Month: January 2022

Top 5 cryptocurrencies to watch this week: BTC, LUNA, FTM, ATOM, ONE

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LUNA, FTM, ATOM, and ONE could rally if Bitcoin rises above the 50-day SMA. Bitcoin (BTC) continues to languish below the psychological level at $50,000 in the first few days of the New Year, indicating a lack of aggressive buying by traders. Former BTCC CEO Bobby Lee said the exodus of the Chinese traders who had until Dec. 31 to exit Chinese exchanges may have kept prices lower into the year-end. However, President Nayib Bukele of El Salvador, the first country to adopt Bitcoin as legal tender, believes that Bitcoin…

India’s Central Bank RBI Says Crypto Is Prone to Fraud and Poses Immediate Risks to Consumer Protection – Regulation Bitcoin News

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India’s central bank, the Reserve Bank of India (RBI), has warned about multiple risks cryptocurrency poses to the country’s financial stability. “They are also prone to frauds and to extreme price volatility,” the apex bank claims, stressing that “cryptocurrencies pose immediate risks to customer protection and anti-money laundering (AML) / combating the financing of terrorism (CFT).” RBI’s Assessment of Cryptocurrency India’s central bank, the Reserve Bank of India (RBI), published its biannual Financial Stability Report (FSR) last week. The 144-page document includes a section on “private cryptocurrency risks.” The term…

Over $467,000,000 Worth of Bitcoin Leaves Crypto Exchange Coinbase in Just One Week: Analytics Firm Coinglass

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New data from a crypto intelligence platform reveals that nearly 10,000 Bitcoin (BTC) left US-based crypto exchange Coinbase in the last seven days. Coinglass shows that Coinbase Pro users collectively withdrew 9,951 BTC worth $467.28 million in the last week alone as Bitcoin continues to struggle below the $50,000 level. The analytics firm also shows that Seychelles-based digital asset exchange OKEx recorded outflows of 2,196 BTC worth $103.12 million over the same timeframe. In the last 24 hours, OKEx users withdrew 748 BTC worth $35.12 million. While Coinbase and OKEx…

What’s ahead for crypto and blockchain in 2022? Experts Answer, Part 2

Alan is the chief legal officer at PrimeBlock, a sustainable Bitcoin mining operation, infrastructure solutions provider and member of the Bitcoin Mining Council, with locations spread across North America. “We’re going to see more countries adopting crypto as a legal currency. We’re also going to see central governments coming out and taking their own currencies and putting them on a blockchain. China has already said it is going to do this, which will speed up the real competition for private cryptocurrencies from a payment perspective.  Central bank digital currencies do…

13 Crypto Exchanges Custody 7% of the Crypto Economy, Coinbase Dominates With $56.2B AUM – Exchanges Bitcoin News

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As 2022 begins, 13 different cryptocurrency exchange platforms have more than a billion dollars each in digital currencies held in reserves. Between all 13 trading platforms, the group of exchange platforms hold a whopping $165.25 billion worth of bitcoin, ethereum, and tether. 13 Crypto Exchanges Hold a Billion or More in Crypto Equalling Over $165 Billion in Assets Under Management At the time of writing, the crypto economy is worth $2.3 trillion and 7.10% of the aggregate or $168 billion is made up of stablecoins. Furthermore, statistics on January 2,…

Why Did China Ban Bitcoin Mining? Here Are The Seven Leading Theories

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One of 2021’s biggest stories was the China ban on Bitcoin mining. On one hand, the news did affect Bitcoin’s price and gave ammunition to the naysayers that think that governments will outlaw Bitcoin. On the other, the network kept working without a hiccup, recovered its hashrate in record time, and gained in decentralization. However, a question remains. Why did China exclude itself from this very lucrative activity in which they were dominating? As Bitcoin entrepreneur John Carvalho not-so-eloquently put it, “I refuse to believe that China is stupid.” There…

Three reasons why PlanB’s stock-to-flow model is not reliable

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In the last couple of years, the stock-to-flow model proposed by PlanB has become very famous. A quantitative study published on the site planbtc.com shows the model and the prediction that Bitcoin (BTC) could reach the capitalization of $100 trillion. Obviously, the crypto industry, including myself, was fascinated by the logic of the model and even more so by the idea that it could reach and exceed $100,000 as early as 2021. In fact, the stock-to-flow model assumes that there is a relationship between the amount of a precious metal…

Eminem Purchases Bored Ape Yacht Club #9055 for $452K, Shady’s Portfolio Holds 166 NFTs – Bitcoin News

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Marshall Mathers, known professionally as Eminem has joined the community of bored apes by purchasing a Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collectible for 123.45 ethereum or $452K at the time of settlement. Slim Shady Purchases Bored Ape Yacht Club #9055 for $452K The Bored Ape Yacht Club (BAYC) NFTs have been very popular this year and the project saw more than $1 billion in volume worldwide, according to defillama.com metrics. Now Eminem has joined the BAYC bandwagon by purchasing BAYC #9055 for 123.45 ether on Thursday. The…

Turkey Reveals Scheme That Encourages the Conversion of Gold Deposits Into Lira Time Deposits – Economics Bitcoin News

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The Central Bank of the Republic of Turkey recently revealed it made the decision to provide incentives to gold deposit and participation fund holders that request to convert these into lira time deposits, a statement from the central bank has said. Incentives Intended to Boost Financial Stability The Central Bank of the Republic of Turkey (CBRT) has announced the launch of an incentive scheme that encourages Turkish residents to convert their gold deposits and participation funds into lira time deposit accounts. In a brief statement released in late December 2021,…

President Bukele predicts Bitcoin $100k rally, further legal adoption and more

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Last year, El Salvador became the first country to adopt Bitcoin as legal tender under Bukele’s presidency as a countermeasure to the growing inflation in the country. Since legalization, the president acquired 1,370 BTC for the country’s reserve and reinvested its unrealized gains into new infrastructure projects including a hospital and a school. President Bukele predicted that two more countries will join El Salvador to adopt Bitcoin as a legal tender in 2022. In the same year, he expects a bull run that will take BTC price to a new…