First NFT-focused ETF

First NFT-focused ETF lists on NYSE Arca

The launch comes as Cointelegraph Research projects nonfungible token (NFT) sales will hit nearly $18 billion by the end of the year.


Image courtesy of CoinTelegraph

            DECEMBER 02, 2021

On Thursday, registered investment adviser and fintech firm Defiance announced it has launched the first nonfungible token (NFT)-focused exchange-traded fund (ETF) on the New York Stock Exchange Arca. The fund is listed under the ticker symbol NFTZ and has a management fee of 0.65% per year.

The fund does not directly buy and hold NFTs to store in wallets. Instead, it tracks an index of companies operating or intending to venture into the NFT space, as well as the Metaverse. The BITA NFT and Blockchain Select Index, which the fund intends to mirror, is maintained by Germany-based fintech company BITA.

Notable holdings in the fund include Coinbase, Cloudflare, Plby Group [Playboy], Marathon Digital and Hut 8 Mining. Its biggest holding is Silvergate Capital, at 6.74% of its net assets. Unbeknownst to most investors, Silvergate is one of the world’s largest gateway for crypto to fiat transactions among centralized cryptocurrency exchanges and financial institutions. During the third quarter alone, Silvergate helped facilitate over $162 billion worth of such transactions. The NFTZ ETF holds a total of 34 companies in its portfolio.

Regarding the announcement, Sylvia Jablonski, co-founder and chief investment officer of Defiance, said:

The NFT revolution will fundamentally change the economic model for artists, athletes, creators and many more industries that we can’t even conceive of today. NFTs could be bigger than the internet.

Related: Invesco launches spot Bitcoin ETP on Deutsche Borse

In addition to the NFTZ, the fintech firm also plans to launch a basket of ETFs tracking the latest information technology and biotech developments. Notable highlights include its 5G, psychedelic, next-generation hydrogen, and quantum computing ETFs.

Original article posted on the CoinTelegraph.com site, by Zhiyuan Sun.

Article re-posted on Markethive by Jeffrey Sloe

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$950M Bitcoin options expiry

Victory is for the taking in Friday’s $950M Bitcoin options expiry

With BTC price under $57,000, bears appear to have a slight advantage in this week’s $950 million BTC options expiry.


Image courtesy of CoinTelegraph

            DECEMBER 02, 2021

Bitcoin (BTC) price is down this week, and naturally, bears will always find some reversal signal whenever the price shows strength, such as the 8% gain on Nov. 28. Of course, technical analysis is not an exact science, so there is a margin for interpretation and most traders look at multiple timeframes to find a narrative that suits their bias.

Currently, BTC price is in a descending channel that started on Oct. 31, and if this pattern plays out, Bitcoin could drop to $50,000 in the short term.


Bitcoin/USD price on FTX. Source: TradingView (Click image for larger view)

Cryptocurrency markets crashed on Nov. 26 after concern over a new COVID-19 variant sparked a global market sell-off. As Bitcoin dipped below $54,000, bears saw a $215 million potential profit on Dec. 3’s options expiry, but that changed after BTC price regained the $57,000 support.

Furthermore, regulatory concerns coming from the United States continue to pressure the market. On Nov. 24, the U.S. Senate Banking Committee chair sought information from stablecoin issuers and exchanges by Dec. 3.

In early November, the President’s Working Group on Financial Markets released a report suggesting that stablecoin issuers in the United States should be subject to “appropriate federal oversight” similar to that legislated for banks.

Fueled by the potential government interference and negative short-term consequences, Bitcoin bears are likely to profit $80 million on Dec. 3 options expiry.


Bitcoin options aggregate open interest for Dec. 3. Source: Coinglass.com (Click image for larger view)

At first sight, the $460 million call (buy) options are evenly matched with the $485 million put (sell) instruments, but the 0.96 call-to-put ratio is deceptive because the 17% price drop from $69,000 will likely wipe out most of the bullish bets.

For example, if Bitcoin’s price remains below $57,000 at 8:00 am UTC on Dec. 3, only $24 million worth of those call (buy) options will be available at the expiry. Therefore, there is no value in the right to buy Bitcoin at $60,000 if it is trading below that price.

Bears are comfortable with Bitcoin below $57,000

Listed below are the four most likely scenarios for the $950 million Dec. 3 options expiry. The imbalance favoring each side represents the theoretical profit. In other words, depending on the expiry price, the quantity of call (buy) and put (sell) contracts becoming active varies:

  • Between $54,000 and $56,000: 290 calls vs. 3,480 puts. The net result is $175 million favoring the put (bear) options.
  • Between $56,000 and $58,000: 750 calls vs. 2,160 puts. The net result is $80 million favoring the put (bear) instruments.
  • Between $58,000 and $60,000: 1,510 calls vs. 1,040 puts. The net result is $30 million favoring the call (bull) options.
  • Above $60,000: 2,760 calls vs. 860 puts. The net result is $115 million favoring the call (bull) instruments.

This crude estimate considers call options being used in bullish bets and put options exclusively in neutral-to-bearish trades. However, this oversimplification disregards more complex investment strategies.

For instance, a trader could have sold a put option, effectively gaining a positive exposure to Bitcoin (BTC) above a specific price. But, unfortunately, there’s no easy way to estimate this effect.

Bulls need $58,000 or higher to balance the scales

The only way for bulls to avoid a loss on Dec. 3’s expiry is by pushing Bitcoin’s price above $58,000, which is 2% away from the current $56,900. However, if the current short-term negative sentiment prevails, bears could exert some pressure and try to score up to $175 million in profit if Bitcoin price stays below $56,000.

Currently, options markets data slightly favor the put (sell) options, thus creating opportunities for additional FUD and surprise market crashes.

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.

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Original article posted on the CoinTelegraph.com site, by Marcel Pechman.

Article re-posted on Markethive by Jeffrey Sloe

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BREAKING: Square Rebrands to Block

BREAKING: Square rebrands to Block as focus shifts to blockchain

“Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy," said Jack Dorsey.


Image courtesy of CoinTelegraph

            DECEMBER 01, 2021

Digital payments company Square announced that it has changed its company name to Block, seemingly in a shift towards blockchain technology.

In a Wednesday tweet, Square said the rebrand will bring the payments firm together with Cash App, the decentralized Bitcoin (BTC) exchange project tbDEX, and music and video streaming platform Tidal. An accompanying news release said that Square Crypto, the cryptocurrency-focused branch of the payment firm, will also be changing its name to Spiral and joining the Block family.

“Block references the neighborhood blocks where we find our sellers, a blockchain, block parties full of music, obstacles to overcome, a section of code, building blocks, and of course, tungsten cubes,” said Square. “We’ve been working to make this change for over a year, and it only represents a change of our official corporate name; not our purpose, our vision, our structure or how we operate.”

The rebranding comes a mere two days after Square — now Block — CEO Jack Dorsey resigned his position at Twitter, citing the need to give his replacement, chief technology officer and board member Parag Agrawal, the space to work without his influence at the social media giant. At the time, many speculated that Dorsey would get deeper into crypto and blockchain through Square’s operations, in much the same way Facebook turned its focus away from social media with a rebranding to Meta.

“Block is a new name, but our purpose of economic empowerment remains the same,” said Dorsey on the name change. “No matter how we grow or change, we will continue to build tools to help increase access to the economy.”

Related: Jack Dorsey outlines Square’s tentative plans for Bitcoin hardware wallet

Square said the legal name change would be effective “on or about” Dec. 10. According to the company, there will be no organizational changes to Block, Cash App, Tidal, Spiral or tbDEX.

This story is developing and will be updated.

Original article posted on the CoinTelegraph.com site, by Turner Wright.

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. **

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Square rebrands to Block

BREAKING: Square rebrands to Block as focus shifts to blockchain

“Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy,” said Jack Dorsey.


Image courtesy of CoinTelegraph

            DECEMBER 01, 2021

Digital payments company Square announced that it has changed its company name to Block, seemingly in a shift towards blockchain technology.

In a Wednesday tweet, Square said the rebrand will bring the payments firm together with Cash App, the decentralized Bitcoin (BTC) exchange project tbDEX, and music and video streaming platform Tidal. An accompanying news release said that Square Crypto, the cryptocurrency-focused branch of the payment firm, will also be changing its name to Spiral and joining the Block family.

“Block references the neighborhood blocks where we find our sellers, a blockchain, block parties full of music, obstacles to overcome, a section of code, building blocks, and of course, tungsten cubes,” said Square. “We’ve been working to make this change for over a year, and it only represents a change of our official corporate name; not our purpose, our vision, our structure or how we operate.”

The rebranding comes a mere two days after Square — now Block — CEO Jack Dorsey resigned his position at Twitter, citing the need to give his replacement, chief technology officer and board member Parag Agrawal, the space to work without his influence at the social media giant. At the time, many speculated that Dorsey would get deeper into crypto and blockchain through Square’s operations, in much the same way Facebook turned its focus away from social media with a rebranding to Meta.

“Block is a new name, but our purpose of economic empowerment remains the same,” said Dorsey on the name change. “No matter how we grow or change, we will continue to build tools to help increase access to the economy.”

Related: Jack Dorsey outlines Square’s tentative plans for Bitcoin hardware wallet

Square said the legal name change would be effective “on or about” Dec. 10. According to the company, there will be no organizational changes to Block, Cash App, Tidal, Spiral or tbDEX.

This story is developing and will be updated.

Original article posted on the CoinTelegraph.com site, by Turner Wright.

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. **

Bitcoin Open Interest Remains Elevated

Bitcoin Open Interest Remains Elevated Post Dramatic Dip

By Hououin Kyouma – December 1, 2021 in Bitcoin Reading Time: 3 min read

Data shows Bitcoin open interest has remained high despite the dramatic sell-off that occurred a few days back due to fud from the new COVID variant.

Bitcoin Open Interest Remains High Following The Sell-Off

As per the latest weekly report from Arcane Research, the BTC open interest hasn’t fallen much in the past few days. This is despite the recent sell-off triggered by fresh fud from the new Omicron COVID variant.

The “open interest” is an indicator that measures the amount of Bitcoin derivative contracts open at the end of a trading day.

High values of the metric can mean there is excessive leverage in the market. This could lead to higher volatility in the price of the cryptocurrency.

On the other hand, low values of the open interest may lead to lesser volatility as there isn’t much leverage in the market.

Now, here is a chart that shows the trend in the value of this Bitcoin indicator over the past year:


Looks like the open interest has been very high recently | Source: The Arcane Research Weekly Update – Week 47

As you can see in the above graph, the value of the Bitcoin open interest has remained quite high recently, despite the crash.

The metric has been trending down when measured in the USD, but it has remained above a certain level when denominated in BTC.

Related Reading | Bitcoin Aims Fresh Run To $60K, Why Bulls Could Face Hurdles

Currently, the Bitcoin open interest sits around $22 billion, or 380k BTC. This is a high value when compared historically.

Also, as the chart shows, the indicator’s value has remained above 365k BTC for more than a month now. It’s uncommon that these kind of high values are sustained for such a long time. As the report notes, this could mean the market currently has a lot of excess leverage.

Related Reading | Exchanges See Bitcoin Outflows For 7th Straight Day As BTC Price Begins Recovery

The graph also has curves showing the share of the major derivatives exchanges out of the total Bitcoin open interest.

Following the launch of the futures-based ETF, CME’s share in the market saw a sizeable drop. However, yesterday the exchange’s share saw a sharp increase, and now its open interest share sits at 20%.

Bybit’s open interest has seen significant growth recently. The report suggests that spikes in this exchange’s share have previously lead to sharp price fluctuations in Bitcoin so it might be worth paying attention to the upcoming trend of the exchange’s open interest.

BTC Price

At the time of writing, Bitcoin’s price floats around $57.3k, up 1.3% in the last seven days. The below chart shows the trend in the price of BTC over the past five days.


BTC’s price shows recovery from the crash | Source: BTCUSD on TradingView

Featured image from Unsplash.com, charts from TradingView.com, Arcane Research

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The original article was written by Hououin Kyouma and posted on NewsBTC.com.

Article reposted on Markethive by Jeffrey Sloe

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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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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

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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

‘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.

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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.

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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".

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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.

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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.

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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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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

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