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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.

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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.

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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

Consob Blocks 6 New Illegal FX Websites

The Italian regulator has blocked a total of 360 unauthorized Forex domains since July 2019.

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Consob, the government authority in Italy responsible for the regulation of the Italian securities market, announced today that it has shut down 6 new websites offering unauthorized financial services in the country.

According to the official announcement, the authority has ordered internet service providers to block the websites of Axedo, Fxfinancepro, Thinkmarket 247 Ltd, Donnybrook consulting, Globalinvestfx, and Universe citizens limited. The Italian regulator has the power to block illegal websites offering financial services under the Growth Decree (Law no. 58 of 28 June 2019).

Consob started blocking unauthorized websites in July 2019 and the recent initiative means that the total number of blocked websites has risen to 360. The authority mentioned that for technical reasons, the blockage may take several days to come into effect after the order.

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“The Authority availed itself of the powers deriving from the “Growth Decree” (Law no. 58 of 28 June 2019, Article no. 36), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization,” the official announcement states.

Financial Protection

Consob requested Italian investors to adopt the greatest diligence before making an investment decision. The authority also asked citizens to report fraudulent and unauthorized companies. “Consob draws investors’ attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published,” Consob mentioned.

Finance Magnates reported in December about the accelerated efforts of the Italian watchdog to block illegal domains operating in the country. The regulator has made it difficult for unauthorized operators to target Italian citizens. Before the recent block, Consob asked internet companies to block access to Investoomatic Limited, Kiqiwk Holdings Intl Limited, and ADV-Investment.

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Blockchain

Ripple partners Mobile Money for wallet-to-wallet payments between Malaysia and Bangladesh

TL;DR Breakdown Ripple has entered into a partnership with Malaysia’s Mobile Money. The UK and Japan financial authorities say XRP is not a security. San Francisco based crypto company, Ripple, has announced a new partnership with Mobile Money, a Malaysian based mobile financial services company. According to the announcement, the partnership is geared towards promoting […]

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TL;DR Breakdown

  • Ripple has entered into a partnership with Malaysia’s Mobile Money.
  • The UK and Japan financial authorities say XRP is not a security.

San Francisco based crypto company, Ripple, has announced a new partnership with Mobile Money, a Malaysian based mobile financial services company. According to the announcement, the partnership is geared towards promoting payments between wallets in Malaysia and Bangladesh while also serving as a remittance intermediary between the two Asian countries.

The firms would be connected via RippleNet. bKash currently provides the largest mobile financial services in Bangladesh. The firm serves more than 40 million users in the country.

The local banking partner in Bangladesh would be Mutual Trust Bank (MTB), and Bangladesh Bank would supervise it. The firm would act as the link between the two firms, Mobile Money and bKash.

The CEO of bKash, Kamal Quadir, hailed the partnership between both firms. According to him, foreign remittance would be further encouraged as it would bring lots of convenience to parties involved in each transaction.

In Asia, Bangladesh holds one of the highest remittance inflows in South Asia; it is also ranked eleventh globally. Malaysia also ranks as one of its top sources of remittance. So, this partnership is most likely going to help bolster the remittance rate between both countries.

The partnership is expected to help increase the Mobile Money user base in Bangladesh. The firm also believes it would enable them to serve those users better.

Ripple is recognized as a crypto token outside the United States.

In Japan, financial authorities have released a statement in which they said they do not classify Ripple’s native token, XRP, as security. This was made known via a report by The Block.

This also mirrors the authorities’ view in the United Kingdom, who say XRP and other crypto assets are classified as unregulated tokens, so they are not recognized to be e-money or security.

The view of these authorities serves as a defense for Ripple. The firm has vehemently denied any wrongdoings and has also vowed to stand up against the US financial regulator.

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Tether (USDT) January 15th Deadline on iFinex Case: Everything You Need to Know

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Many in the cryptocurrency field have recently discussed the upcoming January 15th date as an important consideration for the ongoing case between the office of the New York Attorney General (NYAG) and iFinex, the parent company of Bitfinex and Tether.

With this in mind, below is a comprehensive summary of what happened and what to expect on this date.

The NYAG v. iFinex Case: What Happened?

Back in April 2019, the office of the New York Attorney General alleged that the popular cryptocurrency exchange Bitfinex lost $850 million and then used funds from its affiliated stablecoin operator Tether (the company that issues USDT) to cover the shortfall.

As CryptoPotato reported, later on, Tether issued a statement through a blog post which said that the allegations were written in “bad faith” and were also “riddled with false assertions.”

In May 2019, Judge Joel Cohen granted a partial stay on the NYAG office’s request for documents from the two companies until their hearing takes place on July 29th. During that hearing, the judge on the case, Joel Cohen, decided to extend the preliminary injunction as he was not ready to make a final decision on whether the case should go forward or be dismissed. Hence, he extended that injunction by 90 days.

In August, however, the NYAG presented new evidence on the case, alleging that apart from covering up the $850 million, Bitfinex and Tether had served New York customers for longer than they claimed. In part, the document stated:

The OAG has uncovered substantial ties between Respondents and New York concerning Respondents’ corporate operations; trading on the Bitfinex platform; the issuance, redemption, and trading of tethers; use of financial institutions to move money and process customer deposits and withdrawals; and representations to the market that might have been misleading.

Essentially, the NYAG also attacked Bitfinex’s LEO initial exchange offering, claiming that it “has every indicia of a securities issuance subject to the Martin Act, and there is reason to believe that the issuance is related to the matters under investigation,” meaning the alleged cover-up.

Additionally, the NYAG called iFinex’s motion to dismiss “an improper attempt to impede a lawful investigation.”

The Order to Turn in Documents

In September 2020, Judge Cohen ruled that Bitfinex and Tether must turn over documents detailing their financial relationship and history to the NYAG’s office. In addition to that, he also extended an injunction that barred Tether from loaning funds to Bitfinex by 90 more days.

However, on December 9th, 2020, Letitia James, the Attorney General, filed a document, asking Justice Cohen to extend the deadline to January 15th, 2021. James said that “the parties continue to cooperate on the production of documents in response to the 354 Order, and anticipate that the production could be finalized in the coming weeks.”

Why the January 15th Deadline is Important?

With this, we arrive at the time of this writing and the importance of the January 15th deadline. There are a few reasons for which this is a critical point in this case. First, it requires that iFinex produces the necessary information for the NYAG to continue its investigation and to further substantiate the merits of its claims.

And perhaps what’s even more important, however, is the nature of the documentation. In essence, iFinex has to produce materials on the process by which they determine whether, when, and how to issue and redeem tethers, banks, documents, and communications regarding specific issuances and redemptions, as well as trading activity on the Bitfinex trading platform regarding tethers and bitcoin.

This is a landmark case for the entire cryptocurrency space as USDT is the most popular and biggest stablecoin on the market. The company issuing it has been involved in many scandals in the past, with many questioning the fact that it’s actually backed by USD.

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Source: https://cryptopotato.com/tether-usdt-january-15th-deadline-on-ifinex-case-everything-you-need-to-know/

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