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JPMorgan Puts $146,000 Price Tag on Bitcoin

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Source: https://cryptobriefing.com/jpmorgan-146000-price-bitcoin/

Blockchain

Binance Staff Unlock ‘Forgotten’ $750 Million in BNB

Binance has unlocked 16 million BNB for its staff that were supposed to be released in July 2020. The exchange simply forgot.

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Crypto exchange Binance has unlocked a massive amount of Binance Coin (BNB) for its staff, six months later than it’s supposed to happen, according to Binance CEO Changpeng Zhao today.

When Binance ran its ICO in 2017, it allocated a certain amount of the tokens for its own staff. These tokens were to be released periodically and handed out. And yet the exchange missed a rather large milestone.

“Also unlocked 16 million #BNB. These were suppose (sic) to be unlocked in July 2020. We just forgot. They are moved to a team token holding address, same one as before,” Zhao tweeted.

This 16 million BNB is worth around $752 million, according to the coin’s current price of $47.

Binance’s whole ecosystem is built around BNB. The exchange offers a discount on trading fees to those who use the token to pay their fees. It can be used to participate in token sales on Binance Launchpad. And it’s used to power Binance’s decentralized exchange.

The token is also used to reward its employees. Not only were certain amounts allocated by the exchange in its ICO, but many employees choose to receive their salary in BNB. This creates a feedback loop where staff have a potential incentive to grow the exchange, in order to increase the uptake of BNB and, potentially, its price.

Binance also helps put upward pressure on the price of BNB by regularly burning its supply—today burning the largest amount ever.

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Blockchain

Dubai to introduce crypto regulations framework soon

TL;DR Breakdown A financial authority in Dubai is looking to implement new crypto regulations. The regulation would cover digital assets like Bitcoin and tokenized securities. Financial regulators in Dubai are looking to enact local crypto regulations in the country. The body, Dubai Financial Services Authority (DFSA), which oversees the oil-rich region’s special economic zone, made […]

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TL;DR Breakdown

  • A financial authority in Dubai is looking to implement new crypto regulations.
  • The regulation would cover digital assets like Bitcoin and tokenized securities.

Financial regulators in Dubai are looking to enact local crypto regulations in the country. The body, Dubai Financial Services Authority (DFSA), which oversees the oil-rich region’s special economic zone, made this known recently.

According to the statement, the new crypto regulations would serve as a guideline for different digital assets. This is part of the agency’s 2021–2022 business plan, which aims to meet the Dubai International Financial Centre (DIFC).

DFSA says the new framework would now take issuers of these digital assets into consideration plus other trading platforms. The body also said digital assets are recognized to be tokenized securities and crypto-assets like BTC. The body noted that it would also continue to implement various regulations that would support various business models.

To allow input from the market participants, DFSA would publish two consultation papers in which it would be requesting feedback from members of the public. A top executive of the agency added that these consultation papers would be published in the first two quarters of 2021.

Different crypto regulations for different countries

Countries across the globe are implementing varying crypto regulations in their jurisdictions. For example, in the United States, financial authorities are implementing stringent crypto regulations that would mandate crypto exchanges and wallets to enforce Know-your-customer (KYC) rules.

The authorities in this country are citing the need to curb anti-money laundering activities and prevent the funding of illegal activities as to why this crypto rule is necessary.

In the UK, the authorities there have warned their citizens against investing in cryptocurrencies. According to the Financial Conduct Authority (FCA), investors in this field should be prepared to lose all their money.

FCA cites the level of volatility attached to the crypto market as one reason it gives this advice.

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Blockchain

Grayscale Now Owns More Than 3% of Total 21 Million Bitcoins That Will Ever Exist

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The leading digital asset manager Grayscale continues to tighten its grip on the bitcoin supply. According to recent estimations, the company now owns over 3% of all the 21 million BTC that will ever exist.

Grayscale’s BTC Domination

Launched in 2013, Grayscale is the largest cryptocurrency asset manager with over $27 billion in assets under management.

Somewhat expectedly, the company’s Bitcoin Trust (GBTC) is the most popular product that enables institutions to receive BTC exposure through a publicly-traded trust that reports to the US Securities and Exchange Commission (SEC).

Investors typically pay a premium to avoid worrying about storing and managing the assets.

GBTC’s popularity exploded in the past year as institutions have been more eager to join the space. Grayscale reported that its AUM skyrocketed by 10x in 2020. Moreover, the firm garnered more inflows in Q4 2020 alone than in 2013-2019 combined, and BTC has been on the forefront.

Investors allocating funds in GBTC buy shares in a trust, which Grayscale backs by owning bitcoins. And, the company has been purchasing massive amounts of BTC in the past year to keep up with the skyrocketing demand.

The asset manager wrote in its Q4 2020 report that “while the supply of newly-created Bitcoin has slowed as a result of the halving in May 2020, the inflows into Grayscale have accelerated meaningfully.” In fact, the firm said it bought nearly two times as many bitcoins as mined since the halving.

How Much Bitcoin Is In Grayscale’s Hands

Recent reports exemplified Grayscale’s BTC shopping spree. The monitoring resource Bloqport said that the asset manager had bought 16,244 BTC in the span of 24 hours. To put this considerable amount in USD perspective – it’s nearly $600 million.

Ultimately, Bloqport noted that Grayscale’s bitcoins under management is 3% of all BTC ever to exist. Company data confirmed this.

According to Grayscale’s website, GBTC has 666,675,200 outstanding shares with 0.00094919 BTC per share. Simple math shows that this amount equals 643,801 bitcoins – this is 3.013% of the total supply of 21 million. Moreover, it’s actually 3.40% of all 18,604,000 bitcoins in circulation as of writing these lines.

How Crucial Is GBTC For Bitcoin’s Price

Analysts from the giant US multinational investment bank, JPMorgan Chase & Co, have repeatedly emphasized the significance of the Grayscale Bitcoin Trust on the asset’s performance and adoption.

In its latest report, the strategists said that the cryptocurrency needs to overcome $40,000 to avoid a correction, which could drive institutions away from investing in GBTC.

Furthermore, they noted that the Trust has to sustain at least $100 million per day pace over the next few weeks to prevent such retracement.

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Source: https://cryptopotato.com/grayscale-now-owns-more-than-3-of-total-21-million-bitcoins-that-will-ever-exist/

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