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Got Bitcoin? New York Real Estate Firm Accepting BTC for $29 Million in Commercial Properties

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A New York-based real estate firm is accepting Bitcoin as payment for nearly $30 million worth of commercial property in Manhattan.

Magnum Real Estate Group says they’re taking BTC as payment for three ground level shops at a luxury residential project. 

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The 9,000-square-foot ground-level shops at 385 First Avenue, also known as CODA, are already generating income. They are currently leased by the M&T Bank, the clinic ProHealth and the restaurant Mighty Pita so buyers get access to immediate cash flow.

With Magnum accepting the benchmark cryptocurrency for the sale of the properties, CODA becomes the first major income-generating asset to be offered for sale in Bitcoin, according to the South China Morning Post.

Says Magnum managing partner Ben Shaoul,

“We are a pioneer in Bitcoin transactions and see a path where many more transactions can be done using blockchain.

I expect about two or three additional transactions in Bitcoin this year for Magnum.”

Crypto payment platform BitPay will process the Magnum transactions. The Atlanta-based firm will verify the Bitcoin payment and accept it on behalf of Magnum. It will then convert the BTC into dollars and deposit the funds into Magnum’s bank account the next business day minus a 1% fee. 

BitPay chief commercial officer Sonny Singh says that since the price of the properties is in US dollars, the buyer will pay the equivalent in cryptocurrency at the time of purchase.

Based on the current value of Bitcoin at $45,694, the CODA properties are worth 634 BTC.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Source: https://dailyhodl.com/2021/09/20/got-bitcoin-new-york-real-estate-firm-accepting-btc-for-29-million-in-commercial-properties/

Blockchain

China asks McDonald’s to Expand Digital Yuan Use Across Outlets, Here’s Why

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By

Prashant Jha

Published 5 seconds ago Updated 5 seconds ago

China is now looking for an aggressive digital yuan push right before the winter olympics. The national soverign digital currency whose development was completed in 2019 is currently being widely tested across various provinces in China before the official launch. The latest report from Financial Times noted that the Chinese government has asked fast-food giant McDonald’s to expand digital yuan use across its chain.

Digital yuan is currently being accepted as payment across 270 outlets across China, however, the report suggests the Chinese authorities want the fast-food outlet to increase digital yuan acceptance along with the likes of other retail giants such as VISA and Nike. One of the spokespeople for McDonald’s in China said,

 “Shanghai is our pilot city and we will learn from customers’ response.”

Is China Planning Official Digital Yuan Launch by Winter Olympics

China is currently at the forefront 0f CBDC development compared against nearly 180 other countries working towards their own soverign digital currency. The reason for its advancement in the field could be attributed to an early start. China ordered the development of the digital yuan back in 2014 and it was finally completed after five years. While speculations about a possible official launch have been rife since the last quarter of 2019, the latest push before the Winter Olympics indicates a possible launch before the games.

A majority of the other nations working towards their CBDC are years behind, but most recently France tested the use of CBDC in government bond settlements and carried out nearly 500 operations during the trial. South Korea and Russia have stated that the pilot programs for their CBDC would begin by early 2022, while the United States is still in the pre-development phase.

Many believe the most recent crackdown and crypto ban imposed by the Chinese Central Bank was done keeping the launch of the digital yuan in mind. Given the governance in China, the government doesn’t recognize any private digital assets as a form of currency or exchange.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/china-asks-mcdonalds-to-expand-digital-yuan-use-across-outlets-heres-why/

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Blockchain

Breaking: Hindenburg Research launches $1 million Tether Bounty Program

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Hindenburg Research, a forensic financial research firm announced the launch of the Hindenburg Tether Bounty Program to unveil the Tether reserves scandal. The Program holds rewards up to $1 million for information leading to previously undisclosed details about cryptocurrency “stablecoin” Tether’s backing.

According to Hindenburg Research’s press release, the company believes Tether could be a growing threat to investors. Furthermore, Hindenburg highlighted that transparency is a crucial part of the crypto markets, and the Bounty program will carve a path for exposing Tether.

Hindenburg Research founder, Nathan Anderson said, “We feel strongly that Tether should fully and thoroughly disclose its holdings to the public. In the absence of that disclosure, we are offering a $1,000,000 bounty to anyone who can provide us exclusive detail on Tether’s supposed reserves.”

Tether Reserves Fiasco

Earlier this year, Tether gained Regulatory oversight as the stablecoin’s growth surged. The Treasury Department and other federal agencies questioned the $69 billion Tether market, concerning the Mismanagement and opaque circulation of its funds, noting that the decentralized market’s disruption may result in an investor fire sales havoc and further threaten the financial system.

The latest development in the Tether fiasco saw the Commodity Futures Trading Commission (CFTC) impose a fine of $41 million on Tether for failure to disclose that its tokens were not fully backed by fiat. Additionally, Tether-affiliated crypto exchange, Bitfinex has also been fined $1.5 million for allowing retail transactions by American investors.

Regulatory Crackdown on Stablecoins

Last month, the stablecoins market already saw the US regulators initiate a crackdown with the CBDC report by the Treasury, the Fed, and other financial regulators draw focus towards imposing stricter regulations on stablecoins in lieu of an underlying and undetected risk factor. Furthermore, the SEC chief, Gary Gensler has already taken an anti-stablecoins stance, asserting that stablecoins “may well be securities,” to facilitate broader regulatory oversight.

Gensler said he feared that: “[the SEC will] keep bringing these enforcement cases but there’s gonna be a problem, on lending platforms, on trading platforms, and, frankly, when that happens…a lot of people are going to get hurt.”

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/breaking-hindenburg-research-launches-1-million-tether-bounty-program/

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Blockchain

Bitcoin Cash Hovers above $600 Support, an Upward Move Is Likely

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Oct 20, 2021 at 11:30 // News

Bitcoin Cash will rise again to the high of $700

Bitcoin Cash (BCH) is trading above the 50-day moving average line as buyers push the cryptocurrency above $600 support. The upside move was short-lived as the altcoin met rejection at the $648 high.

A Gravestone Doji appeared on October 16, indicating that buyers were overwhelmed by sellers. BCH have fallen as the price hovers above the moving averages. However, the upside could resume if the current support holds. The market will rise again to the high of $700. However, if the bears manage to break below the moving averages, the market will fall to a low of $550.

Bitcoin Cash indicator reading

The price of BCH is above the 21-day line SMA and the 50-day line SMA, indicating a possible rise in the cryptocurrency. Similarly, BCH is at the 53 level of the Relative Strength Index of period 14, indicating that BCH is in the bullish trend zone and capable of an upward movement. The cryptocurrency is below the 80% area of the daily stochastic. The bearish momentum has subsided as the altcoin fluctuates above the $600 support.

BCHUSD(Daily_Chart)_-_OCT.20.png

Key Resistance Zones: $800, $820, $840

Key Support Zones: $500, $480, $460

What is the next move for Bitcoin Cash?

BCH/USD has been in an uptrend since September 29. The altcoin has risen above the moving averages. Today, it is encountering resistance at the $650 resistance zone. The altcoin has pulled back to support above $600. During the uptrend on October 7, the candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that BCH is likely to rise but reverse at the 1,272 Fibonacci extension level or the $677.99 level. 

BCHUSD(_Daily_Chart_2)_-_OCT__20.png

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.

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Source: https://coinidol.com/bitcoin-cash-600-support/

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