Eight Popular Cryptocurrency Brokerages

Eight Popular Cryptocurrency Brokerages

By RTTNews Staff Writer | Published: 11/30/2021 11:27 AM ET

No matter which way we look at it, there is nothing to stop the rise of Cryptocurrencies as things stand now. While cryptocurrency is a very fascinating place to invest and the success stories of people who have invested in them may intrigue us, the very fact that the currency is a result of complex technology which cannot be broken down to easier and understandable terms make them very hard to grasp for many people. This is one of the primary reasons people are afraid of investing in cryptocurrencies.

This is where cryptocurrency brokers come in. They make it easy for every day Jack to find the cryptocurrency they feel suits their needs. There are thousands of crypto brokerage services available on the internet many of which are scams to take the money out of the investors' pockets and run away. That is why we have compiled this list of 11 Cryptocurrency Brokers who are popular among crypto investors.

eToro:
One of the highest-rated brokers for crypto, eToro has revolutionized the way crypto coins are traded. The platform uses a special kind of trading called Social Trading. In this method, the users can mirror another trader's transactions to cut down the risk if the user does not understand crypto. But in this case, since the decision is not being taken by the user, both earnings and loss depend on the person being mirrored.

eToro users can also use OpenBook, a feature that lets users copy the trades of the best performers on the platform and thus claims to guarantee a good trade for those who have just started to trade in crypto.

Interactive Brokers:
One of the ways crypto brokers make their cut is by charging the investors for each transaction. Interactive Brokers is one of the platforms that does not charge any money for trading.

Interactive Brokers have access to almost 135 global cryptocurrency markets around the globe, making it one of the best coin brokerage platforms in the world. While the platform is designed to get the best results for those experienced in trading, the new IBKR Lite will be a good low-fee crypto exchange for newbies.

Coinbase
One of the oldest crypto platforms in the world and one of the most well-known as well, Coinbase is a very popular crypto brokerage for beginners who are unwilling to use social trading services. It affords worldwide customer support and hosted wallet along with considerable educational resources and an intuitive interface.

Coinbase is one of the highly-rated cryptocurrency trading platforms for Bitcoin, Litecoin to Chainlink. While it does not offer the best prices compared to other low-fee crypto exchange platforms, it is easy and simple enough for any trader.

iTrustCapital
Among all the cryptocurrency brokers, only a handful allow their users to trade and keep physical gold in their Individual retirement account or IRA. iTrustCapital is one such brokerage that sanctions gold deals on top of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) in the IRA of its traders. It also furnishes a personal wallet by Curv for crypto transactions.

WeBull
WeBull offers solutions for traders who want to diversify their crypto portfolios. The platform excels at instant trading of all kinds of cryptocurrencies like Dogecoin, Bitcoin, Ethereum, and other altcoins to give the user a great hold over the crypto market.

Voyager
Another well-rated broker for multiple exchanges, Voyager opens the door to the largest crypto trading market by enabling its users to connect to a number of dependable and secure crypto exchanges in a significantly fast and seamless manner.

Robinhood
This platform is best suited for novice traders who are looking for an easy and streamlined layout of brokerages. Users who are new to the trading world find Robinhood's feature of having limited trading options and account types quite resourceful and time-saving. Each and every one buys and sell order option is accompanied by a short but informative explanation, making it all the more befitting for users who are still in their learning phase.

BlockFi
One of the popular brokerages for earning interest on crypto, the BlockFi Interest Account (BIA) lets users maximize their cryptocurrency balance. They offer 8.6% on stablecoins and up to 6% on BTC. So if a user deposits $ 10,000 in a stable coin on BlockFi, he/she can earn up to $ 860 per year.

For comments and feedback contact: editorial@rttnews.com

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Markethive Advertisement

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

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

MicroStrategy Buys Bitcoin Dip

MicroStrategy Follows El Salvador’s Lead As It Buys Bitcoin Dip

By Best Owie – November 30, 2021 in Bitcoin Reading Time: 2 min read

For those who can afford it, the recent dips in Bitcoin price have been nothing more than an opportunity to buy the digital asset at a discounted price. This has certainly been the case for El Salvador and now MicroStrategy, as both these entities have moved swiftly to take advantage of the price dip to increase their holdings.

El Salvador had quickly snapped up another 100 BTC when the price had fallen to $54,000, with the president once again saying that the country got the coins at a discount. MicroStrategy, the publicly traded firm that holds the largest amount of bitcoin on its balance sheet, followed in the footsteps of El Salvador. This time buying up $414 million worth of BTC.

Related Reading | Report Shows Institutional Investors Are Abandoning Bitcoin For Altcoins

MicroStrategy Deepens Bitcoin Bet

MicroStrategy has renewed its promise to keep adding bitcoin to its balance sheet with its latest purchase. The firm which is headed by Bitcoin maximalist Michael Saylor announced that it had bought even more bitcoins to add to its already impressive holdings. MicroStrategy’s latest purchase consisted of a $414 million buy, which amounted to 7,002 BTC added to its balance.

This recent purchase brought the total of MicroStrategy’s bitcoin holdings to a whooping 121,044 coins. The firm bought the digital asset at an average of $59,187 per coin, well below its record $69K high at the beginning of November.


BTC recovers above $57K | Source: BTCUSD on TradingView.com

MicroStrategy has gradually filled its coffers with bitcoin and has so far spent approximately $3.57 billion in total. Despite bitcoin’s drop from its all-time high, the firm continues to remain in profit with an average price of $29,534 per bitcoin.

Companies Betting Big On Bitcoin

MicroStrategy is not the only company that has thrown its hat in the ring with bitcoin, although it holds the largest volume of all publicly traded companies. Electric vehicle maker Tesla had also announced that it holds bitcoin on its balance sheet. Tesla which is headed by another Bitcoin maximalist in the person of Elon Musk holds 48,000 BTC on its balance sheets, currently worth around $2.99 billion.

Related Reading | El Salvador Buys Bitcoin Dip As Omicron Variant Ravages Market

Galaxy Digital is headed by Mike Novogratz, an outspoken crypto bull that has reiterated the potential of bitcoin numerous times. The firm also holds16,402 bitcoins on its balance sheet, $956.69 million in today’s value.

Square Inc. headed by Twitter boss, Jack Dorsey holds 8,027 BTC, while Marathon Patent Group holds around $280.7 million in bitcoin (4,813 BTC).

A recurring theme around all these companies is that no matter when they entered the market, they are all in profit by at least 100% of the value the bitcoins cost at the time of purchase.

Featured image from Forbes, chart from TradingView.com

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The original article was written by Best Owie and posted on NewsBTC.com.

Article reposted on Markethive by Jeffrey Sloe

** Get secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Popular Cryptocurrency Brokerages

Eight Popular Cryptocurrency Brokerages

By RTTNews Staff Writer | Published: 11/30/2021 11:27 AM ET

No matter which way we look at it, there is nothing to stop the rise of Cryptocurrencies as things stand now. While cryptocurrency is a very fascinating place to invest and the success stories of people who have invested in them may intrigue us, the very fact that the currency is a result of complex technology which cannot be broken down to easier and understandable terms make them very hard to grasp for many people. This is one of the primary reasons people are afraid of investing in cryptocurrencies.

This is where cryptocurrency brokers come in. They make it easy for every day Jack to find the cryptocurrency they feel suits their needs. There are thousands of crypto brokerage services available on the internet many of which are scams to take the money out of the investors’ pockets and run away. That is why we have compiled this list of 11 Cryptocurrency Brokers who are popular among crypto investors.

eToro:
One of the highest-rated brokers for crypto, eToro has revolutionized the way crypto coins are traded. The platform uses a special kind of trading called Social Trading. In this method, the users can mirror another trader’s transactions to cut down the risk if the user does not understand crypto. But in this case, since the decision is not being taken by the user, both earnings and loss depend on the person being mirrored.

eToro users can also use OpenBook, a feature that lets users copy the trades of the best performers on the platform and thus claims to guarantee a good trade for those who have just started to trade in crypto.

Interactive Brokers:
One of the ways crypto brokers make their cut is by charging the investors for each transaction. Interactive Brokers is one of the platforms that does not charge any money for trading.

Interactive Brokers have access to almost 135 global cryptocurrency markets around the globe, making it one of the best coin brokerage platforms in the world. While the platform is designed to get the best results for those experienced in trading, the new IBKR Lite will be a good low-fee crypto exchange for newbies.

Coinbase
One of the oldest crypto platforms in the world and one of the most well-known as well, Coinbase is a very popular crypto brokerage for beginners who are unwilling to use social trading services. It affords worldwide customer support and hosted wallet along with considerable educational resources and an intuitive interface.

Coinbase is one of the highly-rated cryptocurrency trading platforms for Bitcoin, Litecoin to Chainlink. While it does not offer the best prices compared to other low-fee crypto exchange platforms, it is easy and simple enough for any trader.

iTrustCapital
Among all the cryptocurrency brokers, only a handful allow their users to trade and keep physical gold in their Individual retirement account or IRA. iTrustCapital is one such brokerage that sanctions gold deals on top of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) in the IRA of its traders. It also furnishes a personal wallet by Curv for crypto transactions.

WeBull
WeBull offers solutions for traders who want to diversify their crypto portfolios. The platform excels at instant trading of all kinds of cryptocurrencies like Dogecoin, Bitcoin, Ethereum, and other altcoins to give the user a great hold over the crypto market.

Voyager
Another well-rated broker for multiple exchanges, Voyager opens the door to the largest crypto trading market by enabling its users to connect to a number of dependable and secure crypto exchanges in a significantly fast and seamless manner.

Robinhood
This platform is best suited for novice traders who are looking for an easy and streamlined layout of brokerages. Users who are new to the trading world find Robinhood’s feature of having limited trading options and account types quite resourceful and time-saving. Each and every one buys and sell order option is accompanied by a short but informative explanation, making it all the more befitting for users who are still in their learning phase.

BlockFi
One of the popular brokerages for earning interest on crypto, the BlockFi Interest Account (BIA) lets users maximize their cryptocurrency balance. They offer 8.6% on stablecoins and up to 6% on BTC. So if a user deposits $ 10,000 in a stable coin on BlockFi, he/she can earn up to $ 860 per year.

For comments and feedback contact: editorial@rttnews.com

ecosystem for entrepreneurs
Markethive Advertisement

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

Article reposted on Markethive by Jeffrey Sloe

‘Bitcoin, Bitcoin, Bitcoin’

‘Bitcoin, Bitcoin, Bitcoin’: What People Are Saying About Dorsey Leaving Twitter

Jack Dorsey’s departure from Twitter has big implications for the Bitcoin industry, and it’s got a lot of people talking.

By Jeff John Roberts           3 min read • Nov 29, 2021

In brief

  • Twitter CEO Jack Dorsey may be the most prominent Bitcoin booster in corporate America.
  • His departure has triggered a flurry of speculation, including some notable tweets.

Jack Dorsey, the CEO of Twitter, dropped a Monday morning bombshell by announcing he was leaving the company he-founded and has led since 2015. The news produced a stir since Twitter is such a high profile company, and because no corporate executive—with the possible exception of Elon Musk—has done more to raise the profile of Bitcoinand crypto.

In a letter explaining his departure, Dorsey cited his confidence that other Twitter executives can successfully run the company on their own and didn’t mention crypto. But many on social media speculated that Dorsey made the move so he can devote more time to crypto and, in particular, Bitcoin:

Some speculated that Dorsey may step up his crypto ambitions through his work at payments company Square, which he also founded and where he remains CEO. The editor of TechCrunch suggested this could be because Square—which is building a Bitcoin wallet—is better positioned than Twitter to take the lead on Web 3.

Other observers noted that Dorsey appears to have been already been devoting more of his time and attention to Square:

As observers on Twitter have noted, it’s an open question whether Dorsey’s departure will lead Twitter to turn away from its recent pivot to crypto, which has included tipping with Bitcoin and plans for NFT integration. There is reason to think so based on the reaction of the market, which saw Twitter’s share price soar more than 10% on today’s news—an unusual reaction to a long-time CEO resigning.

The market reaction was not simply a vote on Dorsey’s pro-Bitcoin stances, but rather reflected frustration with Dorsey by big investors who have long complained he lacked focus and caused Twitter to under-perform—a performance reflected in this graph:

Given this pressure from investors, it’s possible that the incoming CEO, Parag Agrawal, may lead Twitter to prune its crypto efforts or even turn away from them altogether. But not everyone thinks this is the case given how Agarwal served as CTO of the company, and has led one of its flagship crypto projects known as Bluesky.

Finally, some called attention to comments in Dorsey’s departure letter that he believed it to be critical for Twitter to break away from “its founding and founders” and for a company to “stand on its own, free of its founder’s influence or direction.”

Such sentiments are consistent with the decentralization ethos of Web 3 though, as observers noted, it’s hard to discern what exactly this will mean for Twitter, Square and Dorsey himself.

The bottom line is that it’s too early to tell what Dorsey’s leaving will mean for Twitter or the broader crypto industry—though it’s a safe bet he’s far from done with Bitcoin.

DISCLAIMER

THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, OR OTHER ADVICE.

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Original article posted on the Decrypt.co site, by Jeff John Roberts.

Article re-posted on Markethive by Jeffrey Sloe

** Get secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Countries Where Crypto is Restricted or Illegal

Bitcoin ban: These are the countries where crypto is restricted or illegal


Cryptocurrencies like Bitcoin are heavily regulated or restricted in a number of countries around the world.   –   Copyright   Canva

By Chloe Orji   •   Updated: 11/24/2021

Bitcoin has been controversial since its beginning in 2009, as have the subsequent cryptocurrencies that followed in its wake.

While widely criticised for its volatility, its use in nefarious transactions and for the exorbitant use of electricity to mine it, Bitcoin is being seen by some, particularly in the developing world, as a safe harbour during economic storms.

But as more people turn to cryptos as either an investment or a lifeline, these issues have manifested in an array of restrictions on their usage.

The legal status of Bitcoin and other altcoins (alternative coins to Bitcoin) varies substantially from country to country, while in some, the relationship remains to be properly defined or is constantly changing.

RELATED • Majority of Europeans want their countries to regulate crypto, not the EU – exclusive Euronews poll

Whereas the majority of countries don’t make using Bitcoin itself illegal, its status as a means of payment or as a commodity varies with differing regulatory implications.

Some countries have placed limitations on the way Bitcoin can be used, with banks banning its customers from making cryptocurrency transactions. Other countries have banned the use of Bitcoin and cryptocurrencies outright with heavy penalties in place for anyone making crypto transactions.

These are the countries that have a particularly fraught relationship with Bitcoin and other altcoins.

Algeria

Algeria currently prohibits the use of cryptocurrency following the passing of a financial law in 2018 that made it illegal to buy, sell, use or hold virtual currencies.

Bolivia

There is a complete ban in place on the usage of Bitcoin in Bolivia since 2014. The Bolivian Central Bank issued a resolution banning it and any other currency not regulated by a country or economic zone.


A woman walks past an advertisement for the Bitcoin cryptocurrency in Hong Kong. – Vincent Yu/Associated Press

China

China has cracked down on cryptocurrencies with increasing intensity throughout 2021. Chinese officials have repeatedly issued warnings to its people to stay clear of the digital asset market and have clamped down hard on mining in the country as well as currency exchanges in China and overseas.

On August 27, Yin Youping, the Deputy Director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China (PBoC), referred to cryptos as speculative assets and warned people to "protect their pockets".

Efforts to undermine Bitcoin – a decentralised currency outside the control of governments and institutions – are largely seen as an attempt by the Chinese authorities to float their own e-currency.

The PBoC is looking to be one of the first major central banks in the world to launch its own digital currency, and in doing so would be able to more closely monitor the transactions of its people.

On September 24, the PBoC went further and outright banned cryptocurrency transactions in the country.

Colombia

In Colombia, financial institutions are not allowed to facilitate Bitcoin transactions. The Superintendencia Financiera warned financial institutions in 2014 that they may not "protect, invest, broker, or manage virtual money operations".

Egypt

Egypt’s Dar al-Ifta, the country’s primary Islamic advisory body, issued a religious decree in 2018, classifying Bitcoin transactions as “haram,” something prohibited under Islamic law. While not binding, Egypt’s banking laws were tightened in September 2020 to prevent trading or promoting cryptos without a Central Bank licence.

Indonesia

Bank Indonesia, the country's central bank, issued new regulations banning the use of cryptocurrencies, including Bitcoin, as a means of payment from 1 January 2018.

RELATED • Bitcoin: Which countries could follow El Salvador in making cryptocurrency legal tender?

Iran

Bitcoin has a complex relationship with the Iranian regime. In order to evade the worst impact of crippling economic sanctions, Iran has instead turned to the lucrative practice of Bitcoin mining in order to finance imports.

While the Central Bank prohibits the trading of cryptocurrencies mined overseas, it has encouraged Bitcoin mining in the country with incentives.

Around 4.5 per cent of the world’s Bitcoin mining takes place in Iran, which, according to blockchain analytics firm Elliptic, could account for revenues of over $1 billion (€843 million).

In order for the crypto industry to flourish, Iran has offered licenced miners cheap energy but requires all mined cryptos to be sold to the Central Bank.

However, unlicensed mining drains more than 2GW from the national grid every day, causing power shortages.

To this end, Iranian authorities issued a four-month ban on Bitcoin mining until September 22.


Boxes of machinery used in Bitcoin mining operations that were confiscated by police in Nazarabad, Iran. – AP/AP

India

India is becoming increasingly hostile towards cryptocurrencies. On November 23, the government announced its intention to introduce a new bill to the Indian parliament which would establish a new central bank-backed digital currency as well as ban almost all cryptocurrencies.

Earlier this year, it had considered criminalising the possession, issuance, mining, trading, and transference of crypto assets. Prime minister Narendra Modi said he wanted to ensure crypto "does not end up in wrong hands, which can spoil our youth".

RELATED • India is planning to introduce a ban on almost all private cryptocurrencies in a new clampdown

Iraq

Despite sustained efforts by authorities to block their use, cryptocurrencies are becoming increasingly popular in Iraq. The Iraqi Central Bank has been particularly hostile, issuing a statement in 2017 prohibiting their use which is still in force to the present day. In early 2021, the Ministry of Interior of the Kurdistan regional government issued similar guidance to stop money brokerages and exchanges handling cryptos.

Nepal

The Nepal Rastra Bank declared Bitcoin illegal as of August 2017.

North Macedonia

North Macedonia is the only European country so far to have an official ban on cryptocurrencies, such as Bitcoin, Ethereum, and others, in place.

RELATED • Is Paraguay set to become the second country to make Bitcoin legal tender after El Salvador?

Russia

While cryptocurrency isn’t outlawed in Russia, there is an ongoing conflict being waged against its use.

Russia passed its first laws to regulate cryptos in July 2020, which for the first time designated cryptocurrency as property liable to taxation.

The law, which came into force in January this year, also bans Russian civil servants from owning any crypto assets.

Russian President Vladimir Putin has repeatedly linked cryptocurrency with criminal activity, calling for closer attention to cross-border crypto transactions in particular.

In July, the prosecutor general announced new proposed legislation which would allow police to confiscate cryptos deemed to be illegally obtained citing its use in bribery.

RELATED • Bitcoin's value is rallying again. But that's not what matters to most crypto traders

Turkey

Many in Turkey turned to cryptocurrency as the Turkish lira plummeted in value. With some of the highest levels of use anywhere in the world, the arrival of regulations was swift this year as inflation peaked in April.

On 16 April 2021, the Central Bank of the Republic of Turkey issued a regulation banning the use of cryptocurrencies including Bitcoin, directly or indirectly, to pay for goods and services. The following day, Turkish president Recep Tayyip Erdoğan went further and issued a decree that crypto exchanges to a list of firms subject to anti-money laundering and terrorism financing rules.

Vietnam

The State Bank of Vietnam has declared that the issuance, supply, and use of Bitcoin and other cryptos are illegal as a means of payment and are subject to punishment of fines ranging from 150 million VND (€5,600) to 200 million VND (€7,445).

However, the government doesn't ban Bitcoin trading or holding them as assets.

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Markethive Advertisement

Original article posted on the EuroNews.com site, by Chloe Orji.

Article re-posted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Bitcoin ban

Bitcoin ban: These are the countries where crypto is restricted or illegal


Cryptocurrencies like Bitcoin are heavily regulated or restricted in a number of countries around the world.   –   Copyright   Canva

By Chloe Orji   •   Updated: 11/24/2021

Bitcoin has been controversial since its beginning in 2009, as have the subsequent cryptocurrencies that followed in its wake.

While widely criticised for its volatility, its use in nefarious transactions and for the exorbitant use of electricity to mine it, Bitcoin is being seen by some, particularly in the developing world, as a safe harbour during economic storms.

But as more people turn to cryptos as either an investment or a lifeline, these issues have manifested in an array of restrictions on their usage.

The legal status of Bitcoin and other altcoins (alternative coins to Bitcoin) varies substantially from country to country, while in some, the relationship remains to be properly defined or is constantly changing.

RELATED • Majority of Europeans want their countries to regulate crypto, not the EU – exclusive Euronews poll

Whereas the majority of countries don’t make using Bitcoin itself illegal, its status as a means of payment or as a commodity varies with differing regulatory implications.

Some countries have placed limitations on the way Bitcoin can be used, with banks banning its customers from making cryptocurrency transactions. Other countries have banned the use of Bitcoin and cryptocurrencies outright with heavy penalties in place for anyone making crypto transactions.

These are the countries that have a particularly fraught relationship with Bitcoin and other altcoins.

Algeria

Algeria currently prohibits the use of cryptocurrency following the passing of a financial law in 2018 that made it illegal to buy, sell, use or hold virtual currencies.

Bolivia

There is a complete ban in place on the usage of Bitcoin in Bolivia since 2014. The Bolivian Central Bank issued a resolution banning it and any other currency not regulated by a country or economic zone.


A woman walks past an advertisement for the Bitcoin cryptocurrency in Hong Kong. – Vincent Yu/Associated Press

China

China has cracked down on cryptocurrencies with increasing intensity throughout 2021. Chinese officials have repeatedly issued warnings to its people to stay clear of the digital asset market and have clamped down hard on mining in the country as well as currency exchanges in China and overseas.

On August 27, Yin Youping, the Deputy Director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China (PBoC), referred to cryptos as speculative assets and warned people to “protect their pockets”.

Efforts to undermine Bitcoin – a decentralised currency outside the control of governments and institutions – are largely seen as an attempt by the Chinese authorities to float their own e-currency.

The PBoC is looking to be one of the first major central banks in the world to launch its own digital currency, and in doing so would be able to more closely monitor the transactions of its people.

On September 24, the PBoC went further and outright banned cryptocurrency transactions in the country.

Colombia

In Colombia, financial institutions are not allowed to facilitate Bitcoin transactions. The Superintendencia Financiera warned financial institutions in 2014 that they may not “protect, invest, broker, or manage virtual money operations”.

Egypt

Egypt’s Dar al-Ifta, the country’s primary Islamic advisory body, issued a religious decree in 2018, classifying Bitcoin transactions as “haram,” something prohibited under Islamic law. While not binding, Egypt’s banking laws were tightened in September 2020 to prevent trading or promoting cryptos without a Central Bank licence.

Indonesia

Bank Indonesia, the country’s central bank, issued new regulations banning the use of cryptocurrencies, including Bitcoin, as a means of payment from 1 January 2018.

RELATED • Bitcoin: Which countries could follow El Salvador in making cryptocurrency legal tender?

Iran

Bitcoin has a complex relationship with the Iranian regime. In order to evade the worst impact of crippling economic sanctions, Iran has instead turned to the lucrative practice of Bitcoin mining in order to finance imports.

While the Central Bank prohibits the trading of cryptocurrencies mined overseas, it has encouraged Bitcoin mining in the country with incentives.

Around 4.5 per cent of the world’s Bitcoin mining takes place in Iran, which, according to blockchain analytics firm Elliptic, could account for revenues of over $1 billion (€843 million).

In order for the crypto industry to flourish, Iran has offered licenced miners cheap energy but requires all mined cryptos to be sold to the Central Bank.

However, unlicensed mining drains more than 2GW from the national grid every day, causing power shortages.

To this end, Iranian authorities issued a four-month ban on Bitcoin mining until September 22.


Boxes of machinery used in Bitcoin mining operations that were confiscated by police in Nazarabad, Iran. – AP/AP

India

India is becoming increasingly hostile towards cryptocurrencies. On November 23, the government announced its intention to introduce a new bill to the Indian parliament which would establish a new central bank-backed digital currency as well as ban almost all cryptocurrencies.

Earlier this year, it had considered criminalising the possession, issuance, mining, trading, and transference of crypto assets. Prime minister Narendra Modi said he wanted to ensure crypto “does not end up in wrong hands, which can spoil our youth”.

RELATED • India is planning to introduce a ban on almost all private cryptocurrencies in a new clampdown

Iraq

Despite sustained efforts by authorities to block their use, cryptocurrencies are becoming increasingly popular in Iraq. The Iraqi Central Bank has been particularly hostile, issuing a statement in 2017 prohibiting their use which is still in force to the present day. In early 2021, the Ministry of Interior of the Kurdistan regional government issued similar guidance to stop money brokerages and exchanges handling cryptos.

Nepal

The Nepal Rastra Bank declared Bitcoin illegal as of August 2017.

North Macedonia

North Macedonia is the only European country so far to have an official ban on cryptocurrencies, such as Bitcoin, Ethereum, and others, in place.

RELATED • Is Paraguay set to become the second country to make Bitcoin legal tender after El Salvador?

Russia

While cryptocurrency isn’t outlawed in Russia, there is an ongoing conflict being waged against its use.

Russia passed its first laws to regulate cryptos in July 2020, which for the first time designated cryptocurrency as property liable to taxation.

The law, which came into force in January this year, also bans Russian civil servants from owning any crypto assets.

Russian President Vladimir Putin has repeatedly linked cryptocurrency with criminal activity, calling for closer attention to cross-border crypto transactions in particular.

In July, the prosecutor general announced new proposed legislation which would allow police to confiscate cryptos deemed to be illegally obtained citing its use in bribery.

RELATED • Bitcoin’s value is rallying again. But that’s not what matters to most crypto traders

Turkey

Many in Turkey turned to cryptocurrency as the Turkish lira plummeted in value. With some of the highest levels of use anywhere in the world, the arrival of regulations was swift this year as inflation peaked in April.

On 16 April 2021, the Central Bank of the Republic of Turkey issued a regulation banning the use of cryptocurrencies including Bitcoin, directly or indirectly, to pay for goods and services. The following day, Turkish president Recep Tayyip Erdoğan went further and issued a decree that crypto exchanges to a list of firms subject to anti-money laundering and terrorism financing rules.

Vietnam

The State Bank of Vietnam has declared that the issuance, supply, and use of Bitcoin and other cryptos are illegal as a means of payment and are subject to punishment of fines ranging from 150 million VND (€5,600) to 200 million VND (€7,445).

However, the government doesn’t ban Bitcoin trading or holding them as assets.

ecosystem for entrepreneurs
Markethive Advertisement

Original article posted on the EuroNews.com site, by Chloe Orji.

Article re-posted on Markethive by Jeffrey Sloe

Cryptocurrency Called Omicron Is Up 137

A Cryptocurrency Called Omicron Is Up 137% Since WHO Named New COVID-19 Variant

Cryptocurrency 'Omicron' was named weeks before the new COVID strain.

By Andrew Hayward           3 min read • Nov 28, 2021

In brief

  • Omicron is up 137% in the last 24 hours.
  • The token is backed by a basket of assets, including USDC.
  • It's a fork of DeFi project OlympusDAO.

Markets may have crashed after Omicron, a new coronavirus “variant of concern”, emerged earlier this week and started spreading to a country near you.

But. Sigh. That didn’t, urgh, stop one coin, Omicron, from, 🙁 , spreading. Yup, one of the best ways to profit from human misery this week was to invest in a cryptocurrency project that’s most recognizable for bearing the name of the latest strain of Covid-19.

A single Omicron token is now worth $404, up 137% in the past 24 hours and 735% compared to its all-time low on November 17. Trading data for the coin on CoinGecko starts on November 8. A poll on CoinGecko says that 69% of users feel good about the coin.

The market for Omicron is very small. Omicron traded just $389,181 in the past 24 hours and its market cap is “?” on CoinGecko. The token trades solely on Arbitrum One via SushiSwap.

The Omicron token powers a decentralized reserve currency protocol on the Arbitrum Network. The token is backed by a basket of assets, including USDC and liquidity provider tokens tied to MIM. It’s a fork of OlympusDAO, a novel DeFi project that backs its token through primitive blockchain bonds.

The main way to keep pumping the price of the Omicron token and its yield farm is by ‘supply growth’, and the whole thing falls apart if people stop investing money. So far, $671,081 has been deposited within its protocols, which leads to breathless projected annual yields of 70,377% for stakers (unless the developers pull the plug or people stop investing money or if any of the countless reasons that commonly prompt the collapse of yield farms materialize).

So it’s just another bond-based yield farm, one which happens to have the same name as the new Covid-19 variant, which although timely is simply named after the fifteenth letter of the Greek alphabet.

The crypto project makes no mention of the virus in its documentation and its first Discord announcement was sent at the beginning of the month, several weeks before the latest variant was named Omicron by the World Health Organization. That said, virus talk is rife on the project’s 500-strong Discord chat and on Twitter.

It should be noted that this coin, whose ticker is OMIC, isn’t the first Omicron coin. That goes to another coin, which goes by the ticker name OMC on CoinMarketCap and doesn’t trade on any popular markets.

The original Omicron first surfaced on August 31, 2016 on the Bitcoin Talk forum as a “dividend-issuing currency.” The project claimed to have raised 121 Bitcoin, now worth $6.5 million (before the Omicron virus crashed the markets this week, its raise would have been worth a helluva lot more). After a handful of dividend payouts, the project petered out.

If only the project’s creators could have predicted how important the name ‘Omicron’ would be just five years later. At least they predicted that the whole crypto thing would blow up.

DISCLAIMER

THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, OR OTHER ADVICE.

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Original article posted on the Decrypt.co site, by Decrypt Staff.

Article re-posted on Markethive by Jeffrey Sloe

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Crypto Called Omicron Is Up 137%

A Cryptocurrency Called Omicron Is Up 137% Since WHO Named New COVID-19 Variant

Cryptocurrency ‘Omicron’ was named weeks before the new COVID strain.

By Andrew Hayward           3 min read • Nov 28, 2021

In brief

  • Omicron is up 137% in the last 24 hours.
  • The token is backed by a basket of assets, including USDC.
  • It’s a fork of DeFi project OlympusDAO.

Markets may have crashed after Omicron, a new coronavirus “variant of concern”, emerged earlier this week and started spreading to a country near you.

But. Sigh. That didn’t, urgh, stop one coin, Omicron, from, 🙁 , spreading. Yup, one of the best ways to profit from human misery this week was to invest in a cryptocurrency project that’s most recognizable for bearing the name of the latest strain of Covid-19.

A single Omicron token is now worth $404, up 137% in the past 24 hours and 735% compared to its all-time low on November 17. Trading data for the coin on CoinGecko starts on November 8. A poll on CoinGecko says that 69% of users feel good about the coin.

The market for Omicron is very small. Omicron traded just $389,181 in the past 24 hours and its market cap is “?” on CoinGecko. The token trades solely on Arbitrum One via SushiSwap.

The Omicron token powers a decentralized reserve currency protocol on the Arbitrum Network. The token is backed by a basket of assets, including USDC and liquidity provider tokens tied to MIM. It’s a fork of OlympusDAO, a novel DeFi project that backs its token through primitive blockchain bonds.

The main way to keep pumping the price of the Omicron token and its yield farm is by ‘supply growth’, and the whole thing falls apart if people stop investing money. So far, $671,081 has been deposited within its protocols, which leads to breathless projected annual yields of 70,377% for stakers (unless the developers pull the plug or people stop investing money or if any of the countless reasons that commonly prompt the collapse of yield farms materialize).

So it’s just another bond-based yield farm, one which happens to have the same name as the new Covid-19 variant, which although timely is simply named after the fifteenth letter of the Greek alphabet.

The crypto project makes no mention of the virus in its documentation and its first Discord announcement was sent at the beginning of the month, several weeks before the latest variant was named Omicron by the World Health Organization. That said, virus talk is rife on the project’s 500-strong Discord chat and on Twitter.

It should be noted that this coin, whose ticker is OMIC, isn’t the first Omicron coin. That goes to another coin, which goes by the ticker name OMC on CoinMarketCap and doesn’t trade on any popular markets.

The original Omicron first surfaced on August 31, 2016 on the Bitcoin Talk forum as a “dividend-issuing currency.” The project claimed to have raised 121 Bitcoin, now worth $6.5 million (before the Omicron virus crashed the markets this week, its raise would have been worth a helluva lot more). After a handful of dividend payouts, the project petered out.

If only the project’s creators could have predicted how important the name ‘Omicron’ would be just five years later. At least they predicted that the whole crypto thing would blow up.

DISCLAIMER

THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, OR OTHER ADVICE.

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Original article posted on the Decrypt.co site, by Decrypt Staff.

Article re-posted on Markethive by Jeffrey Sloe

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Spot Bitcoin ETF Approval

Spot Bitcoin ETF Approval Is On The Horizon, Says Gemini’s Exec With Compelling Reasons

By Aliyu Pokima – November 27, 2021

  • Pundits are bullish that a pure-play Bitcoin ETF is just around the corner as it signifies the next big step for the SEC.
  • Investors have clamored for a spot Bitcoin ETF even after the approval of futures Bitcoin ETFs.
  • The SEC rejected VanEck’s application for a spot Bitcoin ETF two weeks ago, souring the mood for investors.

After the approval of Bitcoin futures ETFs by the SEC, the next obvious step by the Securities and Exchange Commission is the approval of spot ETFs. Gemini’s Global Head of Business Development thinks an approval is imminent and could even happen in the first quarter of 2022.

Spot Bitcoin ETF Is In Play

Dave Abner, Global Head of Business Development for Gemini thinks the SEC will eventually approve a spot Bitcoin ETF this year. The exchange executive made his thoughts known in a recent interview with CNBC on Wednesday, providing an answer to the SEC’s crypto conundrum.

He began by stating that the Commission is adopting a meticulous stance on the question of cryptocurrencies and is not making any brash decisions. Abner goes on to hail the launch of the Bitcoin futures ETF and says as the SEC gains more control over the crypto markets, spot Bitcoin ETFs are the “perfect next step” for the Commission.

“The futures strategies fund shows investors that crypto is an investable asset class and so the SEC is taking these progressive steps to move us forward,” Abner said. “I thought we will be there by the end of this year and I thought the VanEck physical fund will get approved. I am still very bullish and I think the SEC knows exactly what they’re doing and I think we’re on that path.”

Other pointers for Abner include the development of the market for regulated custodians and the massive success of future-based ETFs with over $1 billion flowing in. He believes that this signals that the markets have matured and all the SEC is waiting for is greater regulatory powers. He predicts that this could happen in the first quarter of 2022.

On the other hand, Tom Lyndon, CEO of ETF Trends does not share the same enthusiasm with Dave Abner regarding the timeline for approval. Lyndon notes that the absence of spot Bitcoin ETFs creates a “handcuffing” situation in the adviser community. “I think we will eventually see it,” said Lyndon. “Fingers crossed, by the end of 2022.”

The Journey

Gemini made the first formal application for a Bitcoin ETF way back in 2013 and it took the SEC nearly 8 years to approve applications. In October, the Commission approved the first Bitcoin ETF from ProShares with others following shortly after.

The drawbacks of the future-based ETFs were obvious from the start. Firstly, a contango effect could occur when the future price of the commodity exceeds the expected future spot price. Furthermore, there is the issue that the ETF might not accurately track price.

“Investors in futures-based ETF funds will be exposed to additional price volatility risk and tracking discrepancies between bitcoin and futures prices,” Alastair Sewell from the rating agency, Fitch.

Grayscale and other institutions have thrown their hats in the ring for approval for a spot Bitcoin ETF by the SEC.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Aliyu Pokima and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Get secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Cardano Sinks To New Lows

Cardano Sinks To New Lows Amid Brewing Chaos That Could Send It Out Of The Top Cryptos By Market Capitalization

By Aliyu Pokima – November 26, 2021

  • Cardano’s price is falling to a 2 month low and is 6th place in the rankings.
  • ADA currently trades at $1.53 after a debacle with eToro over its delisting.
  • Project founder, Charles Hoskinson has stated that the delisting would not have a major impact on prices but the charts are painting a different picture.

ADA is going through a turbulent patch at the moment that could see a massive decline in values. The asset has posted double-digit losses in the last 24 hours despite optimism from Charles Hoskinson.

Falling Values

Cardano reached a high of $3.10 in September after the completion of the Alonzo hard fork, spelling the beginning of smart contract functionality for the network. The flurry of activity preceding the development led to ADA rising to become the third-largest cryptocurrency after Bitcoin and Ethereum.

As an Ethereum killer, the air was rife with speculation that it was going to flip Ethereum because of its “green” nature and “slow and steady” approach with no room for errors. However, its stay at the top was not long-lived as SOL’s and BNB surge displaced it, leaving it in 6th place.

Now, Cardano faces a stern test after retail-trading platform eToro revealed its intention to delist the asset because of regulatory concerns. Charles Hoskinson, the project’s founder, lashed against the move and blamed the absence of a global regulatory standard for eToro’s decision.

“This is just the nature of the game and the only way we’re going to solve this as an industry is through regulatory clarity,” Hoskinson stated in a Youtube video. The founder explained that the effect on prices will be minimal but the reverse is the case.


ADAUSD Chart By TradingView (Click image for larger view)

ADA currently trades at $1.53, a 10.59% correction over the last 24 hours and a staggering 16% loss in value in a week. The asset’s decline brings it close to embattled XRP that has been embroiled in a legal drama with the SEC and has a market capitalization of $44.48 billion. Ahead of the actual delisting in December, ADA could experience a major decline in value.

The Delisting Of Top Assets

ADA is not the only asset to have suffered the fate of a delisting. Privacy-focused coins like Monero and Zcash have been delisted by Bittrex and other exchanges as regulators clamp down on cryptocurrencies around the world.

Kraken has announced its intention to delist Monero for British customers to comply with the existing regulations in the country. Monero used heightened cryptographic methods to obfuscate details of transactions that make them attractive to cybercriminals. Cardano on the other hand has not earned this sort of reputation and this leaves Cardano enthusiasts scratching their heads.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Aliyu Pokima and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Get secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **