve in BTC.

With the ongoing saga of Gamestop shares surging as a result of the r/wallstreetbets subreddit, Robinhood and other trading platforms such as WeBull and Apex Holdings (the clearing firm for among others, Public.com) has refused to allow for the buying of more GameStop GME +19.2% shares.

Popular social media network Reddit, which counts over 1.7 billion monthly visits, is deepening its ties with the Ethereum Foundation in what it has formalized as its first-ever blockchain partnership.

Blockchain company Ripple has filed its preliminary response to the lawsuit that was announced by the U.S. Securities and Exchange Commission in December.

When the richest man in the world, Elon Musk, updated his Twitter bio on Friday — simply adding the word “Bitcoin” — it was followed by a near-immediate 13% increase to the Bitcoin (BTC) spot price.

The enterprise business firm entered the Bitcoin space last year amidst fears of inflation and a depreciating dollar. It’s now urging other corporations to do the same.

During the Visa Q1 earnings call on Thursday, chairman and CEO Al Kelly devoted a portion of his comments to reaffirming the financial giant’s commitment to crypto payments and onramps, as well as explaining “how Visa thinks about crypto in general and our approach.”

Visa’s CEO, Al Kelly, suggests Visa could add cryptocurrencies to its list of over 160 currencies, according to the transcript of an earnings call.

Jesse Powell, chief executive of crypto exchange Kraken, says the firm is seeing a significant uptick in the number of new users as interest in cryptocurrencies grows.

 

January 2021 – Weekly Recap 4

Posted 26 Jan / In Business Analysis, Investigation

Weekly Recap

Jan 18th, 2021 - Jan 25th, 2021

Welcome to our 4th weekly recap for February.

Overview 

 

Crypto News

 

President Joe Biden has frozen all new or pending rules introduced during the Trump administration. This includes the FinCEN’s controversial crypto wallet proposal.

On January 21, 2021, a random dude sent $21 to another random dude. And this is news because that transaction triggered a series of unfortunate events that ended up wiping $84Billion from Bitcoin’s total market cap, driving the community into a panic and causing a drop of more than 11% in the price of the largest cryptocurrency in the crypto ecosystem.

GrayScale has had its most successful week yet, buying close to $1.3 billion bitcoin, up considerably from $500 million a week during December.

Crypto asset manager Grayscale has incorporated six more trusts, including those tied to Chainlink (LINK) and Tezos (XTZ) tokens.

Mrs. Janet Yellen has made a follow-up comment about cryptocurrencies since the previous one in her recent confirmation hearing. In what seems like a contrary statement, the Treasury secretary nominee is now asserting the potential of digital currencies.

It’s not a secret that in China, Polkadot resembles a newer, better EOS, the public blockchain that swept the Chinese crypto ecosystem in 2018.

Nasdaq-listed Marathon Patent Group announced Monday that it has purchased around 4,813 bitcoin for about $150 million.

According to its new SEC filing, financial services company Rothschild Investment Corporation now holds 30,454 shares of Grayscale Bitcoin Trust (GBTC) that allows institutional investors to get exposure to the world’s largest cryptocurrency without directly owning it.

 

January 2021 – Weekly Recap 3

Posted 19 Jan / In Business Analysis, Investigation

Weekly Recap

Jan 11th, 2021 - Jan 18th, 2021

Welcome to our 3rd weekly recap for January.

Overview 

Crypto News

 

Cardano Founder Charles Hoskinson’s updates have been crucial to the development of the ecosystem over the past year. So is the case this time too, with IOHK’s CEO giving the community some important updates during his latest AMA. During the same, Hoskinson revealed that the Mary hard fork is coming in February, with the same promising to deliver “native multi-asset support” to the Cardano network.

During the Obama administration, Gensler was the chairman of the Commodity Futures Trading Commission, in which capacity he was in charge of enforcing the many new provisions of the Dodd-Frank Act that followed the 2008 financial crisis.

A previous security breach at the e-commerce firm Shopify has exposed sensitive data belonging to customers of around 200 of its merchants.

The NASDAQ-listed business intelligence giant MicroStrategy will host an online conference to educate large organizations about the potential merits of investing in bitcoin. Called “Bitcoin for Corporations,” the initiative has also received support from other industry giants such as Gemini, Binance, Coinbase, Fidelity, Grayscale, and more.

Creditors of the bankrupt cryptocurrency exchange Mt. Gox will be presented with the option to claim up to 90% of the exchange’s remaining bitcoin, according to Bloomberg.

Grayscale Investment has done it again with another record-breaking quarter. In its Q4 2020 report, the leading digital asset manager informed that institutional investors had allocated over $3 billion into its product, with Bitcoin accounting for the most significant part.

Twitter has faced fierce condemnation over the last few days after it decided to ban US Present Donald Trump from its social media platform. A lot of people have opposed the move, seeing it as an attempt by the social media giant to run an online autocratic dictatorship where free speech is strongly restricted.

This year is likely to see unprecedented use and demand on the Ethereum network, so there has never been a better time to ramp up Layer-2 scaling solutions.