The Chinese crackdown on crypto continues to escalate with a new statement from the nation’s central bank banning more banks and payment providers from interacting with digital assets. CryptoPotato reported today that one of the country’s largest banks, the Agricultural Bank of China, had prohibited its clients from doing business with anyone even remotely connected...Read More
The total liquidations in the cryptocurrency market have reached $1 billion as all assets have dumped in a matter of hours. Following new FUD from China, bitcoin slumped to a two-week low at just over $32,000, ETH below $2,000, and so on. After the somewhat positive weekend when BTC recovered some losses and traded at...Read More
The S2F model is currently suggesting that, in the worst-case scenario, BTC will surpass $98K by November, which is highly optimistic given recent market developments. S2F’s Methodology & Accuracy Comparing Bitcoin to precious metals like gold and silver, PlanB has used statistics to outline a defined relationship between the value and scarcity of a given...Read More
India’s Narcotics Control Bureau (NCB) arrested Makarand Pardeep Adivirkar, better known as the ”Crypto King”, on suspicion of purchasing drugs from the Darknet using bitcoin. Apart from Indian peddlers, the criminal also bought narcotics from European ones. LSD for BTC The NCB announced that it arrested a suspect who allegedly exchanged bitcoin for LSD. He...Read More
The latest data revealed that 78% of the UK residents have heard of cryptocurrencies, as 2.3 million of them hold some of them. Nonetheless, the overall understanding of digital assets has declined. More HODLers But Less Crypto Knowledge Digital assets remain a complicated industry in the UK, and the share of people investing in them...Read More
Teresa Jackson – a retired teacher from Portishead, Somerset – lost her savings in an online scam. A mysterious ”financial advisor” persuaded her to stake £120,000 in a bitcoin investment scheme advertised on Instagram. Universal Credit Instead of Multiplying Her Money The UK’s national reporting center for fraud and cybercrime sounded a note of caution...Read More
The US multinational investment bank Goldman Sachs continues with its 180-turns on the cryptocurrency industry. After its recent interest that included filing for a Bitcoin ETF and exploring crypto as an asset class, the institutions’ latest report said virtual currencies are not a “viable investment.” Crypto Is Not a Viable Investment: Goldman It’s safe to...Read More
Over the past seven days, we saw yet another unsuccessful attempt of Bitcoin to breach the coveted $40K mark definitively. Let’s roll back a little. Last weekend, the price was rather indecisive as it was struggling beneath $36K. All this changed on Sunday, however, when bulls stepped in and took control over the market. By...Read More
The Chinese government has reportedly intensified its crackdown on cryptocurrency mining and usage in the country by shutting down several crypto mining facilities in Sichuan. Sichuan Bitcoin Miners Join the List According to Wu Blockchain, the authorities of the Sichuan province officially issued a statement today, mandating every power supply company in the province to...Read More
After conducting tests for several months, the Swiss branch of the large Spanish bank – Banco Bilbao Vizcaya Argentaria (BBCA) – has announced plans to release two services related to the cryptocurrency industry. According to the official statement, private banking customers based only in Switzerland will have the option to trade bitcoin and other digital...Read More
Paraguay’s Deputy of the Nation, Carlos Antonio Rejala Helman, has confirmed that new legislation in regards to Bitcoin will arrive in July. This comes amid growing adoption in Latin America led by El Salvador, which could be followed by Panama as well. CryptoPotato reported last week when Rejala Helman said his country planned to start...Read More
The global investment manager VanEck would have to wait more to receive the SEC’s answer about its Bitcoin ETF application from earlier this year. The Commission’s second delay seeks other interested parties to weigh in on whether such a product will be sustainable. After withdrawing its previous attempts, VanEck filed another application with the US...Read More
Charles Hoskinson – the founder of Cardano – stated that the project’s native cryptocurrency ADA is one of the greenest and most eco-friendly digital assets. He further opined that Tesla (TSLA) should choose it if it really cares about environmental sustainability. Tesla Should Go for Cardano (ADA) In a recent interview with Lex Fridman, Charles...Read More
On Wednesday, a World Bank spokesperson stated that they are committed to helping El Salvador in numerous ways including currency transparency and regulatory processes for its Bitcoin adoption plan. However, the international financial institution was not keen on the Bitcoin part according to Reuters, adding: “While the government did approach us for assistance on bitcoin,...Read More
While the entire crypto industry was extremely delighted with the news of El Salvador’s bitcoin adoption as a legal tender, several financial analysts have called out the country’s president and congress for the decision. A “Very Stupid” Decision In a recent report, Steve Hanke, a professor of Applied Economics at the John Hopkins University, has...Read More
Huobi, one of China’s most popular Bitcoin exchanges, has reportedly slashed their maximum leverage allowance from 125x to less than 5x for existing users on the back of China’s regulatory crackdown on cryptocurrencies. New users signing up to the platform will not be able to use leverage at all. Exclusive: Due to concerns about regulatory...Read More
Beijing is still issuing orders to shut down Bitcoin mining operations, and many of them are now seeking friendlier climes overseas to base their operations. On Monday, CryptoPotato reported that Yunnan, the fourth-largest Bitcoin mining producer, had been targeted in the regime’s latest crackdown. In what crypto industry observers are calling the “great mining migration,”...Read More
Following the adoption of bitcoin as the country’s second legal tender, El Salvador’s government is discussing if companies would pay their employees in bitcoin. In a tweet by a local radio station 107.7 Fuego on Tuesday (June 15, 2021), three government ministries were considering the possibility of companies’ workers receiving their wages in BTC. This...Read More
Michael Saylor’s initiative to continue buying more and more bitcoins makes no sense, argued the full-time BTC basher – Peter Schiff. Following the latest development coming from MicroStrategy, in which the company outlined plans to allocate another $1 billion in the asset, the prominent economist called Saylor “truly insane.” Schiff to Saylor: Truly Insane If...Read More
Large hedge funds expect to increase their cryptocurrency holdings to 7% in five years, a recent survey conducted by the Financial Times concluded. This comes after the increased involvement from prominent names like Stan Druckenmiller, Paul Tudor Jones III, SkyBridge Capital, and more. Hedge Funds to Increase Crypto Holdings It’s safe to say that 2020...Read More
U.S. business intelligence firm MicroStrategy revealed plans to sell it Class A common stock for as much as $1 billion, with part of the proceeds possibly used for making more bitcoin purchases. Another Major Bitcoin Purchase? In a document filed with the U.S. Securities and Exchange Commission on Monday (June 14, 2021), MicroStrategy stated that...Read More
The Central American Bank for Economic Integration (CABEI), an international multilateral development bank headquartered in Honduras, said that it will work with the El Salvadoran government to implement bitcoin as the country’s second legal tender. According to Reuters, on Monday (June 14, 2021), the executive president of CABEI, Dante Mossi, revealed the bank’s plans at...Read More
Prominent legacy investor Paul Tudor Jones III has doubled down on his support of bitcoin by indicating that it is reliable, honest, secure, and 100% certain. Furthermore, he said he wants to have 5% of his entire portfolio allocated in BTC. Ever since the COVID-19 pandemic broke out last year, the US billionaire hedge fund...Read More
Bitcoin has to evolve further from this point given the fact that it fluctuates by double-digits after most Elon Musk social media engagements, argued Fundrat’s Managing Partner – Tom Lee. He also opined that the recent price movements show there’s a little-to-no institutional impact on the market yet. BTC Has to Outgrow Musk’s Comments The...Read More
After Tesla stopped accepting Bitcoin as a payment method for its electric cars back in May, Elon Musk has stated that his company would resume receiving Bitcoin transactions, with one condition dependent on the energy consumption. Exactly one month following Tesla’s announcement of halting bitcoin payments, Elon Musk has said on Sunday that the electric...Read More
Following El Salvador’s move to adopt bitcoin as a legal tender in the country, Wall Street giant JPMorgan seems not to be impressed by such a monumental decision from the Central American nation. JPMorgan Comments on El Salvador’s Bitcoin Move In a recent note to investors, as tweeted by Financial Times correspondent Robin Wigglesworth, JPMorgan...Read More
The CEO and founder of Barstool Sports – Dave Portnoy – admitted that at the beginning, he thought Bitcoin was a ”Ponzi scheme.” Eventually, he changed his stance and even opposed Donald Trump, who called the primary cryptocurrency a ”scam.” Trump Is Wrong In a recent interview for ”Varney & Co,” the founder of Barstool...Read More
The past seven days, despite being intensive in terms of important news, were less than exciting when it comes to pricing. Most of the cryptocurrencies experienced substantial losses. Bitcoin, unlike the majority of altcoins, performed relatively well in comparison. It’s still down about 5% on the week, but its market dominance has increased to about...Read More
Pieter Hasekamp, head of the central planning bureau CPB, opined that the Dutch government must ban digital assets. He further stated that a crypto collapse is inevitable. Cryptocurrencies Are ”Neither Money Nor a Financial Product” The director of the CPB Pieter Hasekamp urged the ruling cabinet of the Netherlands to officially forbid trading, possession, and...Read More
Despite recovering several thousand dollars in a few days, JPMorgan strategists still revealed concerns about bitcoin’s price. In their most recent note on BTC’s performance, they breached the difference between the price on the spot and futures markets as the most significant worry for bulls. Backwardation is Still a Threat The price of the primary...Read More
