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Amber Group, a Hong Kong-based cryptocurrency trading company, has attained “unicorn” status. The company managed to raise $100 million in its Series B funding round. With the new influx, the company is now valued at one billion dollars, making it a unicorn. Amber Group’s strategy is said to make them market neutral, allowing customers to garner gains in bullish or bearish markets. Amber Group Reaches Unicorn Status Amber Group, an algorithmic trading company, reached unicorn status in its latest funding round. The company, formed by former Morgan Stanley traders almost entirely, raised $100 million in its Series B funding round. The round was led by DCM Ventures and Tiger Global Management, with participation from China Renaissance Group, Tiger Brokers, Gobi Partners, and Coinbase Global. This influx of funds pushed the valuation of the company to one billion dollars. The funds obtained will serve to expand Amber Group’s operations through hiring in development and compliance areas. The company also said it wanted to expand its operations to other jurisdictions. Amber Group’s business is simple, but it has a twist. It is a trading company that buys and sells cryptocurrencies to make a profit from market volatility. This activity includes funds from the company and funds from their customers as well. But Amber Group does this with a twist: it uses algorithmic methods to calculate timing of investments in bitcoin and ether. This project was born in 2015 when a group of Morgan Stanley traders wanted to devise a safer and smarter way of trading assets algorithmically. Michael Wu, CEO of Amber Group told Fortune that: Both trading and financial services should be more tech-driven and more automated. The strategy we do with Amber is always quantitative. Ready for Bear Markets Its singular trading systems and strategies reportedly allow Amber Group investments to be profitable in bullish and bearish markets. This is because Amber Groups algorithms base their trades on market volatility. According to its CEO, the revenue in Q2 2021 has tripled the numbers for the first quarter, even with the heavy losses the market has experienced. Wu stated: Whilst the drop in prices means that our AUM [assets under management] measured in dollar terms decline, in terms of the number of coins for BTC, ETH and stablecoins, they are all still growing healthily. In addition to this, Wu stressed trading volumes had doubled since the start of the year, with the firm being profitable since its founding. What do you think about Amber Group’s newfound unicorn status? Tell us in the comments section below. View the full article

The STC Terminal will be launched by the end of July 2021 and will be a major milestone in the wide-scale tokenization of the economy. It will make issuing a token accessible to everyone, including individuals, organizations, corporations, startups and decentralized finance (DeFi) projects. What Is the Student Coin Terminal? Student Coin is a platform that allows users to easily design, create, and manage personal, corporate, NFT, and DeFi tokens. The ecosystem is powered by its STC native cryptocurrency and consists of several services including the STC Wallet, the STC Exchange, the STC App and the STC Terminal. The the wallet is a powerful online tool, with more than 270,000 users, which offers STC Staking – so token holders can earn up to 13% APY. The app allows mobile users to store tokens, vote and interact with the ecosystem, and it has been downloaded more than 140,000 from Apple’s App Store and Google Play. A demo for the exchange is already available (here) and the official launch is scheduled for Q3 2021, same as the STC Terminal. The terminal is at the heart of the ecosystem, as it will allow the creation of new tokens by users. It is designed to offer a very easy way to create a new token so that everyone can use it without much technical knowledge. All you have to do to create a new token is to select the type of coin you want, from personal token with no KYC to a crowdfunding token with level 3 KYC, add details such as name and number of tokens, select the type of utilities you want and apply, all from simple menus in the terminal. Additionally, the service is going to be free of charge so there will be no barriers for entry. Beyond its ease of use, the terminal will be a great tool for projects seeking crowdfunding. This is because after creating a token they will be able to integrate it with the STC Ecosystem such as listing it on STC Exchange or adding it to the STC Wallet. Once the terminal be launched in a few months $SMT – Smart Marketing Token – will be the first listed token on it, and not long after that STC will enable everyone to create and list their own tokens there. Token creators with Smart Marketing Token will be able to promote their tokens around the cryptocurrency world. Right now we are arranging the details of projects that will be listed there when it goes live, such as $SMT and many more. It will be released within a few months. You will be able to list your own projects after passing verification! 🔝 The design will be ready soon! pic.twitter.com/qT1hBuKm7b — Student Coin (@studentcoinorg) June 9, 2021 The ecosystem’s native cryptocurrency, STC, will serve as the reference currency for all tokens created on the terminal. The coin is listed on several exchanges like KuCoin, Uniswap, and Bitcoin.com Exchange, but the easiest way to purchase STC is on the project’s website (https://studentcoin.app/buy) – there you can buy STC with crypto or using a credit card. This project is a model of transparency, making the development process and all the people working on it open to the public. The team behind Student Coin consists of 44 people from 12 countries and its Advisory Board includes PhDs, university professors, and entrepreneurs. The Student Coin Telegram group has over 28,000 members and they host AMA sessions every week with STC team members. Wojciech Podobas, the CEO and Founder of Student Coin, recently went on the Bitcoin.com Podcast: This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

On Tuesday, Stronghold Digital Mining, Inc., an ESG-friendly cryptocurrency miner announced it has raised $105 million in two private equity securities funding rounds. Stronghold’s operations convert waste coal into alternative energy in order to mine bitcoin and other cryptocurrencies. ESG-Friendly Crypto Miner Turns Coal Waste to Bitcoin, Operation Raises $100M While many have been focused on the environmental concerns stemming from outdated reports and maps, a number of ESG-friendly cryptocurrency mining firms have been making moves in the industry. Stronghold Digital Mining is a Pennsylvania-based operation that leverages waste coal to power digital currency miners. Scrubgrass Generating Plant in Pennsylvania. In Pennsylvania and many other regions around the world waste coal and acid mine drainage (AMD) is one of the largest sources of pollution. Because precipitation combines with coal waste, the AMD can pollute nearby waterways and threaten aquatic life. Stronghold’s main operation site located at the Scrubgrass Generating Plant in Pennsylvania takes the waste coal and uses it to not only mine cryptos like BTC, but it also donates the cleaned-up land back to local communities. Stronghold will use the newly acquired funds to continue expanding as it expects to have roughly “28,000 cryptocurrency miners operating by year-end.” The mining firm is also partnered with the Pennsylvania Department of Environmental Protection (DEP) and so far stats show Stronghold has “reclaimed 1,000 acres of once-unusable land in Pennsylvania.” Stronghold’s announcement details the firm is in the midst of “negotiations to acquire additional environmentally beneficial facilities” with around 200 megawatts of power. Greg Beard, the CEO and co-chairman of Stronghold believes the venture makes the company’s mining model adaptable to ESG-friendly policy. The company’s announcement says the firm estimates it would take roughly 30 years to reclaim all the waste just in the near proximity of the Scrubgrass Generating Plant. “For each bitcoin mined by the company, an estimated 200 tons of waste coal is eliminated,” the company claims. “A negative impact on the environment has long been a criticism of Bitcoin mining, with good reason. Our ownership of the Scrubgrass Plant combined with the environmental benefits which accrue to the region allow us to mine Bitcoin at what we believe to be some of the lowest costs in the industry while making a transformational contribution to the environment. Our vertically integrated model ensures we’re entirely self-sufficient and adaptable” Stronghold’s CEO said in a statement. Meanwhile, other mining operations like EZ Blockchain, Upstream Data, and Crusoe Energy Systems are reducing emissions by mining bitcoin with flare gas. EZ Blockchain recently detailed that the company has partnered with Silver Energy, an oil and gas provider based in Texas. What do you think about Stronghold raising $100 million and how the company converts waste coal into bitcoin? Let us know what you think about this subject in the comments section below. View the full article

The National Bank of Rwanda (NBR) has become the latest African central bank to join the digital currency movement after an employee confirmed the institution is studying the possibilities of issuing its own digital currency. CBDC Implications on Financial Stability According to the employee, John Karamuka, this study will be looking at economic, financial, and technical aspects related to central bank digital currencies (CBDC), as well as “the operationalization model.” The study will also analyze the “implication of the CBDC on monetary policy and financial stability.” However, in his remarks to The New Times, Karamuka revealed that the study had exposed the limits or lack of global standards and reliable benchmarks on the subject. On the African continent, a few countries, namely Nigeria, Ghana, and Tanzania recently either signalled plans to explore or have made progress on developing CBDCs. Still, only a few countries globally, including small nations like the Bahamas and The Republic of the Marshall Islands, have seen their CBDC projects make real progress. Meanwhile, Karamuka, who is the director of payment systems at the NBR, explains how his organization has attempted to benchmark its own progress. He said: Nevertheless, we are benchmarking on countries that are at more advanced stages, learning both positive and negative experiences. We are basing on work done by international institutions such as the International Monetary Fund, World Bank, World Economic Forum among others. The Necessity of the CBDC The New Times report also carried the Rwandese crypto and blockchain community leader’s reaction to the revelations. Norbert Haguma, who is the Chairman of the Rwanda Blockchain Association, questions the necessity of a CBDC. He said: “A CBDC should retain the best attributes of both cash and existing e-wallet solutions: cash can be exchanged offline, without restrictions or fees, while digital payments such as mobile money allow for instant long-distance transfers.” Additionally, Haguma suggests that financial inclusion and the CBDC’s interoperability should be key factors that must be considered as well. Following Karamuka’s revelations, Rwanda, whose central bank issued a warning against bitcoin trading in 2018, becomes the latest African country to signal its readiness to embrace emerging fintech. The revelations come a few weeks after the Central American nation of El Salvador made bitcoin legal tender. What are your thoughts on the NBR’s digital currency study revelations? Tell us what you think in the comments section below. View the full article

The Bank of France has successfully completed an experiment involving the use of CBDC to settle listed securities. The test has been carried out with the help of an alliance of partners led by SEBA Bank, a digital asset banking provider based in the Swiss crypto valley. Central Bank and Crypto Company Conduct Successful CBDC Test As part of a program launched in March 2020, central bank digital currency (CBDC) has been used to simulate the settlement of listed securities, Bank of France announced in a press release published Monday. On June 18, the regulator simulated the issuance of CBDC tokens on a public blockchain while preserving control over the transactions. A dedicated smart contract was developed and deployed, the bank explained, and the Eurosystem’s Target2-Securities (T2S) was used as a delivery platform. All operations were carried out in collaboration with the Swiss-licensed digital asset banking provider SEBA Bank AG, Banque Internationale à Luxembourg, the oldest multi-business bank in the Grand Duchy, and LuxCSD, a central securities depository service. The confidentiality of the processed transactions was achieved through a protocol that makes use of zero-knowledge proofs in order to encrypt and obscure the values of the CBDC transactions over a public blockchain, SEBA explained in a separate announcement. The participants successfully demonstrated the ability of distributed ledger technologies to communicate with T2S for the settlement of listed securities, the crypto bank pointed out. BOF’s director-general of financial stability and operations, Nathalie Aufauvre, noted that the experiment has demonstrated the possibilities unveiled by the interaction between conventional and distributed infrastructures. She emphasized that the test paves the way for other alliances aimed at taking advantage of the opportunities offered by financial assets in a blockchain environment. Bank of France Continues With More CBDC Trials Other tests planned as part of the current program will continue until mid-2021, the French central bank added. “The success of this experiment will be an important element of contribution to the Eurosystem’s global reflection on the benefits of CBDC and blockchain technologies to improve payment and settlement of transactions,” its Swiss partner concluded. “We are delighted to have led the successful completion of this experiment with the Banque de France and to have leveraged SEBA Bank’s institutional-grade digital assets platform infrastructure to support Banque de France in this important development and contribution towards the possibility of a digital European currency,” said Matthew Alexander, Head of Digital Corporate Finance at the Zug-based SEBA Bank. The European Central Bank (ECB) has deepened its analysis of whether and how to digitalize the Eurozone’s common currency this year and its Governing Council is expected to decide on a possible digital euro at a meeting in July. The ECB recently issued a review of the international role of the euro in which the bank noted that a digital currency could potentially boost the global appeal of European money. Earlier this month, the Bank of France and the Swiss National Bank announced a cooperation with the Bank for International Settlements Innovation Hub to trial the use of wholesale central bank digital currencies in cross-border settlements. The tests will be conducted with the support of a private sector consortium led by Accenture which also includes Credit Suisse, Natixis, R3, SIX Digital Exchange, and UBS. What do you think about the test conducted by the Bank of France and SEBA Bank? Tell us in the comments section below. View the full article

The island country of Malta in the Mediterranean Sea has been known to be friendly toward cryptocurrency solutions and blockchain technology for years now. According to a regional report, government sources say more than $70 billion moved through the country over past years while regulations were lax. Furthermore, the Financial Action Task Force (FATF) was critical of Malta at a recent confidential meeting. Members of a Confidential FATF Meeting Critical of Malta “Sources privy to [a] confidential FATF meeting,” said that the financial regulator is concerned about Malta, according to a regional report published by timesofmalta.com. FATF held a confidential meeting and it’s been said that “some €60 billion in cryptocurrency” (over $70 billion) had passed through the island country of Malta’s borders, according to the report. The article’s sources are unknown but the FATF meeting attendees stressed that one of the biggest issues with Malta was that it allegedly “facilitated a large volume of cryptocurrency” and did so “without enough oversight.” Organizations and companies that have offices located in Malta include crypto firms like Okex, Coinvest, Decentralised Ventures, Yovo, Ledger Projects, Stasis, Bitmalta, and the Blockchain Malta Association. Crypto solutions and blockchain tech is so popular in Malta the country is dubbed the “Blockchain Island.” At the end of April, however, as regulations swept the Maltese nation, 70% of the crypto companies in the sector had not yet sought licensing. Meanwhile, 26 crypto companies applied but none of the firms were approved. Crypto regulations in Malta began surfacing in the country in the summer of 2018. The timesofmalta.com report said that unnamed crypto industry sources have insisted that Malta is now heavily regulated. Moreover, they denied the FATF’s crypto transaction estimates that allegedly stem from the island country. A report authored by Michael Morell, an ex-deputy director at the Central Intelligence Agency (CIA), explained that crypto exchanges have accessible data at their fingertips. Sources Do Not Disclose Exact Time Frame or How FATF Obtained the Transaction Data Furthermore, in 2019, the Malta Financial Services Authority (MFSA) appointed the blockchain surveillance firm Ciphertrace to help regulators combat non-compliance. Ciphertrace’s job is to monitor “transactions that pass through local crypto exchanges and digital wallets.” The timesofmalta.com study does not disclose how the FATF got its transaction estimates that ostensibly show billions of dollars in crypto flowing through Malta. The people familiar with the matter of the FATF meeting also did not give details on exactly when the funds passed through Malta, as far as exact time frames are concerned. “Speaking of the threat of money laundering, it has long been established that cryptocurrencies such as Bitcoin, which utilise a publicly-accessible ledger of transactions, are a highly effective crime fighting and intelligence gathering tool,” Morell’s report added. What do you think about the alleged $70 billion in crypto moving through Malta while regulations were less prominent? Let us know what you think about this subject in the comments section below. View the full article

Authorities seized more than 400 Bitcoin miners in Venezuela this weekend in two major confiscations. Local reports indicate military personnel seized 332 miners from a transport truck. In another procedure, authorities seized 72 miners hidden in a house. These activities resulted in the apprehension of four individuals. Mining in Venezuela is perfectly legal, but it requires permits and licenses from Sunacrip. 400+ Miners Seized Authorities in Venezuela seized more than 400 mining machines last weekend in two separate events. In the first, 332 miners were seized at a control checkpoint in the Portuguesa state: 56 Inosilicon T2s, 136 Antminer S9J-14.5Ts, and 140 Aladdinminers. These miners were being transported from one city to another in a truck. The authorities also apprehended the truck holding the cargo. In another event, authorities seized 72 miners hidden in a home located in Barinas state. Military personnel captured three individuals present at the time. All of the miners seized were found to belong to a criminal organization, reports note. The seized miners are now in possession of Sunacrip, Venezuela’s national cryptocurrency watchdog. This is not the first time such massive seizures have happened in the country. Authorities also seized 499 Bitcoin miners in the Barinas state five months ago. Military personnel, tipped off by documentation inconsistencies, further seized 76 miners last April. Lack of Licenses and Permits While there have been horror stories regarding bitcoin mining in Venezuela, the activity is technically legal. However, this does not mean police and the military play nice with miners. According to reports from the authorities, the miners lacked the necessary permits to both operate these machines and transport them. Sunacrip, the national cryptocurrency watchdog, issues these permits, and miners need to register their activities and machines with the organization. Still, some miners prefer to go underground and mine without permits to avoid government oversight. In certain mining communities, there is still a lack of confidence in institutions that makes them avoid registering to remain anonymous. While there are no official numbers, some estimate that most miners still lack these licenses and are prone to face these regulatory problems. Since the launch of the Petro in Venezuela, the first national cryptocurrency, the government of Nicolas Maduro is attempting to present a friendly face towards cryptocurrency. But on the mining side of the equation, some miners are still hesitant about the idea of operating openly. What do you think about the latest seizures of mining rigs in Venezuela? Tell us in the comment section below. View the full article

The independent, publicly-traded business intelligence company Microstrategy announced the acquisition of 13,005 bitcoin on Monday, at a purchase price of approximately $489 million in cash. The company’s CEO Michael Saylor revealed the latest purchase on Twitter, and the firm now has more than 100,000 bitcoins on its balance sheet. Microstrategy Now Holds 105,085 Bitcoin Michael Saylor’s firm Microstrategy now has approximately 105,085 bitcoins which it bought for around $2.741 billion. Using the purchasing average, the company says it purchased all the BTC at around “$26,080 per bitcoin, inclusive of fees and expenses.” As usual, Microstrategy CEO Michael Saylor tweeted about the purchase telling his 1.2 million Twitter followers. “As of 6/21/21 we #hodl ~105,085,” Saylor noted on Monday morning. Not everyone was impressed with Microstrategy’s bitcoin buy announcement and a few people like Peter Schiff made snide comments. “That’s pretty bearish that you already bought all that bitcoin and the price kept dropping anyway,” Schiff replied to Saylor’s tweet on Monday. “Consider where the price of bitcoin would be today if Elon Musk, Michael Saylor, Barry Silbert, and all the other bitcoin elites and their friends in the financial media hadn’t spent the last six months convincing retail and institutional investors to buy their worthless tokens,” Schiff said the day prior, as bitcoin’s price began plummeting. Northman Trader’s Sven Henrich also responded to Saylor’s announcement. “Understand the conviction. Question though: As the price average and employed leverage have both been rising what’s the risk profile/consequence if bitcoin were to drop below the average holding price?” Henrich asked the Microstrategy CEO. When someone asked Henrich if Saylor’s choice turned out to be a good bet the Northman Trader further commented. “Not saying he’s wrong,” Henrich replied. “Just asking what the risk profile is if [the] price drops below the average holding price.” Price Keeps Dipping Lower Than Microstrategy’s Purchase Following PBOC’s Latest Crypto Notice Microstrategy’s purchase of 13,005 BTC follows recent news stemming from China’s central bank. On June 21, 2021, the People’s Bank of China (PBOC) issued a notice to a number of financial institutions concerning crypto transactions. Since then, BTC has dropped 4% in 24 hours and rests just above the $32K handle. In other words, the price has actually dipped below the price Microstrategy paid per coin for this most recent BTC acquisition. Other bitcoin proponents also responded to Saylor’s tweet. “Time to deploy the next billion,” software developer Jameson Lopp tweeted. An individual commented on Lopp’s statement and jokingly said: “Fixed it: Time to deploy the next borrowed billion.” “Unfortunately, contrary to popular belief one just can’t keep infinitely buying the dip,” an individual said to the many enthusiasts telling the Microstrategy CEO to “keep buying the dip.” What do you think about Microstrategy buying 13,005 bitcoin and aggregating a total of more than 100K bitcoin? Let us know what you think about this subject in the comments section below. View the full article

The U.S. government is selling bitcoin and litecoin worth $377K via the General Services Administration (GSA). The auction closes at 5 p.m. on Monday, with the possibility of an extended closing time. The government auction house is selling the digital assets in 11 lots and so far, the lots have seen active bidding. The GSA Auction House Has Close to Ten Bitcoin and 150 Litecoin for Sale, Auction Ends Today From June 18 to Monday, June 21, the General Services Administration, otherwise known as the GSA, is auctioning two types of crypto assets. GSA auction bidders can try to buy 11 lots of crypto that hold approximately 8.93 BTC and 150.2 LTC. The U.S. government estimates the value to be in the ballpark of $377,000 for the aggregate BTC and LTC lots. The GSA announcement notes that the entity has sold crypto assets on behalf of the U.S. government since the beginning of 2021. To date, the GSA has auctioned crypto assets three times and sold 16.99 BTC in total. The three previous GSA auctions settled at $937,092 for the bitcoin assets sold on the platform. The GSA advertisement also tries to entice the reader by saying: “Become a part of the growing cryptocurrency community by placing a winning bid during GSA Auctions’ next cryptocurrency sale.” “Experienced investors recognize a good opportunity when they see it, which is why our auctions have generated so much enthusiasm among the crypto community,” Thomas Meiron, Regional Commissioner for GSA’s Federal Acquisition Service said in a statement. “With the addition of a new type of cryptocurrency, this promises to be one of our most exciting auctions of the year.” The new type of digital asset Meiron refers to is litecoin (LTC), as prior auctions only saw the sale of BTC. The GSA was created in 1949 and is a solution for government-owned surplus, forfeited goods, and federal personal property they no longer require. The independent agency of the U.S. government allows the general public, businesses, and other government agencies to bid on items in an exclusive fashion. Local and international GSA auction buyers are mandated to purchase electronically. The electronic only-purchasing arrangement is due to the President’s declaration of a national emergency on March 23, 2020. Since then, the GSA no longer accepts payments made by cash, money order, cashier’s check, and official or personal checks. The description of the crypto lots being sold explains that when a bidder wins they must accept the responsibility of paying the mining network fee. Bidding has been active so far and dozens of offers have been made on the GSA’s current stash of digital assets. What do you think about the GSA cryptocurrency auction? Let us know what you think about this subject in the comments section below. View the full article

China’s central bank has sent notice to the country’s financial institutions instructing them to stop dealing with cryptocurrency transactions. The disclosure notes that the People’s Bank of China (PBOC) aims to protect Chinese citizens and “combat the speculation of Bitcoin and other virtual currency transactions.” PBOC Tells Banks to Stop Dealing With Crypto Exchanges and OTC Desks On June 21, 2021, the People’s Bank of China (PBOC) issued a notice to a number of financial institutions concerning crypto transactions. The PBOC says it has discussed the issue of cryptocurrencies with financial services firms like the Industrial and Commercial Bank of China, Agricultural Bank of China, Construction Bank, Postal Savings Bank, Industrial Bank, and the Alipay (China) Network. The PBOC stressed that “virtual currency trading activities disrupt the normal economic and financial order, breed the risks of illegal cross-border transfer of assets, money laundering and other illegal and criminal activities, and seriously infringe the people’s property safety.” China’s payment institutions and banks must implement strict guidelines on “bitcoin risks,” “token issuance financing risks,” and other regulatory requirements the PBOC notice details. Financial institutions “must not provide account opening, registration, and registration for related activities,” the central bank added. China’s Postal Savings Bank followed up with a statement and explained that it will not allow cryptocurrency transactions in any manner. “According to relevant regulations of the People’s Bank of China, no institution or individual may use our bank’s accounts, products, services, and channels to conduct token issuance financing and ‘virtual currency’ transactions,” China’s Postal Savings Bank said. The Postal Savings Bank also said if Chinese citizens notice crypto activity or any virtual currency “related behavior, you can report it to our bank.” The PBOC news follows the June 20 mandate from Sichuan officials that banned bitcoin mining in the region. Since the banning in five major Chinese provinces, Bitcoin’s hashrate has plummeted to 100 exahash per second (EH/s). Chinese journalist Colin ‘Wu’ Blockchain also tweeted about the PBOC notice on Monday and said two other financial institutions released statements concerning the subject. “The Agricultural Bank of China once again released the deleted webpage, and Alipay also issued a related statement,” the regional reporter said. The price of bitcoin (BTC) tumbled to a low of $31,700 per unit on Monday after the PBOC announcement. Since then the crypto asset has managed to jump back above the $32K zone. What do you think about the PBOC’s latest announcement against crypto asset transactions and China’s financial institutions? Let us know what you think about this subject in the comments section below. View the full article

Nigeria’s use of multiple exchange rates regimes may have contributed to a rise in the country’s inflation rate, the latest World Bank report has said. In addition, the report says ongoing restrictions on the use and movement of foreign exchange are “further pushing up prices of food and agricultural inputs like fertilizer.” Misaligned Exchange Rates In a report that focuses on the country’s inflation trends, the global lender bemoans Nigeria’s reluctance to move the official exchange rates in tandem with the naira’s depreciation. The report explains: Even though the nominal Investors and Exporters Foreign Exchange window [IEFX] exchange rate has been depreciating, which has helped to alleviate inflationary pressures, it has not been doing so fast enough to equilibrate the FX market. As previously reported by Bitcoin.com News, Nigeria recently devalued the naira’s exchange rate to the current N411 for every US dollar. However, this new rate still falls short of the parallel market rate of over N490 for every dollar. It is this disequilibrium between the official and the parallel market rates which the World Bank blames for helping cause an upswing in inflationary pressures. The report continues: “When there is a divergence between the official/IEFX rate and the parallel FX rate, the parallel rate is the one most associated with food price dynamics. Unable to access FX in the IEFX window, businesses seek it through the parallel market and other alternative sources and factor in the parallel rate in business decisions, so that it eventually passes through to market prices for goods and services.” Inconsistent CBN Policies Attacked The same report also cites the Central Bank of Nigeria (CBN)’s monetary policy which it says is “not consistent with prioritizing efforts to curb inflation.” The report asserts that the tools used by the CBN to achieve its policy goals “sometimes contradict each other.” For example, keeping the exchange rate stable or fixed promotes growth and helps to contain inflation. However, the same policy weakens the effectiveness of monetary transmission mechanisms to contain inflationary pressures. Meanwhile, the World Bank (as part of its many recommendations) wants the West Africa country to make the Nigeria Autonomous Foreign Exchange (NAFEX) exchange rate — now the anchor rate for all formal foreign exchange transactions — more flexible in order to reduce real exchange rate misalignments. A more flexible rate could also boost Nigeria’s competitiveness, and narrow the spread between the NAFEX rate and the parallel market rate, with a positive effect on inflation dynamics. Do you believe that it is still possible for Nigeria to significantly narrow the official and parallel market exchange rates? Tell us what you think in the comments section below. View the full article

As Signature Bank expands its commercial banking offerings, the trueusd stablecoin has been integrated with its Signet blockchain-based digital payment platform to deliver instant dollar payments. Signet Integration to Deliver 24/7 Dollar Payment and Settlement As more enterprises flirt with the idea of blockchain-based products and services, stablecoins are one of the areas of fascination for banks, especially given their possibilities in terms of speed and reliability. Yet, not all stablecoins are the same, and some have been targeted by enforcement agencies, among them tether (USDT). Still, some are breaking the mold and finding ways to improve upon the existing model. With stablecoins increasingly playing a larger role in trading and decentralized finance (defi), banks are slowly coming around to realize their beneficial traits. Signature Bank has become the first U.S. financial services provider to adopt stablecoins specifically for payments. Its Signet digital payments platform has entered into a partnership with Trueusd to integrate its multichain stablecoin (TUSD) with its payment services. Accordingly, the platform can now offer TUSD minting and redemption in real-time. The move will give the bank’s clients access to the stablecoin, which is transparently backed 1:1 by reserves of US dollar that are regularly verifiable thanks to onchain proof-of-reserves and the help of an outside, independent accounting firm. Moreover, the platform’s customers can send US dollar payments to other commercial clients in real-time, around the clock, every day of the week. Signature Bank, the first FDIC-insured and New York State Department of Financial Services (NYDFS) approved U.S. commercial bank to launch a blockchain digital payments platform, has welcomed the development. According to Signature Bank’s CEO and President Joseph J. DePaolo: The relationship with Trueusd enhances Signature Bank’s offering to its existing commercial clients. Through arrangements like this one, Signature Bank is further strengthening its position as one of the pre-imminent banks in the digital assets space. Trueusd, the product of Trusttoken, counts on billions in monthly transaction volume, with approximately $1.4 billion tokens in circulation as of writing. Thanks to its properties like real-time payment and settlement, along with a network of 100 global trading partners, TUSD has become a popular choice for defi protocols and other use cases that demand instant transactability. Trueusd Chairperson Jennifer Jiang concludes, The integration into Signature Bank’s Signet platform is a monumental milestone for TUSD’s growth and adoption as an attested, dollar-backed digital currency. Our integration into Signet brings global TUSD customers another secure real-time settlement option. What’s next for the banks’ crypto adoption? Let us know what you think in the comments section below. View the full article

TSB, a British bank, is planning to ban cryptocurrency purchases due to fraud concerns. The company reported an alarming number of fraudulent transactions on cryptocurrency purchases. Reportedly, transactions involving Binance, the cryptocurrency exchange behemoth, are involved in two-thirds of these fraud reports. A Binance representative denies these claims and said the exchange deals with complaints like these complaints in a “very serious” manner. TSB to Ban Cryptocurrency Purchases Due to Fraud Numbers TSB, the UK-based banking institution, is planning to issue a ban on cryptocurrency purchases. Its customers are reporting an alarming number of fraudulent transactions associated with cryptocurrency institutions. According to the Telegraph, the bank will introduce this ban in the coming weeks. This action can leave more than five million customers without access to cryptocurrency exchanges. A spokesperson alleged the ban will take the measure to protect its customers from probable frauds. The spokesperson declared: We take our obligation to protect customers extremely seriously and continually review merchants and websites with excessively high fraud rates. According to numbers from TSB, one in eight cryptocurrency purchases ends in a fraudulent action. This is a number much higher than what’s calculated for other transactions. Fraudsters and scammers use these platforms to fool customers and take control of their accounts, stealing their funds. TSB also states that these platforms have low customer support standards. The company spokesperson claims that Binance and Kraken, two popular cryptocurrency exchanges, almost never respond to fraud claims. Exchanges Accused TSB also stated that Binance, the biggest cryptocurrency exchange, was a hub for this kind of scam. More than two-thirds of the frauds reported had to do with Binance and its trading platform. However, Binance denied these claims. A spokesperson for the exchange stated the platform was “very serious” when it comes to dealing with this kind of action. Kraken also denied having this kind of behavior that TSB reports. Steven Christie, its global head of compliance, stated: We categorically deny the allegation that Kraken does not respond to calls for assistance on incidents of fraud. TSB is the latest bank to announce some kind of measure against cryptocurrency exchanges. Last June, Barclays, Monzo, and Starling, other UK-based banks also blocked cryptocurrency purchases for similar reasons. Users presented complaints on social media at that time, complaining they weren’t able to manage their money as they wished. According to the FCA, 4.4% of UK citizens own some form of cryptocurrency. As a consequence, banks must be vigilant to whatever actions their customers are taking on these platforms. What do you think about Tsb’s latest cryptocurrency purchase ban? Tell us in the comments section below. View the full article

The pseudonymous creator of the popular stock-to-flow (S2F) bitcoin price model, Plan B, has published his “worst case scenario for 2021” predictions on social media on Sunday. The analyst says there’s also a “more fundamental reason” to why bitcoin prices have been dropping in June and how the month of July may see “weakness” as well. Best Case Scenario: $450K Worst Case Scenario: $135K Five months ago, bitcoin (BTC) prices went parabolic and the value of the leading crypto asset seemingly was following the well known stock-to-flow (S2F) model. At the time, the S2F creator said: “bitcoin stock-to-flow model [is] on track… like clockwork.” The price of bitcoin skyrocketed over $64K per unit but has since lost more than half that value. At the end of April, Plan B remarked that the downturn was a “mid-way dip” and stressed that “nothing goes up in a straight line.” This past Saturday, Plan B further discussed the infamous death cross pattern in the BTC/USD chart and remained optimistic. Then on Sunday, Plan B gave an update on his “worst case scenario for 2021.” “Bitcoin is below $34K, triggered by Elon Musk’s energy FUD and China’s mining crack down,” Plan B tweeted. “There is also a more fundamental reason that we see weakness in June, and possibly July. My worst case scenario for 2021 (price/on-chain based): Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K,” the analyst added. Image credit: Plan B via Twitter. Of course, Plan B made sure that people read his tweet carefully when people asked if they should disregard his model. “Please read my tweet more carefully,” Plan B replied. “I said this is a worst case scenario, not a base case, let alone best case. I am still on S2FX track for my base case. I have explained my personal (non)selling strategy in several interviews,” he added. Furthermore, someone asked Plan B: “What’s the more fundamental reason?” “Great question. I [intend] to publish later this year,” the analyst replied. Additionally, the popular bitcoiner dubbed “Parabolic Trav” said that he likes a bearish Plan B tweet and said “Bullish.” Plan B also responded to Parabolic Trav’s statement and said: Wait until you [see] my base case and best case scenarios! OK, a hint: best case Dec $450K. Plan B: ‘Bitcoin Distribution Looks a Lot Healthier Now’ Plan B is a popular analyst and has more than 570,000 Twitter followers. The stock-to-flow price model has also grown in popularity during the last 12 months and it is referenced often in technical analysis. Plan B has been getting a lot more criticism in recent times since bitcoin’s price has been dropping lower. The sell-off, Plan B said this weekend, has led to better bitcoin distribution. “60% of bitcoins sold in May-June were bought in March-April and sold at a loss,” Plan B wrote. “40% was bought earlier and sold at a profit. Of total 18.7M bitcoins ~2,5M bitcoins are bought at What do you think about Plan B’s worst case scenarios for 2021? Let us know what you think about this subject in the comments section below. View the full article

Russian billionaire Oleg Deripaska wants the Bank of Russia, the country’s central bank, to embrace cryptocurrency, citing El Salvador’s bitcoin law as an example. El Salvador recently passed a bill making bitcoin legal tender in the country. Billionaire Oleg Deripaska is the founder of Basic Element, a Russian industrial group focusing in areas such as aluminum, energy, construction, and agriculture. In 2018, the U.S. Department of the Treasury’s Office of Foreign Assets Control imposed sanctions against Deripaska and some of his companies. According to Forbes, his net worth is currently $4.7 billion. Deripaska commented about bitcoin and criticized the central bank’s cryptocurrency policy in his Telegram channel last week. He said that even a poor country like El Salvador “realized the need for digital currencies and took a simple path – recognized bitcoin as a means of payment.” According to the World Bank, “El Salvador suffers from persistent low levels of growth and poverty reduction in the country has been moderate.” Humanium estimated that four out of 10 people of El Salvador live in poverty. El Salvador passed a bill to make bitcoin legal tender on June 9. The country is now focusing on bitcoin mining using energy from volcanoes. Deripaska questioned when developments in financial technologies (fintech) will “pierce a hole in this wall of superstition” of the Bank of Russia. He also questioned when Russian citizens will “receive a real financial instrument that ensures independence in foreign trade settlements,” instead of just “formal replies and press releases about the ‘development of the digital ruble.'” Last month, Bitcoin.com News reported that the Bank of Russia is preparing to launch a prototype of the digital ruble by the end of the year. The Russian central bank digital currency (CBDC) will be designed as a unique digital code stored in dedicated electronic wallets and will become a full-fledged means of payment that Russians can use alongside the regular ruble. Meanwhile, Russia’s Minister of Foreign Affairs, Sergey Lavrov, said last week that “the time will inevitably come when cryptocurrencies will play a very significant role, occupy a very significant segment in international settlements.” Do you think the Bank of Russia should follow El Salvador’s example and embrace bitcoin? Let us know in the comments section below. View the full article

Billionaire investor and CEO of Point 72 Asset Management, Steve Cohen, says he is taking a deep dive into cryptocurrency. Emphasizing that he is “fully converted,” the billionaire said, “I’m not going to miss this. I already feel like I missed the first part of it.” Steve Cohen Gets Into Crypto, Says He Is ‘Fully Converted’ Steve Cohen is the chairman, CEO, and president of Point72, an asset management firm with approximately $22.1 billion in assets under management (AUM) as of April 1. The firm has 12 offices around the globe and more than 1,650 employees. He shared his view on cryptocurrency in an interview last week, emphasizing that he has finally decided that he has got to get into the game. The billionaire CEO said: I’m doing a deep dive into crypto. I’m fully converted. Cohen added: “I have an old saying at the poker table, you got to pay to learn. There’s no way around it. You can talk all you want, but you’ve got to get in the game.” He continued, “I’m hopeful that we will be able to start building something within Point72,” adding that “we are in the process of starting to think about that.” Regarding when to get into the crypto market, Cohen opined: The timing is never good. Who knows. I don’t know if these things are going to go up. However, the Point72 CEO is not keen on bitcoin. “Forget bitcoin,” he exclaimed. “I don’t care about bitcoin. I care more about the technology behind the blockchain and how transformational it is and how disruptive it could be.” Cohen further shared, “I feel like the way those markets are developing could be a real interesting adjacency to what we do at Point72,” stressing: So, I’m not missing this. I’m not going to miss this. I already feel like I missed the first part of it, but I still feel like it’s early. The billionaire noted that cryptocurrency is an example of something he wants to “look forward and take some risk.” He concluded: “I may look foolish initially, but you size it accordingly, learn the game, and when you’re confident, then take it to the next level.” What do you think about Steve Cohen’s comments on crypto and bitcoin? Let us know in the comments section below. View the full article

Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, has warned of “the mother of all crashes.” He further explained that the problem with cryptocurrency is the leverage. Michael Burry Warns of Mother of All Crashes Famous investor and founder of private investment firm Scion Asset Management, Michael Burry, shared his view last week about where he sees the markets heading. Burry is best known for being the first investor to foresee and profit from the U.S. subprime mortgage crisis that occurred between 2007 and 2010. He is profiled in “The Big Short,” a book by Michael Lewis about the mortgage crisis, which was made into a movie starring Christian Bale. The Scion Asset Management founder tweeted Thursday: All hype/speculation is doing is drawing in retail before the mother of all crashes. #FOMO Parabolas don’t resolve sideways; When crypto falls from trillions, or meme stocks fall from tens of billions, Main Street losses will approach the size of countries. History ain’t changed. He also commented on cryptocurrency, asserting that “The problem with crypto, as in most things, is the leverage.” The famed investor further opined, “If you don’t know how much leverage is in crypto, you don’t know anything about crypto, no matter how much else you think you know.” Burry previously said that he does not hate bitcoin but is concerned about the government coming down heavily on cryptocurrency. He warned in February that “In an inflationary crisis, governments will move to squash competitors in the currency arena.” While emphasizing, “I don’t hate BTC,” Burry said that in his view, “the long term future is tenuous for decentralized crypto in a world of legally violent, heartless centralized governments with lifeblood interests in monopolies on currencies.” Nonetheless, he said he is not short BTC because “In the short run anything is possible.” Burry is not the only one foreseeing a crash. Last week, Rich Dad Poor Dad author Robert Kiyosaki warned that the “Biggest bubble in world history getting bigger,” warning that the “Biggest crash in world history” is coming. The famed author expects the price of bitcoin to fall to the $24K level where he will buy some more BTC. What do you think about Michael Burry’s prediction and his view on cryptocurrency? Let us know in the comments section below. View the full article

A pro-bitcoin congressman in Paraguay says he will present bitcoin legislation in congress next month with the aim to make Paraguay a hub for cryptocurrency investors worldwide. His efforts follow El Salvador passing a bill making bitcoin legal tender. Paraguay Wants to Be Global Hub for Crypto Investors Following El Salvador passing a bill making bitcoin legal tender, a congressman in Paraguay announced that he is working on bitcoin legislation that will be presented next month. Deputy Carlos Antonio Rejala Helman of the Hagamos Party has called for Paraguay to take similar action to El Salvador regarding bitcoin. The congressman has also changed his Twitter profile picture to include laser eyes, meaning he eyes bitcoin going to $100K. The deputy is preparing a bill that seeks to legalize the use of cryptocurrencies in Paraguay as a means of payment, La Nacion reported Friday. The bill will establish that any transaction within the national territory can be carried out with bitcoin and the state will be in charge of promoting and training the different sectors so that they can access this new form of electronic payments, the publication conveyed. The congressman was quoted as saying: Since we announced that we are working on a bill that legalizes in Paraguay the use of digital assets, better known as digital currencies, or its most popular version, bitcoin, as legal tender for any type of commercial transaction, various Paraguayan companies have already joined and took a step forward towards the new era of transactions, which makes us proud. The lawmaker aims to present his bill in congress in July. Noting that the legislation is being prepared, he tweeted on June 17 with the hashtag bitcoin, “July we legislate.” He followed up with another tweet that says: “The presentation of the project is coming on July 14.” The congressman revealed early this month that he is working with Bitcoin.com.py CEO Juanjo Benitez Rickmann and “the Paraguayan crypto community in order for Paraguay to become a hub for the crypto investors of the world and subsequently to be placed among the ones on the cutting edge of digital technology.” Rickmann confirmed that he is working with the congressman “to introduce a project in congress so that Paraguay becomes a crypto-friendly country for worldwide crypto investors, taking advantage of the renewable and inexpensive energy provided by hydroelectrics #Itaipu #Yacyreta.” The congressman tweeted on June 7: As I was saying a long time ago, our country needs to advance hand in hand with the new generation. The moment has come, our moment. “This week we start with an important project to innovate Paraguay in front of the world. The real one to the moon #BTC & #paypal,” his tweet further reads. Meanwhile, cryptocurrency adoption is growing in Paraguay. A major entertainment group in the country, Grupo Cinco, announced last week that all of its 24 business units now accept cryptocurrencies bitcoin (BTC), ether (ETH), shiba inu (SHIB), and chiliz (CHZ). In addition, Universidad Comunera (UCOM), a private university in Asunción, Paraguay, now accepts bitcoin for payments. Would you move to Paraguay if bitcoin is legal tender there? Let us know in the comments section below. View the full article

The hashrate of the Bitcoin network has been steadily falling since June 14 and after Sichuan miners were told to prepare operation shutdowns. Sichuan is the second-densest province in China where most miners are located, according to data stemming from the University of Cambridge. Bitcoin’s hashrate is now hovering just above 100 exahash per second (EH/s). Bitcoin Hashrate Keeps Falling as Sichuan Farms Shut Down Operations The hashrate of the Bitcoin network has been steadily falling. The cause of this seems to be the shutdown of several cryptocurrency farms in various provinces including Sichuan. According to the regional publication 8btc news, the Sichuan Development and Reform Commission and Energy Bureau announced it would close the operation of 26 suspected cryptocurrency mining and virtual currency projects on Sunday. Sichuan bitcoin miners leaving to mine elsewhere is a historical event during the leading crypto asset’s 12-year lifespan. Bye 👋 pic.twitter.com/3JrM5qw0E7 — 8BTCnews (@btcinchina) June 19, 2021 Statements from mining insiders seem to point out the situation is dire for big mining operations. These are the most affected due to its inability to move its operations quickly. The hashrate numbers stemming from Chinese pools have also shrunk: Antpool, Btc.com, Binance Pool, Huobi Pool, and Btc.top have all experienced significant losses of associated hashrate. As a consequence, the Bitcoin hashrate is now hovering over 100 EH/s, almost 50% under its all-time high. Bitcoin’s price is also stagnating as a result of fears over more forced mining shutdowns in the country. Bitcoin price is now between $33,000 and $34,000 at the time of writing. Other currencies are also feeling the heat, facing important losses. Location Opportunties Arise Sichuan is the fifth Chinese province that is shutting down cryptocurrency mining-related projects. Before Sichuan, two provinces also announced the closing of all cryptocurrency mining projects: Inner Mongolia, and Yunan. Other localized closures were announced in Xinjiang earlier last month when Zhundong based miners were ordered to turn off their machines. Xinjiang is the province where most hashrate resides in all of China, at least according to statistics. A third of all of Bitcoin’s hashrate is located there according to the University of Cambridge. However, this crackdown in Bitcoin mining has spurted opportunities for mining elsewhere. The mayor of Miami, Francis Suarez, is inviting miners to set up shop in Miami. Suarez stated that the conditions in Miami could be enticing to miners due to the abundance of cheap nuclear power available. Some mining operations are flocking to Kazakhstan and the Chinese ASIC manufacturer Canaan recently established an overseas after-sales center in the region. Nayib Bukele, the president of El Salvador, is also inviting miners to the country. Bukele announced they would be building geothermal facilities to offer green cheap energy prices to miners just recently. The race to capture these ousted Bitcoin miners is just starting, and other countries might also make their move soon. What do you think about Sichuan cracking down on bitcoin operations? Tell us in the comments section below. View the full article

The professor of applied economics at Johns Hopkins University, Steve Hanke, has recently been criticizing bitcoin adoption taking place in El Salvador. Hanke doesn’t think it’s a good idea for the Latin American country to use bitcoin as legal tender and says it could “completely collapse the economy.” Steve Hanke Wants Countries to Adopt Currency Boards Instead of Gravitating Toward Bitcoin Adoption The American economist Steve Hanke knows a lot about currencies, as he is the Cato Institute’s senior fellow and director of the Troubled Currencies Project. Hanke also was the senior economist during the Reagan administration from 1981 to 1982. The economist is critical of central banking and noted in 2018 that the world could use less of them. At the time, Hanke highlighted ten countries that are suffering from hyperinflation and the economist proposed that the countries either adopt the U.S. dollar or create a currency board. “Countries that employed currency boards have delivered lower inflation rates, smaller fiscal deficits, lower debt levels relative to the gross domestic product, fewer banking crises, and higher real growth rates than comparable countries that have employed central banks,” Hanke said at the time. Fast forward to three years later, Hanke is now discussing bitcoin (BTC) and the implications of widespread adoption. Hanke is not a fan of bitcoin and has mentioned this fact on numerous occasions. This past April, Hanke tweeted: “Bitcoin bulls hate to discuss the flaws of bitcoin. Cryptocurrencies are the future of money. Bitcoin is not.” The economist also shared an article he wrote, which stresses the use of currency boards over bitcoin. In the article, Hanke talks about the monetary luminary Milton Friedman and Hanke also said he believes bitcoin comes with a “fundamental value of zero.” Hanke is once again attacking bitcoin after finding out that El Salvador would be leveraging bitcoin as legal tender in the Latin American country. Hanke thinks that nations like China or Russia could use El Salvador to cash out and remove USD from the equation. “It has the potential to completely collapse the economy because all the dollars in El Salvador could be vacuumed up, and there’d be no money in the country. They don’t have a domestic currency. You’re not going to pay for your taxi ride with a Bitcoin. It’s ridiculous […] You’ve got 70% of the people in El Salvador don’t even have bank accounts, Hanke stressed during an interview with Kitco’s David Lin. Hanke continued: The big problem with cryptos, in general, is that you can’t convert them into actual real legal tender that’s usable cheaply, and quickly. You can’t Bitcoin, for example, cheaply and easily convert into U.S. dollars. Nigeria Should Not Follow El Salvador’s Footsteps Says Hanke Following the economists’ statements with Kitco’s David Lin, Hanke also shared an article on Twitter written by Bitcoin.com News author Terence Zimwara. The article explains how the Central Bank of Nigeria (CBN) has been discussing the country leveraging a digital currency by the year’s end. Hanke did not like this assessment from the CBN and said if it was like El Salvador’s idea, it would likely lead to ruin. Hanke tweeted: If Nigeria’s plans for a digital currency is anything like El Salvador’s Bitcoin plan, it will FAIL. Instead of toying with nutty ideas, Nigeria needs to establish a USD-denominated Currency Board, like the one it had between 1913-1959. Zimbabwean fintech lawyer and crypto proponent Prosper Mwedzi responded to Hanke’s statement about Nigeria and said: “I think a digital currency for Nigeria could improve bc access to financial services depending on [the] design.” Further, a number of others disagreed with Hanke’s commentary and replied to his scathing Nigeria/bitcoin tweet. “Hanke only has a hammer (USD Currency Board) so to him, everything looks like a nail,” another individual wrote. “Bitcoin has no such restrictions and will keep saving weak economies,” the person added. What do you think about Steve Hanke’s commentary about El Salvador and Nigeria? Let us know what you think about this subject in the comments section below. View the full article

On Saturday, cryptocurrency analysts and traders have been discussing bitcoin’s recent chart patterns and the infamous death cross pattern has been a topical conversation. A number of traders believe when bitcoin’s short-term moving average (MA) dips below the long-term MA, the crypto asset could be bracing for a major sell-off. Meanwhile, others are sure the death cross technical pattern means the price is due to rebound and possibly double-top to higher values than the previous all-time high. The Return of the Infamous Death Cross On June 19, a number of Twitter conversations, forum posts, and even headlines discussed the technical pattern called the death cross in regard to bitcoin’s (BTC) chart. Bloomberg published an article concerning the death cross on Saturday and the publication featured a few statements from billionaire investor Mark Cuban. The definition of a death cross stemming from Investopedia notes the pattern suggests “the potential for a major sell-off.” The website’s definition adds: The death cross appears on a chart when a stock’s short-term moving average crosses below its long-term moving average. Typically, the most common moving averages used in this pattern are the 50-day and 200-day moving averages. However, the death cross doesn’t necessarily mean a bearish market is due. Investopedia details that death cross events led to traditional stock market crashes during the past century including 1929, 1938, 1974, and 2008. Death crosses are not unusual and data from Canterbury Investment Management indicates the Dow Jones Industrial Average has experienced 84 death crosses since 1929. The popular economist and trader Alex Krüger recently discussed the situation of a death cross in relation to BTC/USD charts. “The Death Cross takes place when the 50 day moving average crosses below the 200 day moving average,” Krüger tweeted. “The Death Cross takes place when the 50 day moving average crosses below the 200 day moving average. Journalists love writing about how a death cross could bring forth a bear market. However, one week historical returns following a bitcoin death cross are POSITIVE. Relax,” Krüger stressed. Picture via Alex Krüger on Twitter. The popular creator of the bitcoin stock-to-flow model, Plan B, also tweeted about the infamous death cross on Saturday. “Study this chart to see what happened [the] last two times the death cross happened, Q4 2019 and Q1 2020,” Plan B said to his 566,000 followers. Picture via Plan B on Twitter. However, an individual named Mohit Sorout responded to Plan B’s tweet and noted that there’s been a number of death cross occasions throughout bitcoin’s lifetime. “There have been 6 past death crosses in bitcoin’s lifetime,” Sorout replied to Plan B. “4 have resulted in enormous downside. The two that didn’t lead to a downtrend were towards the end of a bear market, not after a full blown bull run. Choose your bias wisely,” he added. Bitcoin Traders Hope a 2013 Double-Top Pattern Emerges The creator and host of CNBC’s Crypto Trader show Ran Neuner also wrote about the death cross on Saturday too. “Bitcoin shorts are being closed,” Neuner said. “This is confirmation that the shorts were speculative and that it wasn’t miners hedging. We said this would happen in anticipation of the ‘death cross’ that should cross around the 24th June. Expect more FUD. I’m not selling.” Picture via Sultan on Twitter. A crypto enthusiast called Sultan discussed the death cross situation with his followers as well and said that it may mean the worst is behind us. “Death cross,” Sultan wrote. “Ironically, death crosses are often a sign that the worst is already behind us. At the 2019 DC, Bitcoin had already went through a -47% dip before the DC flashed, with a 52% recovery after. And a -64% dip before the 2020 DC, with a quick 150% recovery,” he added. Another person wrote to Plan B and said: A real death cross is when both MA’s are facing down. Good luck to anyone trading the current cross on BTC. No one really knows what will happen even though a number of traders are confident their predictions will play out. Investor and market watcher John Hostetler also talked about the death cross scenario as well on Saturday. “Only a fool could deny that this Bitcoin DeathCross is more like a bearish cross in red than a bullish one in green,” Hostetler said. “But I do like how the BTC price fell this week, as if to say ‘let’s get it over with, then we can rise’” “In the end, the cross changes little,” Hostetler further stressed. “Big question remains: has this halving cycle peaked? 2 weeks ago I would’ve assigned that a 1% possibility, because I hadn’t looked at the now-dismal chart of Bitcoin S2F multiple in a while. Since then I have raised the odds to ~20%. But that still leaves 80%. So I continue with the Bitcoin double top model, drawing hope from the summer of 2013, when $BTC came within a breath of a Death Cross: grey arrow on the chart,” he concluded. What do you think about the bitcoin death cross chart pattern? Do you expect a bear market or a bull market going forward? Let us know what you think about this subject in the comments section below. View the full article

The Ministry of Interior of the Islamic Republic has suspended the Iran Blockchain Association (IBA). The measure comes after the organization allegedly breached government regulations. IBA unites participants in the country’s growing crypto sector who are engaged in blockchain technology development. Iranian Authorities to Review IBA Dealings With Crypto Exchanges The Iranian government has moved this week to block activities of the Iran Blockchain Association, the Financial Tribune business daily reported on Sunday. The Ministry of Interior banned the prominent crypto industry organization following various accusations including that the IBA was operating against its own articles of association. According to a notice published by the Persian-language newspaper Hamshahri Online on Wednesday, IBA was also ordered to submit detailed reports about its financial performance and activities to Iran’s Social Affairs Organization. The government is particularly eager to learn more about the association’s interactions with cryptocurrency exchanges, the publication revealed. Earlier in June, a member of the Iranian parliament, Rahim Zare, accused “domestic NGOs involved in cryptocurrencies” of transferring foreign currency overseas, without providing any evidence to support the claim. IBA strongly denied any wrongdoing stating that its efforts were focused on promoting blockchain technology development. Established in 2017, the Iran Blockchain Association operates as a nonprofit and self-governing body of entrepreneurs, experts and activists involved in the blockchain industry. One of its key priorities is to spread awareness among Iranians and prevent losses from cryptocurrency scams. The association stated: Informing people and the authorities on risky websites and fraud cases is among IBA’s objectives. Iran Blockchain Association Hit After Exposing High-Risk Crypto Companies The new government notice was never delivered to the association and its board members, the head of the IBA Sepehr Mohammadi said in a press release on the its website. The publishing of a crypto alert could have become the main reason for the ban, he pondered. The IBA recently released a list of high-risk domestic companies involved in cryptocurrency-related business. Mohammadi further commented: Obviously, vested interests will do anything to stop IBA’s efforts. They managed to publicize the notice before IBA was informed. With rising crypto prices over the past year, a growing number of Iranians have started investing in bitcoin and other digital assets, turning away from traditional markets such as forex, gold and stocks. A recent study by the Tehran Chamber of Commerce has estimated that around 12 million Iranians have already put money into cryptocurrencies. Bitcoin trade in Tehran alone amounts to around 30 – 40 trillion rials ($130-174 million), found a separate study carried out by the High Council of Cyberspace. In March, the Central Bank of Iran (CBI) ordered the country’s domestic payment settlement network Shaparak to block online payment gateways of crypto exchange websites. The IBA criticized the move stating that measures against innovative technologies are costly and unsuccessful. “Technology moves forward come what may,” the association said, warning that the blocking of local crypto portals will simply push Iranians towards foreign platforms. Similar concerns were echoed by Iran’s economy and finance minister Farhad Dejpasand who concluded this month that the government cannot stand in the way of crypto development indefinitely. What’s your opinion about the ban imposed on the Iran Blockchain Association? Share your thoughts on the case in the comments section below. View the full article

The Bank of Uganda (BOU) has announced the launch of a regulatory sandbox that will allow fintech start-ups to test their innovative financial solutions in a controlled environment. Already, one firm, M/S Wave Transfer Limited, has received approval to test its quick response (QR) technology under this sandbox arrangement. BOU Launches Regulatory Sandbox for Fintech In its statement on June 15, the BOU says it is now inviting more firms to develop and similarly test their financial innovations under this framework. Meanwhile, the BOU statement also expands on why the central bank has chosen to launch the sandbox. The statement explains: The Regulatory Sandbox Framework will promote financial services innovation, attract capital and funding for fintech firms, and provide shared learning opportunities for the innovators and regulators. This is expected to promote uptake of electronic payments, digital financial services and financial inclusion in general. Meanwhile, according to a March 5, 2021 Ugandan government statutory instrument, the BOU will conduct “a fit and proper test on each substantial shareholder, director or manager of the applicant.” In addition, the central bank will also determine if “an applicant meets the criteria and minimum requirements for operating a sandbox.” According to the statutory instrument, some of the determining factors that the BOU will consider include whether the innovation is genuine or whether the sandbox has consumer benefits and safeguards. The central bank will also consider the sandbox’s readiness for testing as well as the suitability of the exit plan. In the meantime, the legal document says fintech start-ups that wish to be included in the regulatory sandbox framework will have to pay an application fee of about $290 (one million Ugandan shillings). What are your thoughts on the BOU’s launch of the regulatory sandbox framework? Share your views in the comments section below. View the full article

The Ukrainian parliament has released an updated version of the draft law “On Virtual Assets.” The revised bill requires exchanges to obtain government authorization, disclose their ownership and implement mandatory KYC procedures. The document has been criticized by regulators in Kyiv but the government wants the legislation passed before the parliament’s summer break. Draft Law Proposes Regulations for Cryptocurrencies in Ukraine Ukrainian lawmakers have revised the draft law designed to regulate the country’s expanding crypto space. The deputies have introduced a number of amendments since December when it was voted on first reading in the Verkhovna Rada, Ukraine’s parliament. The latest version of the document was released this week by the parliamentary Digital Transformation Committee which recommended its adoption. The bill recognizes a virtual asset as an “intangible good” that has value and is an “object of civil circulation,” Forklog reported. Virtual assets can “certify property or non-property rights,” including “rights to claim other objects of civil rights,” the publication detailed. The draft also distinguishes between financial instruments and virtual assets backed by currencies. One of the key regulations concerns cryptocurrency exchanges and exchangers. To operate legally, they will have to be authorized by the Ministry of Digital Transformation. Crypto service providers will be obliged to reveal their ownership structure and monitor financial transactions to prevent money laundering. The permits will be valid for a period of one year. Russian platforms will not be allowed to do business in Ukraine. Another important aspect is the introduction of mandatory identification and verification procedures. As part of the know-your-customer (KYC) process, individuals will be required to provide IDs, bank accounts and information about their electronic wallets. Companies will also have to share their business registration numbers. Trading platforms that do not currently carry out client verifications will have to update their onboarding procedures to comply with the law. Revised ‘Virtual Assets’ Bill Draws Criticism From Ukrainian Regulators The authors of the new legislation have tasked the Ministry of Digital Transformation, the National Securities and Stock Market Commission (NSSMC), and the National Bank of Ukraine (NBU) with oversight of the law’s implementation. NSSMC and NBU representatives have criticized the draft and called for further revisions in correspondence with the Chairman of the Verkhovna Rada, Dmytro Razumkov. The central bank has pointed out that the bill “On Virtual Assets” is riddled with “significant gaps and conceptual errors” that could create legal uncertainty. At the same time, the securities commission has complained that the law does not clearly define the responsibilities of each regulator and has no mechanisms in place to coordinate regulatory activities in the market. The NSSMC also insisted that the adopted virtual assets classification and regulatory approach do not correspond to the best international practices and the EU legislation. The agency is concerned about the absence of texts dealing with investor protection and crime prevention. The NBU added that while virtual assets are not recognized as legal tender in Ukraine, the law does not explicitly prohibit their exchange for goods and services and does not limit trading with other virtual assets or the national fiat currency in any way. The bank fears this could lead to the emergence of a parallel settlement system outside its control. The Rada’s legal department called for more amendments to the draft. The Deputy Minister of Digital Transformation, Alexander Bornyakov, acknowledged that the ministry faces criticism from various government agencies that consider the bill “insufficiently perfect.” However, he noted that the need to protect the interests of the state is often understood as a need to establish additional restrictions and to unreasonably complicate the business environment. Bornyakov stressed that the interests of the crypto market participants would be his department’s main priority and promised his team would do their best to ensure the bill hits the floor of the Rada during its last plenary week ending on July 13. In the past few years, Ukraine has emerged as a generally crypto-friendly destination. The country was ranked first among over 150 nations in last year’s edition of the Global Crypto Adoption Index by blockchain forensics firm Chainalysis. What’s your opinion about the proposed crypto legislation in Ukraine? Share your thoughts on the subject in the comments section below. View the full article

The global nonprofit Operation Smile has announced the organization is now accepting crypto assets like bitcoin and dogecoin. The nonprofit is a surgical volunteer-based outfit that helps people with cleft conditions improve their lifestyles. Surgical Volunteer-Based Nonprofit Operation Smile Accepts Crypto Donations On July 18, one of the largest surgical volunteer-based nonprofit in the world, Operation Smile revealed the group is now accepting digital asset donations. The charitable organization invoked in 1982 leverages donations, volunteers, and public and private partnerships to enhance the lives of people struggling with cleft conditions. The announcement says cryptocurrency donations will help bolster “Operation Smile’s mission to increase the accessibility of surgical care in underserved communities around the world so that patients can live lives of improved health and dignity.” The nonprofit also joins the growing list of well known companies and charitable organizations leveraging crypto acceptance. Nonprofits like the Tony Hawk Foundation, The Skatepark Project, and charitywater.org utilize donations made with crypto assets. “We felt that the time was right to provide cryptocurrency investors with the opportunity to extend their generosity to the children and families we serve,” Operation Smile cofounder and CEO Bill Magee explained. “The need for cleft surgery and ongoing care in our world is significant, but the compassion of these donors can drive the innovation needed to help local health workers provide world-class care to the most marginalized patients.” Operation Smile uses The Giving Block to accept digital assets as tax-deductible contributions. The Giving Block claims to have created a “bitcoin and cryptocurrency donation solution trusted by 100+ nonprofits, universities and faith-based organizations.” Information on how to donate crypto to Operation Smile’s nonprofit work can be found at the URL operationsmile.org/donate-cryptocurrency. The surgical volunteer-based nonprofit’s announcement notes the organization is “committed to providing patients with health that lasts—being there to offer patients additional surgeries, dentistry, psychological services, speech therapy, and other essential cleft treatments.” Presently, Operation Smile notes that more than five billion individuals globally do not have adequate access to timely and affordable surgical care. What do you think about the nonprofit Operation Smile accepting cryptocurrency donations? Let us know what you think about this subject in the comments section below. View the full article