Connect with us

Blockchain

The Week That Bitcoin Surged To $40,000: The Crypto Weekly Market Update

This week Bitcoin surged above $40,000 while the entire cryptocurrency market capitalization surpassed the coveted $1 trillion mark for the first time.

Republished by Plato

Published

on

Over the past seven days, Bitcoin gained more than $11,000 to break above the coveted mark of $40,000. Meanwhile, the entire cryptocurrency market cap surged above $1 trillion for the first time in history.

The week started off with bitcoin’s price trading around $29,000, but no one was expecting what happened next. Day after day, BTC continued charting new highs until, finally, it broke above the coveted $40,000 mark yesterday. The current all-time high sits at $42,000

The move-up was also marked by substantial volatility. For example, just last night, BTC hit $40,000, but in the same hour, it also dropped to $36,000 and recovered to $39,000. This makes it particularly dangerous for people who are overly exposed to overleveraged positions, and the total liquidation data confirms it. Throughout the last day, over $1.5 billion of both long and short positions were liquidated.

In any case, the growth is seen in the entire market, and it’s evident from its trillion-dollar valuation – a milestone that we hadn’t seen before.

The week also saw some major news breaking out. The US Office of the Comptroller of the Currency (OCC) has allowed the country’s banks to use stablecoins and blockchains for payment settlement, which is a serious step in the overall adoption of cryptocurrencies. In the spirit of maturity, BitMEX – one of the world’s leading crypto derivative exchanges, also reported that 100% of its trader base and trading volume are now 100% verified. This follows the charges pressed by the US Commodity and Futures Trading Commission (CFTC) from back in October last year.

Meanwhile, Bitcoin’s impressive performance has also sparked numerous renowned analysts to give their prognosis, much like it happened back in 2017. Mike McGlone, a senior commodity strategist at Bloomberg, said that it’s much more likely for the cryptocurrency to hit $50K than it is for it to fall back to $20,000.

The week was also positive for Ethereum’s ETH, which is currently trading around the $1,200 mark for total weekly gains of about 67%. Interestingly enough, over 99% of Ethereum’s addresses are currently in profit.

Market Data

Market Cap: $1,088B | 24H Vol: 194B | BTC Dominance: 70,4%

BTC: $41,282 (+40.72%) | ETH: $641 (+1,230(+67.04%) | XRP: $0.319 (+33.7%)

Bitcoin Sets New ATH Above $41K After a Massive Correction of $4000 in 24 Hours. Bitcoin saw a massive day of volatility as its price corrected with about $4,000 only to surge hours later and chart yet another all-time high. The current peak of the cryptocurrency stands at about $42,000.

Cryptocurrency Market Cap Hits $1 Trillion Milestone: There’s Still Much to Go. Following the latest surge of most cryptocurrencies, the total market capitalization has exceeded $1 trillion for the first time in history. Yet, comparing it to other markets such as gold shows that there’s plenty of room to grow.

Bitcoin Price More Likely to Hit $50K Than $20K: Senior Bloomberg Strategist. According to a senior strategist at Bloomberg, the price for Bitcoin is more likely to reach $50,000 rather than to retrace back to $20K. Given the current market sentiment, his prediction might just be right.

Following the CFTC Charges: BitMEX Reports 100% Verified Trading Volume and User Base. After the US Commodities and Futures Trading Commission (CFTC) charged the owner-operators of BitMEX with illegally running a derivatives exchange, the company has reported that 100% of its trading volume and user base has been 100% verified.

OCC Greenlights US Banks to Use Stablecoins and Public Blockchains for Payments. The US Office of the Comptroller of Currency (OCC) has greenlighted the country’s banks to use stablecoins and public blockchains to settle payments. This is a big step toward further adoption of the nascent industry.

Bitcoin Futures Platform Bakkt Reportedly Planning To Go Public at a $2 Billion Valuation. The Bitcoin futures contract trading platform for institutions, Bakkt, is reportedly going to go public at a $2 billion valuation. The company was launched by the owner of the New York Stock Exchange, the Intercontinental Exchange (ICE).

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Stellar, and Chainlink – click here for the full price analysis.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/the-week-that-bitcoin-surged-to-40000-the-crypto-weekly-market-update/

Blockchain

Following Coinbase And Bakkt: Winklevoss’ Gemini Reportedly Considers Going Public

Republished by Plato

Published

on

Cameron and Tyler Winklevoss are reportedly exploring the option of making their cryptocurrency exchange Gemini public. The brothers could follow the steps of other US-based digital asset-related companies with similar intentions, such as Coinbase and Bakkt.

Gemini To Go Public?

Bloomberg reported today that the founders of the US-based crypto exchange Gemini are open to the idea of going public.

“We are definitely considering it and making sure that we have that option. We are watching the market, and we are also having internal discussions on whether it makes sense for us at this point in time. We are certainly open to it.” – said Cameron.

Gemini, based in New York City, employs over 350 people. The exchange obtained a trust charter from the New York State Department of Financial Services shortly after its establishment and is licensed as a money transmitter in multiple US states.

Making a company public has been a hot topic within the cryptocurrency industry lately. Firstly, the largest US exchange Coinbase announced such plans with an estimated value of nearly $30 billion.

More recently, Bakkt, the Bitcoin futures trading platform owned by the Intercontinental Exchange, stated similar plans after a merger with a special acquisition company. Bakkt’s estimated enterprise value is at approximately $2.1 billion.

Gemini Releases A Credit Card With Crypto Rewards

The exchange also announced that it will launch a credit card that will provide users with cryptocurrency rewards. Dubbed Gemini Credit Card, it will enable up to 3% back in bitcoin and other digital assets. The rewards will be automatically deposited into the cardholder’s Gemini account.

The card comes after Gemini acquired Blockrize – a company specializing in building such products. The distribution will start later in the year, and the statement informed that there’s already a substantial waitlist with over 10,000 people requesting early access.

The card will work like traditional ones and will be available to US residents in every state while also accepted in merchants that accept regular cards.

“The Gemini Credit Card will make it easier for any consumer to invest in bitcoin and other cryptos without changing their existing behavior. Rather than deciding how and when to buy crypto, customers can do so when making their everyday purchases. We are excited to welcome the Blockrize team to Gemini and work together to continue to mainstream crypto.” – commented Tyler Winklevoss.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/following-coinbase-and-bakkt-winklevoss-gemini-reportedly-considers-going-public/

Continue Reading

Blockchain

FinCEN Extends Comment Window on Proposed Crypto Regulations

Republished by Plato

Published

on

With the initial deadline for comments long expired, FinCEN has decided to extend the comment period for its proposed controversial crypto regulation for an additional 15 days.

FinCen Sets New Deadline

The Financial Crimes Enforcement Network (FinCEN), an office of the U.S. Department of Treasury, announced the news of the extension via a press release on Thursday (Jan. 14, 2021). FinCEN’s earlier deadline was set on January 4, 2021.

Following the different requests for extension, it appears that FinCEN would not be hasty to implement the proposed regulation. The extension is beneficial for the industry, as affected entities can have time to analyze the proposal. Since the initial comment period, the bureau has received thousands of comments and is ready to receive more feedback.

An excerpt from the press release reads:

“FinCEN is providing an additional 15 days for comments on the proposed reporting requirements regarding information on CVC or LTDA transactions greater than $10,000[…] that involve unhosted wallets or wallets hosted in jurisdictions identified by FinCEN. FinCEN is providing an additional 45 days for comments on the proposed requirements that banks and MSBs report certain information regarding counterparties to transactions by their hosted wallet customers, and on the proposed recordkeeping requirements.”

The Proposed Regulations

FinCEN’s proposed crypto regulation required that cryptocurrency exchanges would keep records and verify “the identity of their customers if a counterparty uses an unhosted or otherwise covered wallet and the transaction is greater than $3,000.” Also, exchanges are expected to submit to FinCEN transactions that exceed $10,000.

However, the proposal saw pushback from the crypto community, with many saying that the rule was harmful to the industry. Companies like Jack Dorsey’s Square and Andreessen Horowitz opposed the rules, with Square noting that it could create unnecessary friction between crypto users and regulated entities.

Other comments noted that the original 15-days comment period was too short. As reported by CryptoPotato, days after FinCEN released its planned regulatory policy, U.S. crypto exchange Coinbase asked for an extension of the comment period.

According to Coinbase, the comment time frame was rushed and asked the bureau to instead consider a 60-day time frame. Also calling for an extension was a U.S. Senator and several members of Congress. The lawmakers also asked for an extension between 15-60 days to give concerned parties time to evaluate the proposed rule.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/fincen-extends-comment-window-on-proposed-crypto-regulations/

Continue Reading

Blockchain

Bulgarian Crypto Exchange Owner Sentenced To 10 Years in Prison for Laundering $5 Million

Republished by Plato

Published

on

A Bulgarian national was sentenced to serve ten years in prison after a major crypto-related fraud. Not long ago, the man was convicted in a transnational multimillion-dollar scheme to defraud over 900 American citizens.

An Auction Fraud That Victimized over 900 Americans

According to an official announcement by the United States Department of Justice, Rossen G. Yossifov, a 53-year-old man, had defrauded hundreds of American citizens during a well-masterminded illegal endeavor.

He managed and promoted the so-called RG Coins – a cryptocurrency exchange headquartered in Sofia, Bulgaria. Now, the US court has sentenced him for conspiracy to commit a Racketeer Influenced and Corrupt Organizations Act (RICO) offense plus a conspiracy to commit money laundering.

During the crime, Iossifov and his Romanian co-conspirators, part of the Alexandria Online Auction Fraud (AOAF) Network, engaged a large-scale online fraud. They organized a false auction that victimized at least 900 Americans during its course.

As CryptoPotato reported, Iossifov was officially charged with participating and dictating the international fraud a few months ago. 

Providing Favorable Crypto Exchange Rates To Victims

According to initial court documents, the scammers made everything seem legit, providing invoices with trademarks of reputable firms to their victims.

One of the primary ways to lure people into the scam was that the conspirators designed their scheme to cater to criminal enterprises by providing better exchange rates to the AOAF Network members.

The Romania-based fraudsters posted false advertisements to popularize online auctions for expensive goods and vehicles that did not exist. They had also established call centers to offer customer support to advise client questions and “alleviate concerns over the advertisements.”

When convinced, victims had to fulfill a payment. Domestic associates of the criminals would accept the money, convert them into cryptocurrency, and transfer them to foreign-based money launderers. As per the announcement, Iossifov was the final gear that facilitated the last stage of the scheme.

Some of the trial’s evidence revealed that, in less than three years, Iossifov had laundered nearly $5 million in cryptocurrency for just four of his partners.

“This represented over $7 million in funds defrauded from American victims. In return, Iossifov made over $184,000 in proceeds from these transactions”, read the official court publication.

Apart from Iossifov and the five co-operators, so far, 17 more members of the Romanian crime network will face court for their role in this scheme. Seven others have already faced sentences with verdicts between 30 to 96 months. Three of the members of the scam are fugitives.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/bulgarian-crypto-exchange-owner-sentenced-to-10-years-in-prison-for-laundering-5-million/

Continue Reading
Blockchain4 days ago

Ethereum Whale Addresses With Over 10,000 ETH Continue to Grow In Numbers, Price Holds Above $1000

Blockchain3 days ago

Bitcoin Will Be Analogous to Amazon, Mark Cuban Compares Crypto to the Dot-Com Bubble

Blockchain3 days ago

‘Crypto is exactly like dot com bubble; Bitcoin, Ethereum can survive it’

Blockchain3 days ago

As Bitcoin Regains Lost Ground, Options Traders Bet on $52K Move By Late January

Blockchain3 days ago

Ethereum Price Analysis: 12 January

Blockchain3 days ago

Shanghai Government Invests $5M in Blockchain Startup Conflux

Blockchain3 days ago

Brian Brooks, Crypto-Friendly OCC Leader, Steps Down

Blockchain3 days ago

Coinbase Custody Lists DeFi Project BarnBridge

Blockchain3 days ago

Bitcoin ‘real’ daily trading volume tops $22B as BTC price recovers

Blockchain3 days ago

Crypto Community Expects Bitcoin to Surge Amid Biden’s $3 Trillion Stimulus Plan

Blockchain3 days ago

How the OCC Is Building Crypto America (and Saving Banks From Extinction)

Blockchain2 days ago

SolidX Sues VanEck Over Bitcoin ETF Plagiarism

Blockchain3 days ago

Bakkt to Become a Publicly Traded Company worth $2.1 Billion Via New Merger

Blockchain4 days ago

HSBC Blocks Transactions From Crypto Exchanges

Blockchain3 days ago

Gensler Said to Be Named SEC Chairman: Reuters

Blockchain3 days ago

Trader comforts the market’s traumatized first timers amid falling prices

Blockchain3 days ago

IMVU’s new blockchain-backed stablecoin goes live

Blockchain3 days ago

Is China Poised to Nationalize Alibaba?

Blockchain2 days ago

Fidelity International Increases Stake In A Hong Kong Cryptocurrency Exchange Operator

Blockchain2 days ago

Update on Ethereum 2.0 Staking Rewards

Trending