Traditional Banks get serious about enabling crypto-related services

Traditional Banks get serious about enabling crypto-related services

By Olivia Brooke – February 24, 2021

There has been an ongoing trend among traditional banks that are reportedly hunting for ways to offer digital currencies as services for their customers. The insider sources told media outlet The Telegraph UK that banks are asking for as much data as is needed to begin the integration process. Other financial institutions are also reportedly in the same boat as they consider adding Bitcoin to their list of assets.

Banks weigh in market risks

Meanwhile, banks are still weighing potential risk factors before they dive in. This is especially crucial for banks as their direct affiliations with the SEC require extra caution. Other than market volatility which has posed as major risk factors for institutions looking to invest in Bitcoin, money laundering is also a rising factor that new-comers have to analyze.

Sources from cryptocurrency start-up Elliptic told The Telegraph that asides from government agencies and cryptocurrency exchanges, the FBI is also amongst its customer’s list, hence the importance of thoroughly understanding the market enough to avoid breaching legal policies.

Financial Institutions join the race

The rising interest in the inclusion of digital currencies from financial institutions has surged dramatically over the years. Initially, many of these institutions were collectively bearish on cryptocurrencies due to their volatile state. But this year, the reception from these firms has evidently taken a more positive turn. PayPal, Mastercard, and Visa all announced plans to enable cryptocurrency payments for their customers.

Other payment platforms like Square have taken things a step further by partnering with crypto-groups to increase the number of millionaires, while also funding designers to make crypto wallets. While PayPal recently revealed that the company would most likely not purchase Bitcoin for itself, Square is already far deep in the game with a 10% profit from its $50 million Bitcoin investment.

Gen Zs are the target audience

Crucially, banks will need permission from regulatory bodies to proceed with their intended strategy. More importantly, banks need to act fast in order to maintain interest from their target audience; generation Z.

Even though Gen Zs are behind on the Bitcoin ownership race, this generation of TikTok-lovers has shown an immense capability to increase adoption in the market. Banks who are reportedly looking to imitate the footsteps of exchanges in order to attract this generation could potentially bridge the gap between the fiat and crypto market.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

MicroStrategy Buys the Bitcoin Dip, Accumulates an Additional 19,452 BTC for $1.026 Billion in Cash

MicroStrategy Buys the Bitcoin Dip, Accumulates an Additional 19,452 BTC for $1.026 Billion in Cash

By Bernice Nyambura – February 24, 2021

The crypto market, led by Bitcoin, has been in a correction since 22 February when bitcoin fell from a high of $58,330 to a low of $45k, leading to hundreds of billions in losses and panic from unseasoned investors.

The massive losses and the fact that bitcoin is still yet to recover above the $50K level have left many speculating that the bull run is over. The top coin is up 4% in the last 24 hours trading at $49,674 with several futile attempts at climbing back above $50,000.


BTCUSD Chart By TradingView (Click image for larger view)

Meanwhile, Bitcoin short sellers in the market seem to be providing more liquidity for companies to accumulate hundreds of millions and billions worth of BTC in a short time.

MicroStrategy revealed today to be one of the biggest dip buyers of the correction after CEO Michael Saylor announced an additional purchase of 19,453 BTC for over $1 billion. Saylor wrote on Twitter:

“MicroStrategy has purchased an additional -19452 bitcoins for-1.026 billion in cash at an average price of $52765 per #bitcoin.”

The purchase which was also conducted via Grayscale Bitcoin Trust brings the total BTC purchased by the company to 90,531 BTC.

“As of 2/24/2021, we #hodl-90531 bitcoins acquired for -$2.171 billion at an average price of $23,985 per bitcoin.”

Square Also Bought the Dip

The news came barely a day after Square announced a similar purchase of 3,318 more BTC for $170 million. Together with its original purchase of $50 million BTC, Square now holds 5% of the balance of its total cash, cash equivalents, and marketable securities in Bitcoin.

Square also reported that over 3 million customers purchased BTC via Cash App and more than 1 million customers bought BTC for the first time in January 2021.

“Furthermore, in the fourth quarter of 2020, bitcoin volumes per customer were up more than 2.5x year over year, primarily driven by buying activity, as existing customers continued to buy bitcoin and new adopters bought even greater volumes of bitcoin.”

Bitcoin Is Far From Done

Michael Saylor recently stated that the fear of corrections in the market often cost people more money than the actual corrections.

“Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves-Peter Lynch on Bitcoin.”

According to crypto analyst Michael Van de Poppe, while the correction might not be over, the fact that institutions are buying more bitcoin indicates that bitcoin is bound to go up soon.

“Why would you sell now, if institutions are buying, more and more and even more financial instruments are coming for #Bitcoin? There’s no point in selling, hell no.”

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Bernice Nyambura and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Over a billion people will store wealth in Bitcoin by 2026, says MicroStrategy’s Saylor

Over a billion people will store wealth in Bitcoin by 2026, says MicroStrategy’s Saylor

By Mr Oak – February 24, 2021

CEO of MicroStrategy Michael Saylor in an interview on February 23 made a striking forecast, stating that a billion people will store their wealth in Bitcoin within the next five years using mobile devices.

The CEO who has become a Bitcoin proponent described Bitcoin as “the dominant digital monetary network,” and will soon be the saving method of choice for over a billion people. Saylor told reporters that Bitcoin is not really for spending but more of a saving tool where investors can store value just like a savings account. “We’re going to see a day when 7-8 billion people have a bar of digital gold on their phone, and they’re using it to store their life savings with it”.


BTCUSD Chart By TradingView (Click image for larger view)

Bitcoin became the world’s first trillion-dollar crypto asset class and touched a new all-time high on February 21, surging above $58,000. Bitcoin has surged over 40% in two weeks and has seen a 100% gain year-to-date.

Bitcoin’s price however retracted after Janet Yellen, the new United States Treasury Secretary called it “inefficient,” leading to a monumental price dip from its all-time high. Saylor however stated that Yellen’s comments were of little to no weight when compared to Bitcoin use and its current adoption rate as it continues to change the financial scene. “The story here that’s not being told is that Bitcoin is egalitarian progressive technology,” he stated.

Saylor also highlighted Bitcoin’s 12-year-journey to becoming a trillion-dollar asset, revealing that Bitcoin achieved that feat quicker than Multi-billion dollar corporations.

“So, the world needs this thing, and I think you can expect that we’ll have a billion people storing their value in essence, a savings account on a mobile device within five years, and they’re going to want to use something like Bitcoin,”

Michael Saylor, earlier this month revealed how corporate organizations can invest in Bitcoin to avoid the financial risks associated with fiat currencies. Speaking at a MicroStrategy virtual pro-Bitcoin conference, Saylor issued a warning to corporate institutions against “fiat derivatives” like bonds, stocks, and real estate, describing them as “treasuries” that are just taking the place of fiat currencies and any returns they yield would only be in the devalued currency. Saylor went ahead to suggest that the only solution to this would be for them to convert all of these into Bitcoin.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Mr Oak and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

square doubles down on Bitcoin, investing another $170M

Square doubles down on Bitcoin, investing another $170M

Jack Dorsey’s Square now owns roughly 3,318 more BTC.


Image courtesy of CoinTelegraph

            FEB 23, 2021

Financial services outfit Square just announced it has picked up more Bitcoin (BTC).

Square “has purchased approximately 3,318 bitcoins at an aggregate purchase price of $170 million,” the company said in a public statement on Tuesday, adding:

“Combined with Square’s previous purchase of $50 million in bitcoin, this represents approximately five percent of Square’s total cash, cash equivalents and marketable securities as of December 31, 2020.”

Bitcoin has fallen significantly this week so far, dropping below the $50,000 mark after tapping a record high past $58,000, based on TradingView.com data. Based on the $170 million sum Square swapped for about 3,318 BTC, the outfit looks to have paid an average of $51,235 per coin on its new investment.

“Aligned with the company’s purpose, Square believes that cryptocurrency is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and secure their own financial future,” Square noted in the statement. “The investment is part of Square’s ongoing commitment to bitcoin, and the company plans to assess its aggregate investment in bitcoin relative to its other investments on an ongoing basis.”

Square bought $50 million worth of Bitcoin in 2020, which it announced last fall.

Square’s statement also included an unveiling of its 2020 financial documents. Twitter CEO Jack Dorsey also serves as CEO of Square. Dorsey recently donated 1 Bitcoin to a nonprofit aimed at Bitcoin technical progress.

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Original article posted on the CoinTelegraph.com site, by Benjamin Pirus.

Article re-posted on Markethive by Jeffrey Sloe

This Unique Take On Bitcoin Suggests A Bear Phase Is Near

This Unique Take On Bitcoin Suggests A Bear Phase Is Near

By Tony Spilotro – February 23, 2021 in BTC Reading Time: 3min read

Bitcoin just experienced one of its steepest corrections in months, and one of only a handful of pullbacks since the uptrend began. However, one unique perspective on the cryptocurrency’s long-term price chart suggests that another bear market could be incoming as volatility in the asset dwindles over time.

The idea is based on the leading cryptocurrency by market cap nearly reaching to top of a logarithmic growth channel one highly accurate analyst has charted. Here’s a look at this unique take on the Bitcoin price action ahead.

Bitcoin Bulls Finally Run Into A Wall After Whale Sparks Selloff

After touching nearly $60,000 over the weekend, Bitcoin price has fallen as deep as $45,000 per coin in just days since the week started.

The drop was prompted by a whale moving 28,000 BTC worth $1.6 billion at the time, to crypto exchange Gemini.

The selloff is among the deepest corrections the cryptocurrency has seen since last March, when the price shed over 70% in a matter of days. But could it be the top of the current rally?

According to the logarithmic growth curve drawn by long-term chartist Dave the Wave, the peak of this cycle could be near, and another bear market could be almost as close.

Beware of Bear, Says Highly Accurate Crypto Analyst

Using the same model, Dave the Wave called the bottom of the bear market, so why couldn’t the same model predict the peak? If the current uptrend’s peak reaches the top trendline of the logarithmic growth curve, the distance from the near-term peak would be very close.

Each time Bitcoin price has touched the top trendline in the past, a bear phase will technically already have begun.

Either way, after rising so sharply, the log growth curve seems to indicate that some correction is due one way or another. As Dave the Wave also elaborates, each cycle’s drawdown was set at a 33-degree slope. If the same angle trend happens with the current correction, the bottom would be hit when Bitcoin touches down at $20,000 again eventually.

What’ll it be? A retest of $20,000 to complete the next “bear market” before moving higher, or will this model be proven ineffective for the first time in the asset’s history?

Featured image from Deposit Photos, Charts from TradingView.com

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The original article was written by Tony Spilotro and posted on NewsBTC.com.

Article reposted on Markethive by Jeffrey Sloe

Bitcoin Makes a Go at $40,000 amid “Risk-Off” Trade

Bitcoin Makes a Go at $40,000 amid “Risk-Off” Trade

By Yashu Gola – February 23, 2021 in ETH Reading Time: 2min read

Is Bitcoin a safe-haven? Not this week.

The world’s leading cryptocurrency accelerated its losses on Tuesday as traders decided to realize their profits. It shed up to $9,318, or 17.19 percent, to an intraday low of $44,888. The move downhill extended its week-to-date losses to a little over 22 percent.


Bitcoin plunges amid an anti-risk-on sentiment. Source: BTCUSD on TradingView.com

The BTC/USD exchange rate slipped below a crucial support offered by its 20-day exponential moving average. In recent history, the pair’s breakdown below the green wave increasieed its possibility to extend the downtrend towards the next wave target near the 50-day moving average (blue).

Coincidentally, the blue wave sits right in the region that earlier was resistance to Bitcoin’s uptrend attempts. Now a flipped support, the area anticipates to act like a magnet to Bitcoin’s downtrend, exposing the cryptocurrency to levels near $40,000.

Risk-Off Bitcoin

Bitcoin’s losses coincided with a similar sell-off across the US stock market, led by a retreat in the technology stocks. Futures tied to the S&P 500 slipped 0.5 percent, logging its fifth consecutive day in the red. Meanwhile, contracts for the Nasdaq Composite plunged 1.5 percent, suggesting that tech stocks would continue to lead the markets lower.

A sharp rise in US government bond yields has reduced investors’ appetite for riskier assets in recent sessions in recent sessions. The upside momentum in bond rates particularly affected markets that experienced massive bull runs during 2020. Thanks to its higher yields, traders and investors merely rotated out of their profitable positions to seek stable returns in the bond market.

Investors note it is the momentum at which yields have increased, rather than their level, that is hurting riskier assets. Bitcoin, which traded inversely to bond yields all across 2020, tends to move lower as a result.

Powell Testimony

The fall across the stock and cryptocurrency market has shifted focus on Jerome Powell’s testimony before the US Senate Banking Committee on Tuesday.

The Federal Reserve Chairman will likely signal that his office would keep the quantitative easing policies at place until the economy achieves “maximum employment” and inflation rates above 2 percent. That includes a monthly purchase of $120 billion worth of government bonds and mortgage-backed securities and a near-zero interest rate.

Bitcoin anticipates to hold its long-term bullish bias as long as Fed continues its dovish program. More upside tailwinds for the cryptocurrency also appears in the US president Joe Biden’s plans to pass a $1.9tn coronavirus stimulus package through the House of Representatives this Friday.

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The original article was written by Yashu Gola and posted on NewsBTC.com.

Article reposted on Markethive by Jeffrey Sloe

Price analysis 2/22: BTC, ETH, BNB, DOT, ADA, XRP, LTC, LINK, BCH, XLM

Price analysis 2/22: BTC, ETH, BNB, DOT, ADA, XRP, LTC, LINK, BCH, XLM

Bitcoin and altcoins both saw a strong bounce off their intraday lows, which signals that traders still view dips as buying opportunities.


Image courtesy of CoinTelegraph

            FEB 22, 2021

Every uptrend witnesses periodic bouts of profit-booking as short-term traders tend to unwind positions either on adverse news or at critical technical resistance levels. This occurred with Bitcoin (BTC) today as the price momentarily dropped below $48,000 and traders scrambled to close or top up positions before being liquidated.

Elon Musk’s tweet on Feb. 20 that said Bitcoin prices “seem high” and the U.S. Treasury Secretary Janet Yellen’s warning today on Bitcoin being “extremely inefficient” could have dampened short-term sentiment.


Daily cryptocurrency market performance. Source: Coin360 (Click image for larger view)

Another possible factor that may have exacerbated the fall could have been the unwinding of excessively leveraged long positions. About $1.64 billion worth of Bitcoin futures positions were liquidated during today’s sharp pullback.

However, derivatives data for Bitcoin futures do not show any negative development, as highlighted by Cointelegraph Markets analyst Marcel Pechman.

Let’s analyze the charts of the top-10 cryptocurrencies to spot the critical levels on the upside and the key support levels on the downside.

BTC/USD

Bitcoin broke above the resistance line of the ascending channel on Feb. 19, but could not pick up momentum. This showed that the current uptrend was tiring out. Traders aggressively booked profits today, which pulled the price down to the 20-day exponential moving average ($48,081).


BTC/USDT daily chart. Source: TradingView (Click image for larger view)

However, the lower levels continue to attract buyers as seen from the long tail on the daily candlestick. If the price sustains above the midpoint of the channel, the bulls will again try to push the pair above the channel.

If they manage to do that, the BTC/USD pair could resume the uptrend. The next target on the upside is $60,974.43 and then $66,000. The upsloping moving averages and the relative strength index (RSI) in the positive territory suggest that bulls are in control.

Contrary to this assumption, if the price sustains below the midpoint of the channel, the bears will again try to break the 20-day EMA support. If they manage to do that, the pair may drop to the 50-day simple moving average ($39,885).

ETH/USD

Ether (ETH) turned down from the resistance line of the ascending channel on Feb. 20, indicating that traders booked profits after the price reached the psychologically important level at $2,000.


ETH/USDT daily chart. Source: TradingView (Click image for larger view)

The selling continued today and the ETH/USD pair dropped to the support line of the ascending channel. However, the positive sign is that the bulls purchased the dip as seen from the long tail on the day’s candlestick.

If the buyers can push and sustain the price above the 20-day EMA ($1,753), the positive momentum may remain intact.

On the contrary, if the price sustains below the 20-day EMA, the bears will try to sink the pair below the channel and the 50-day SMA ($1,465). If they succeed, the correction could deepen to $1,200 and then to $1,000.

BNB/USD

Binance Coin (BNB) has been witnessing volatile moves in the past few days. After the sharp rally on Feb. 19, traders aggressively booked profits on Feb. 20. The bulls tried to resume the uptrend on Feb. 21, but the higher levels have again attracted profit-booking.


BNB/USDT daily chart. Source: TradingView (Click image for larger view)

The bulls are currently attempting to defend the zone between the 50% Fibonacci retracement level at $233.3485 and the 61.8% retracement level at $206.1262. If they succeed, the BNB/USD pair may continue the volatile range-bound action for a few more days.

On the contrary, if the bears sink the price below $206.1262, the decline could extend to the 20-day EMA ($168). This is an important support to keep an eye on because a break below it will suggest a trend change and a likely fall to $118.

DOT/USD

Polkadot (DOT) broke above the ascending channel on Feb. 19 and rose to a new all-time high at $42.2848 on Feb. 20. However, the long wick on the day’s candlestick showed profit-booking at higher levels.


DOT/USDT daily chart. Source: TradingView (Click image for larger view)

After forming an inside day candlestick pattern on Feb. 21, the DOT/USD pair slumped back into the channel today. However, the bulls bought the dips and have pushed the price back above the channel.

The buyers will now try to push the price above $42.2848 and resume the uptrend. On the other hand, the bears will try to sink the pair back into the channel. If they succeed, the pair may drop to the 20-day EMA ($28.89).

ADA/USD

Cardano (ADA) surged above the $0.9817712 overhead resistance on Feb. 20 and reached $1.1980811. However, the long wick on the daily candlestick showed profit-booking at higher levels.


ADA/USDT daily chart. Source: TradingView (Click image for larger view)

The selling intensified today and that pulled the ADA/USD pair down to the 20-day EMA ($0.834). However, the long tail on today’s candlestick shows aggressive buying at lower levels.

If the price sustains above $1, the bulls will try to resume the up-move. A breakout of $1.1980811 could open the doors for a rally to $1.25 and then $1.50.

Conversely, if the price slips below $0.9817712, the pair may again drop to the 20-day EMA. This is an important support to watch out for because if it cracks, the correction may deepen to $0.6879684.

XRP/USD

XRP continues to trade inside the $0.50 to $0.65 range. The altcoin bucked the trend today and rallied while most other major cryptocurrencies were witnessing sharp selling.


XRP/USDT daily chart. Source: TradingView (Click image for larger view)

The price had rallied to $0.65155 today but the bulls could not sustain the higher levels. This shows the bears have not yet thrown in the towel.

However, the upsloping 20-day EMA ($0.50) and the RSI in the positive territory suggest the path of least resistance is to the upside. If the bulls can propel and sustain the price above $0.65, the rally may extend to $0.78608.

This positive view will invalidate if the price turns down from the current levels and breaks below the $0.50 support. If that happens, the XRP/USD pair may drop to $0.3855.

LTC/USD

The bulls could not sustain Litecoin (LTC) above the $240 overhead resistance from Feb. 17 to Feb. 21. This failure to resume the uptrend could have attracted profit-booking from short-term traders, which resulted in a sharp fall today.


LTC/USDT daily chart. Source: TradingView (Click image for larger view)

The LTC/USD pair broke below the 20-day EMA ($198) and the $185.5821 support today, but the long tail on the day’s candlestick shows the bulls purchased this dip. The flattening 20-day EMA and the RSI just above the midpoint, suggest a balance between supply and demand.

If the price sustains above the 20-day EMA, the bulls will again try to resume the uptrend. On the contrary, if the price again slips below the 20-day EMA, the pair may drop to the 50-day SMA ($165). A break below this support could pull the pair down to $120.

LINK/USD

Chainlink (LINK) turned down from the resistance line of the ascending channel on Feb. 20 and formed a Doji candlestick pattern on Feb. 21. The uncertainty of the Doji candlestick was resolved to the downside today.


LINK/USDT daily chart. Source: TradingView (Click image for larger view)

The LINK/USD pair plunged below the 20-day EMA ($30) and the support line of the channel today. However, the long tail on the candlestick shows aggressive buying by the bulls at lower levels.

If the bulls can sustain the price inside the channel, it will suggest that the uptrend remains intact. On the contrary, if the price again breaks below the channel, it will indicate a possible trend change.

The next critical support on the downside is the 50-day SMA ($23.82) and if this support also cracks, the decline may extend to $20.1111.

BCH/USD

The range-bound action in Bitcoin Cash (BCH) resolved to the downside today when the price dipped below the $670 support. This breakdown showed that the equilibrium had tilted in favor of the bears.


BCH/USD daily chart. Source: TradingView (Click image for larger view)

The BCH/USD pair broke below the 20-day EMA ($610) and fell to an intraday low at $533.33 today. However, the bulls aggressively purchased the dip below the $539 support, resulting in a sharp rebound.

If the price sustains above the 20-day EMA, the bulls will again try to push the price back into the $670 to $745.39 range. If they succeed, it will suggest that the current correction could be over.

On the contrary, if the price sustains below the 20-day EMA, the pair may again drop to $539 and then to the 50-day SMA ($510).

XLM/USD

Stellar Lumens (XLM) failed to resume its uptrend in the past few days, which showed a lack of demand at higher levels. This could have attracted profit-booking from short-term traders who may have dumped their positions today.


XLM/USDT daily chart. Source: TradingView (Click image for larger view)

The XLM/USD pair broke below the 20-day EMA ($0.44) and the $0.409 support today, but the bulls purchased at lower levels. The flattish 20-day EMA and the RSI below 58 suggest the bullish momentum may be weakening.

If the bulls fail to sustain the price above the 20-day EMA, the bears will again try to sink the price below $0.409. If they manage to do that, the pair could slide to the $0.35 support.

On the other hand, if the price sustains above the 20-day EMA, the bulls will again try to resume the uptrend. A break above $0.535 will suggest an advantage to the bulls and may result in a retest of $0.600681.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

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Original article posted on the CoinTelegraph.com site, by Rakesh Upadhyay.

Article re-posted on Markethive by Jeffrey Sloe

More Woes For XRP As MoneyGram Suspends Trading On Ripple’s Platform

More Woes For XRP As MoneyGram Suspends Trading On Ripple’s Platform

By Erie Maxwell – February 22, 2021

The United States Securities and Exchange Commission has a long and complex history with the cryptocurrency industry. This has included the prosecution of fraudulent Initial Coin Offerings during the ICO boom a few years ago, the back and forth of the Bitcoin ETF, and the issues surrounding the introduction of crypto-related regulation.

The latest of these issues is with Ripple, which is in an ongoing legal dispute with the Securities and Exchange Commission. Now, it has been announced that a previous partnership between MoneyGram and Ripple has been suspended as a result of the dispute.

Ripple and MoneyGram Part Ways

Prior to this announcement, MoneyGram had been making use of Ripple’s payment protocol. The partnership began in 2019 and was to last until 2023 but is now being prematurely ended as a result of the ongoing legal brawl.

“Due to the uncertainty concerning their ongoing litigation with the SEC, the Company has suspended trading on Ripple’s platform,” the announcement from MoneyGram said.

The partnership saw MoneyGram make use of RippleNet, Ripple’s payment solution to complete cross-border settlements. Ripple, on their part, had given financial incentives to MoneyGram for making use of their solutions.

For example, in the last quarter of 2020, Ripple gave MoneyGram up to $8.5 million. Those payments were termed “market development fees” and now that the partnership is ending, MoneyGram has stated that they do not plan to enjoy any more of the Ripple market development fees.

This suspension of Ripple’s partnership comes as a result of the SEC taking action against them for what they claim is an unregistered sale of a security in form of their native XRP token. This is not the first time that the SEC has had such an issue with a crypto company.

They previously had a legal dispute with Telegram over the sale of their TON token which Telegram insisted was a utility token and not a security. The debate about the proper classification of crypto assets by the SEC has been going on for a long time now. Critics of the commission have claimed that no proper means of classification has been put in place and the industry suffers as a result, as is the case with Ripple.

As the crypto industry becomes more robust and mature, it is expected that better classification will be put in place.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Erie Maxwell and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Canada’s Vinergy To Broaden Investments To Bitcoin, Digital Currency, Blockchain

Canada’s Vinergy To Broaden Investments To Bitcoin, Digital Currency, Blockchain

By RTTNews Staff Writer | Published: 2/22/2021 9:25 AM ET

Canada’s Vinergy Cannabis Capital Inc. has become the latest to broaden investment spectrum to include Bitcoin mining, Bitcoin derivatives, digital currencies, digital currency marketplaces and exchanges and blockchain, among others.

The investment company has become the latest in updating and amending its current investment policy to broaden the spectrum of the types of investments it is focused on to include high impact and high growth opportunities in Bitcoin, digital currencies and blockchain.

The company said it will form an advisory board of human capital that is well versed in evaluating these types of opportunities as a part of a new focus on these opportunities. It will also acquire additional human capital to review and evaluate investment opportunities in the sector.

Vinergy noted that it has received interest and proposals from several Bitcoin, digital currency and blockchain companies seeking investment over the past few months.

The Company views the macro data points in the sector such as all-time high Bitcoin price, influx in investment dollars for the sectors and increased institutional or mainstream adoption as very favourable for several of the opportunities that have been presented to it.

Recently, Tesla also updated its investment policy to enable the company to invest a portion of its cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future.

The luxury electric car maker also revealed it has invested an aggregate of $1.5 billion in Bitcoin to provide it with more flexibility to further diversify and maximize returns on its cash that is not required to maintain adequate operating liquidity.

For comments and feedback contact: editorial@rttnews.com

Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

Michael Saylor is extremely bullish on Bitcoin for these significant reasons

Michael Saylor is extremely bullish on Bitcoin for these significant reasons

By Olivia Brooke – February 22, 2021

Michael Saylor of Microstrategy is arguably one of the biggest players whose arrival in the Bitcoin market can be credited for influencing the arrival of other traditional counterparts. The company’s leader who had previously called Bitcoin a “bubble” quickly turned into a Bitcoin evangelist, with the buying of large amounts of Bitcoin morphing into a consistent practice for his business intelligence company.

In a recent interview on a Bitcoin podcast, the CEO who recently hosted the Bitcoin for cooperation conference, where he pitched Bitcoin to corporate America, with more than 85,000 participants and 7,000 companies like SpaceX, Marathon, and a bunch of others being represented.

Institutional players are taking off

Saylor, fascinated by the new companies that have gone public with their Bitcoin investment noted that Marathon patent groups’ recent Bitcoin acquisition of $150 million was a huge deal for the industry. 

Saylor’s response to the type of reaction his pitch got from the corporations was very bullish. “My impression was, I was surprised at how much enthusiasm there is,” he said. Adding that “When we started in August, we were the first public company to make a serious commitment, and then Square followed us. And then, when Tesla did it, it now got four public companies in a row that have made pretty material commitments.”

Bitcoin attains mainstream audience

Even with critics making bearish predictions here and there, Saylor reaffirms that the market has generally been enthusiastic and supportive of incoming traditional firms.

He crowns Tesla the most successful stock of the year, a title that is certainly fitting for the electric vehicle company which has already secured $1 billion in less than a month since its Bitcoin purchase. Mainstream day in Micheal Saylor’s book was the 8th of February when according to him, Bitcoin’s story as a treasury reserve asset “crossed outside of the Bitcoin and the Crypto community.”


(Click image for larger view)

Meanwhile, Saylor is also bullish in his on-chain analysis, suggesting that if miners lose interest in shorting their Bitcoin holdings and begin to acquire Bitcoin through debts, Bitcoin goes off the charts in the future.

“What happens when all the publicly traded Bitcoin miners stop selling bitcoin and start buying it to hodl using publicly issued equity & debt to cover their expenses? BTC stock to flow goes to infinity, then it goes negative.”

Miners’ reactions to the bullish market have been suggestive of the possibility that miners are not as interested in shorting Bitcoin as they are in storing their current holdings. According to on-chain data, Tesla’s Bitcoin purchase could have influenced this decision.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe