The investment department of the large multinational financial service organization, Wells Fargo, is looking into offering cryptocurrency products to its institutional clients. A senior executive outlined the innovation in a recent interview and called bitcoin “a nice diversifier.” Wells Fargo Getting on the BTC Wagon? In a recent interview with BusinessInsider, Darrell Cronk, president of...Read More
Analysts of the banking giant JP Morgan opined that institutional investors might withdraw from Bitcoin and turn their sight back to gold as the price of the primary cryptocurrency collapsed. Back to Gold The turbulent times for cryptocurrencies caused some analysts to doubt bitcoin’s merit as a store of value. According to JP Morgan experts,...Read More
Bitcoin has recently shifted trends, and this downturn has become a hot talking point among many investors who are divided between those who have fallen prey to pessimism and those who still refuse to believe that this was all a market episode started and extinguished by Elon Musk. After Elon Musk announced that Tesla had...Read More
Michael Saylor’s NASDAQ-listed company continues with its initiative to purchase sizeable amounts of bitcoins at frequent intervals. The firm said earlier today it had allocated another $10 million in cash in BTC, and its total stash is over 92,000 coins. The founder and CEO of the business intelligence giant announced the latest purchase on Twitter...Read More
Bitcoin prices have held steady over the past 24 hours as the panic selling has eased off and the weak hands appear to have been flushed out. At the time of press, BTC was trading at a little over $45,400, up 5% since the same time yesterday. Its low during this correction was a brief...Read More
9 out of 10 of all Bitcoin (BTC) mining pools have been signaling for taproot activation, an upgrade that could highly improve network scalability and privacy. However, its activation seems unlikely during the Difficulty Epoch for Bitcoin. The latest mining pool to signal Taproot activation is BTC. Top, which did so on block height 683,945....Read More
A new rule under the hat of the COVID-19 relief bill will see 39 million US households receive up to $3,600 monthly starting from mid-July. Given the history between BTC’s price appreciation since the first-ever stimulus bill, the narrative rises now if this latest endeavor will push bitcoin higher again. 39M American Families to Receive...Read More
Chinese officials warned the public about the risks associated with trading with digital assets. The authorities pointed out three major considerations which might harm investors – false transactions, security breaches, and illegal and criminal activities involving cryptocurrencies. Tighter Regulations on Crypto Trading According to the China Financial Stability Report, investors should be extra vigilant when...Read More
At the time of press, Bitcoin prices had lost 10% on the day and were trading at $43,300. Ironically this is very close to the price BTC hit after Tesla announced its $1.5 billion purchase of the asset in February. Bitcoin was trading at just over $50K at the beginning of the weekend, however, by...Read More
Last week, Elon Musk and Tesla shocked the entire crypto industry following an announcement that the electric car company will no longer accept bitcoin payments for “environmental reasons.” A Hard Pill For Bitcoin Maximalists Giving its reasons, Tesla argued that Bitcoin mining operation requires massive energy consumption, which is generated from fossil fuel, especially coal,...Read More
It goes without saying that Tesla took center stage last week when the company announced it would no longer support bitcoin payments for its electric vehicles. The message seems to have resonated, as Greenidge Generation Bitcoin Mining has vowed to be carbon neutral in 2021 and beyond. Carbon Neutral Bitcoin Mining After announcing plans to...Read More
Williston, a city in North Dakota, plans to accept cryptocurrencies for utility bills online payments, becoming the first in the state to adopt crypto assets. According to City Finance Director Hercules Cummings, the city has partnered with BitPay, one of the largest bitcoin payment service providers in the U.S. Payments will be converted from crypto...Read More
In early Sunday trading, BTC prices had fallen to their lowest levels for over 11 weeks, hitting $46,700 before a minor recovery. The last time Bitcoin dropped to these levels was at the end of February during the second major correction of this rally. A rebound off that bottom sent prices above $60K for the...Read More
Edward Chancellor – a British journalist and financial historian, explained that the first central bank digital currencies are likely to raise inflation which can lead to the destruction of Bitcoin. He agreed that CBDCs are ”cool” but certainly not stable. CBDCs Would Mean The End Of BTC Nowadays, many central banks of numerous leading economies...Read More
This comes on the back of a large Bitcoin dip following the most recent news that came from Tesla and its decision to halt bitcoin payments for its products. A Slowdown of Enthusiasm The unbridled electric energy in the air surrounding Bitcoin briefly halted after major cryptocurrencies plunged over 20% shortly following Elon Musk’s announcement...Read More
The government officials of Cuba examine crypto adoption as an instrument to overcome financial turbulence in the country. This comes a few weeks after the Cuban authorities started discussing the implementation of digital assets in the economy. Crypto vs. Monetary Turmoil The economic situation on the island of Cuba suffered heavy setbacks due to the...Read More
American multinational investment bank Cowen Inc. will join some Wall Street organizations after announcing plans to hold digital assets for hedge funds and asset managers. The firm partnered up with Standard Custody & Trust Co. to provide ”institutional-grade” custody services for cryptocurrencies. The Demand Is Here The recent rally of most crypto assets has caught...Read More
Despite the volatile market conditions, Michael Saylor’s business intelligence giant has doubled down on its BTC-related strategy. The firm bought another chunk of 271 bitcoins, and its total stash is now nearly 92,000 coins. The NASDAQ-listed company announced the latest purchase of 271 bitcoins on May 13th. The firm said it had bought the amount...Read More
The shocking announcement made by Tesla and its CEO Elon Musk took the cryptocurrency space by storm. The company’s decision to remove BTC as a payment option for its vehicles and services brought prices down and attracted the world’s attention. Somewhat expectedly, the ever-vocal crypto community was quick to respond, from people canceling their Tesla...Read More
The United States Securities and Exchange Commission (SEC) alerted mutual fund investors about the risks in the Bitcoin futures market. The US agency even described the cryptocurrency as a ”highly speculative” asset. Don’t Ignore the Risks The price of the primary cryptocurrency skyrocketed during 2020 and continued its rally in the first months of 2021...Read More
Craig Wright’s legal attempts to sue a dozen developers working on the networks of Bitcoin, Bitcoin Cash, Bitcoin Cash ABC, and Bitcoin SV have been approved. By tapping a law firm called ONTIER, the self-proclaimed Satoshi Nakamoto will go after the developers to make them recover over $4 billion of BTC supposedly stolen from his...Read More
Instagram accounts of Maltese residents were attacked recently by hackers. The online intruders specifically insisted on a Bitcoin ransom from the users in order to restore their access. Hackers Insist on Bitcoin Bitcoin and most of the cryptocurrencies keep their rally as their prices escalated in the past few months. Many companies and influential individuals...Read More
Software & analytics company Palantir has announced that they will be accepting Bitcoin as a payment method. Palantir will also consider purchasing Bitcoin or other cryptocurrencies to store on their balance sheet. Thiel Bets Big on Bitcoin Peter Thiel, the co-founder of Palantir (and, notably, PayPal), has been a long-standing cryptocurrency advocate. The company announced...Read More
The Southeast Asian country of Indonesia considers a plan to tax trading with digital assets. However, a spokesman from the tax office revealed that the proposed scheme was still at the discussion stage, and no changes have yet been applied. The Crypto Environment in Indonesia The biggest economy in Southeast Asia – Indonesia – saw...Read More
The US-based cryptocurrency exchange Gemini announced it will grant its customers the opportunity to earn interest on Dogecoin. They can realize as much as 2.25% annual percentage yield (APY) on the meme coin. With this innovation, Gemini Earn now accounts for more than $2 billion in loans for its customers. DOGE Coming to Gemini The...Read More
The significant rise of the altcoins in price and popularity has raised concerns among South Korean officials. The nation’s bank association has advised its members to investigate the rapidly growing number of alternative coins available for trading on crypto exchanges. South Korea Warning for Altcoins Although bitcoin is well in green since the start of...Read More
The trend of giant banks developing crypto services is expanded beyond the US with Switzerland’s UBS Group AG. The institution plans to enable its wealthy customers exposure to digital asset investments later in the year. By citing people familiar with the matter, Bloomberg reported that UBS Group AG is in the “early stages of planning...Read More
Michael Saylor, co-founder, and CEO of the business analytics company MicroStrategy believes it is not wise to bequeath the trendy cryptocurrency Dogecoin to your grandchildren. In comparison, he outlined BTC’s potential and breached the significant differences between the primary cryptocurrency and the meme token. Saylor Warns About Dogecoin Investments In a recent interview, MicroStrategy’s leader...Read More
The National Payments Corporation of India (NPCI) does not intend to block cryptocurrency trading. Instead, it plans to leave the decision to individual banks and thus they can determine their own risk level. NPCI to Pass the Decision to Local Banks The consequences of the COVID-19 pandemic caused colossal damages to the nation and many...Read More
The COVID-19 pandemic changed people’s beliefs and approach to finances as they are more openly embracing digital options, including cryptocurrency payments. A MasterCard survey showed these results as 4 out of 10 people said they plan to use digital assets in the next year. 40% of People to Use Crypto? It’s safe to say that...Read More
