Day: February 4, 2021

Robinhood reportedly allowing instant deposits for crypto purchases again as DOGE surges

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Stock and crypto trading app Robinhood has reportedly re-enabled instant deposits for cryptocurrency purchases after almost a week. Robinhood has removed the original update on its support page suspending instant deposits, and its website currently shows certain users once again have “instant access” to up to $1,000 to buy crypto. Many of the app’s users also reported on social media they were able to access the trading feature last night. The “instant buying” function is a paid feature that gives Robinhood customers instant access to funds from bank deposits and…

Blockchain Bites: The Rise of the Bitcoin Investment Fund

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Three stories 1. Qualified investors are plowing money into cryptocurrency-focused investment funds. Yesterday, macro trader Dan Tapiero, most known for his DTAP Capital fund and eye for gold, announced a new $200 million fund called 10T Holdings that will make bids on crypto startups. CrossTower, a Bermuda-based capital markets firm, is launching a bitcoin (BTC) hedge fund that will compete against Grayscale’s Bitcoin Trust (GBTC). The firm has $20 million in assets under management from early investors, with minimum buy-ins set at $100,000. (Grayscale and CoinDesk are both owned by…

Here’s why Bitcoin price is struggling to reclaim $38,000

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After bouncing from the recent short-term low, Bitcoin (BTC) price posted a 15% gain over three days as it climbed from $32,400 to $37,200.  This was an impressive move given that BTC price had been trading in a sideways range for weeks and regardless of the reasons behind the surge, one would expect large traders and arbitrage desks to follow the trend. Interestingly, this is not the case as many of the top traders opened short positions as BTC commenced its 15% move. Even if a trader lacks confidence in…

Did your kid trade crypto in 2020?

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The taxation of cryptocurrency is no longer just a young person’s problem. That changed the day the United States Internal Revenue Service made cryptocurrency a focal point of enforcement and added a crypto disclosure question on its Form 1040. Unsuspecting parents with dependent children should be on guard. The IRS is looking for noncompliance, and crypto questions create a possibly perjurious trap. Noncompliance may be sleeping in the basements of many unwary parents. As of October 2019, nearly 40 million Americans own some form of cryptocurrency, and the average account…

WHY I'M BUYING ETHEREUM BEFORE IT'S TOO LATE!! – THIS ETHEREUM NEWS TELLS ALL!!

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Hedge or cyclical? Eternal debate on Bitcoin’s status sees a new twist

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One of the most enduring cryptocurrency-related narratives revolves around the search of crypto’s definition as an asset class. Is Bitcoin (BTC) more of a digital currency or digital gold? Do its unique properties warrant viewing it as something completely distinct from the established categories of financial instruments? A recently published report by JPMorgan Chase’s strategists has sparked yet another round of such debates. The conclusions that the report presents are at odds with the “Bitcoin as a safe-haven asset” trope that has become somewhat conventional wisdom lately. The authors contend…

Analysis Shows Bitcoin Whales Are Stockpiling, but ‘BTC Ownership Is Not Highly Concentrated’ – Featured Bitcoin News

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During the last few months, a few reports from mainstream media (MSM) outlets tried to prove that a large sum of bitcoin is controlled by a small group of people. Recently, Bloomberg claimed that “2% of accounts control 95% of all bitcoin,” a claim that doesn’t hold weight to onchain analysts. On Tuesday, Glassnode researcher Rafael Schultze-Kraft’s latest report refutes this claim by MSM, stressing that bitcoin ownership is not highly concentrated. Shrimps to Humpbacks: The Ocean of Bitcoin Entities Oftentimes MSM outlets and reporters publish a story about the…

Merging traditional finance and DeFi is critical for mass adoption

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When capital markets opened for the first time this year on Jan. 4, 2021, the focus of the front page of the Financial Times was squarely aimed at Bitcoin (BTC) with the headline: “Bitcoin tops $34,000 as record-breaking rally resumes.”  That Bitcoin is seeing institutional buy-in on a level unsurpassed in its history is certain, but what does this mean for the wider crypto space? How do we move from institutional adoption of Bitcoin or other crypto assets to connecting traditional finance markets with the decentralized finance and digital asset…

New antitrust legislation aims to put an end to tech monopolies in the US

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The Senate sees new legislation aiming to update antitrust laws for new technologies. Senator and former candidate for the Democratic presidential nomination Amy Klobuchar is introducing the Competition and Antitrust Law Enforcement Reform Act today, Cointelegraph has learned. Sen. Klobuchar, who heads the Senate Antitrust Subcommittee, is looking to put new burdens on companies seeking to acquire competitors. An announcement of the bill noted that it aims to “Shift the burden to the merging parties to prove their merger will not violate the law.” The bill would also provide broad…

Robinhood saga reveals deeper flaw in Web 2.0: Oasis Labs executive

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Robinhood’s decision to halt the trading of several stocks, including GameStop and AMC, underscores a “huge flaw” in the way the internet exists today, according to Anne Fauvre-Willis, COO of the privacy-focused Oasis Labs.  Control is at the crux of the issue, Fauvre-Willis tells Cointelegraph, referring to the way Web 2.0 interfaces require that users relinquish command of their assets. She explains: “At the end of the day, users of Web 2.0 are never in control – they don’t own their assets, they don’t control their data, they’re simply renting…