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Bitcoin transaction fees are on the rise again. Fees shot up more than 350% during the last thirty days to Oct. 22. The most significant increase occurred in the last week, as the price of bitcoin soared on growing institutional interest. According to data by Bitinfocharts, it cost an average of $5.75 to send a transaction over the Bitcoin blockchain on Saturday, up from around $1.8 five days earlier. Fees peaked at $6.36 on Oct. 22, as the bitcoin (BTC) price scaled past $13,000, a 2020 high. Just over thirty days ago on Sept. 20, it cost only $1.39, on the average, to get a transaction processed via the Bitcoin network. Over this period, transaction fees spiked 358%. A key reason for this is that investors were willing to pay a premium to Bitcoin miners to get their transactions processed ahead of others. When prices surge, and the herd starts rushing in, in FOMO-mood, the Bitcoin blockchain often gets congested. And as miners compete to process the transactions, the cost of doing so – for investors – rockets. By Sunday, however, bitcoin fees had dropped marginally to $3.98. It is interesting to note that as crypto markets rallied, the cost of sending a transaction over the Bitcoin Cash blockchain rose somewhat while it fell significantly on the Ethereum network. By far, the BCH network fees remain one of the cheapest of any blockchain in cryptosphere, even with the latest price increase. According to stats stemming from the web portal bitcoinfees.cash on Sunday, Oct. 25, the next block fee on the BCH network is $0.0014 and the current median fee is $0.0013 per bitcoin cash transaction. It is currently 2,429.70x more expensive to transact on Bitcoin (BTC) in contrast to bitcoin cash (BCH), according to Coin Dance statistics on Sunday evening. Average Ethereum transaction fees slumped more than 75% to $0.92 on Sunday from $3.49 on Sept. 20. This may be due to a loss of momentum in the decentralized finance (defi) economy in recent weeks. The bubbling sector has been the biggest driver of ETH gas fees since around July, when it really started to take off. What do you think about the rising Bitcoin network transaction costs? Share your thoughts in the comments section below. The post Bitcoin Transaction Fees Spike 350% in a Month, as ETH Fees Decline appeared first on Bitcoin News. View the full article

News of the discovery of approximately 40 million troy ounces of gold in Russia’s Siberian region is likely to boost the profitability of the country’s biggest gold producer, while adding to the supply of the “scarce” resource. Reports say the Polyus owned the Sukhoi Log contains 540 million tonnes of ore, which translates to an average of 2.3 grams per ton. The reserves, which will account for a quarter of Russia’s gold stocks, are likely to generate $76 billion in revenues for Polyus when using current prices. How Bitcoin Compares to Gold Although the Sukhoi Log announcement adds to the proven reserves and stocks of gold, it is unclear how this will affect the metal’s price in the immediate to short term. However, gold which has traditionally been used as a hedge against inflation is likely to grow in value as the money supply increases. The precious metal behavior contrasts with that of bitcoin, an asset that appears to exhibit an inverse relationship between its circulating supply (or stock) and its price. With about 18.5 million coins–out of the total fixed supply of 21 million–already mined and circulating, institutional investors hold nearly 4% of that, according to bitcointreasuries.org. However, as more institutional investors join the bandwagon of corporations buying bitcoin, the resulting supply shrinkage will help the price of the digital asset to surge even further. To illustrate, right before Square Inc acquired 4,709 bitcoins for about $50 million, the digital asset was trading at around $10,500. However, between Square’s bitcoin purchase and the period following Paypal’s big announcement on October 22, the value of the coin surged to a fresh high of $13,300. At the time of writing, bitcoin is oscillating around $13,000. For Square Inc, this means in less than one month, its bitcoin reserves have grown in value from $50 million to more than $61 million. Grayscale and Microstrategy, which have also acquired significant quantities of the bitcoin, have similarly seen their reserves grow in value. Meanwhile, the increasing regulatory clarity on digital assets means more large corporations will likely acquire bitcoin thus making it even more scarce. For bitcoiners, this endorsement of bitcoin by larger investors as well as its subsequent surge in value vindicates their long-standing argument that this new asset outperforms gold when it comes to preservation of value. Furthermore, this narrative is getting support from a growing list of studies that say or rank bitcoin as a better store of value and inflation-proof asset than gold. Documentary Support for the Alternate Store of Value Narrative News.Bitcoin.com has previously reported on a Bistamp study which concludes that bitcoin trumps gold because it performs well even in times of rising real interest rates. Gold seems to perform better during inflationary periods. Similarly, Fidelity Digital Assets has written a two-part bitcoin investment thesis wherein it discusses key attributes of the digital asset that are alluring to institutional investors. These studies (as well as many others) acknowledge the importance of bitcoin’s fixed supply in charting the trajectory of this digital asset. Therefore when Polyus made its surprise announcement, bitcoiners expressed delight at this latest validation of bitcoin position as the best investment asset. For instance, on Twitter, users took turns to express their sentiments. One Twitter user named Crypto Clint writes: “Lol… Who said gold is scarce. The ocean is full of it. There are a lot of unexplored areas on earth. Bitcoin on the other hand.” Many other users agree that Polyus announcement is good news for bitcoin. Given its properties and the underlying technology, the digital asset is looking more scarce than gold and thus more valuable. What are your thoughts about Polysus’ new gold find? Tell us what you think in the comments section below. The post 40 Million Troy Ounces: Russia’s Gold Find Reaffirms Bitcoin as the More Scarce Asset appeared first on Bitcoin News. View the full article

On October 23, the Microsoft-owned Github leveraged an ostensible DMCA takedown in order to remove 18 projects from the code-hosting portal. According to sources, the takedown stemmed from a request filed by the Recording Industry Association of America (RIAA). Github’s recent move has made the crypto community quite leery of the platform and some proponents are scared that cryptocurrency codebases like Bitcoin’s can be taken down by government forces. This week the RIAA got the Microsoft-owned Github to remove a number of projects from the code-hosting portal. The code repositories removed stem from a project called the Youtube-dl protocol. The software is a Python library that allows people to download source files from the video-streaming platform Youtube. Prior to the removal, the Python-library Youtube-dl had over 72,000 stars on the repository platform. Github published the reasons behind the DMCA takedown but some people contested whether or not it was real. For instance, the legal director, John Bergmayer, claimed it “isn’t really a DMCA request.” “I don’t see an assertion that Youtube-dl is an infringing work. Rather the claim is that it’s illegal per se,” Bergmayer wrote on Twitter. In addition to Bergmayer’s statements, the Electronic Frontier Foundation (EFF) also tweeted about Github complying with the RIAA. “Youtube-dl is a legitimate tool with a world of lawful uses,” the EFF detailed. “Demanding its removal from Github is a disappointing and counterproductive move by the RIAA.” Github’s move has caused concern among many cryptocurrency advocates as a number of bitcoin proponents have been discussing the situation. On October 24, Sideshift.ai founder Andreas Brekken tweeted: “The threat is real,” after sharing a tweet Pierre Rochard wrote to his followers on September 9, 2020. “I would not be surprised if central banks pressure Github into delisting the bitcoin/bitcoin repository,” Rochard exclaimed well over a month and a half ago. “Development work would go on, but it would be far slower and more decentralized,” he added. Of course, after Github removed Youtube-dl, a number of other crypto advocates discussed the possibilities of crypto repositories being removed and what types of alternatives are available. Software developer Chris Troutner replied to Brekken’s threat tweet and explained how he backs up his code. “This is why I mirror my GitHub repositories on IPFS. This is why I back up my YouTube videos on LBRY and IPFS.” Others discussed using alternatives like Gitlab as the Youtube-dl project already has a back-up on the code-hosting portal. “Shame an open-source tool that does not use proprietary code get’s a DMCA notice,” tweeted another individual. “Code is not free if it’s on Github.” A few other crypto users suggested that Filecoin devs should “should focus on building a decentralized github.” “Open source code is crucial and text is easy to compress and doesn’t consume storage,” he added. The Youtube-dl DMCA takedown, however, does not concern everyone and it follows the recent Arctic permafrost project Github participated in recently. According to Github, the Bitcoin codebase will be stored for 1,000 years as Archivists etched the blockchain network’s code on film reels and encased the codebase in a steel capsule. It’s also important to note that Git is a form of distribution and not a centralized protocol. Github is a centralized protocol and owned by Microsoft but the bitcoin/bitcoin repository can be mirrored at any time. What do you think about bitcoiners concerns about Github’s centralization? Let us know what you think in the comments section below. The post Can Github Remove the Bitcoin Codebase? Recent Repository Takedown Has Proponents Worried appeared first on Bitcoin News. View the full article

The Bitcoin Cash (BCH) upgrade is 21 days away and there’s a possibility the blockchain may bifurcate on November 15. On Sunday, October 25, statistics show that 731 out of the last 1,000 blocks have been mined using the BCHN full node software. Bitcoin Cash proponents are patiently waiting for the next BCH upgrade that’s roughly three weeks away. News.Bitcoin.com reported on September 1, that due to the contentious Infrastructure Funding Proposal added to Bitcoin ABC’s codebase, the network may split. 23 days later our newsdesk explained around 61% of the blocks mined were BCHN. Fast forward to Sunday, October 25, as BCH proponents have noticed the percentage for BCHN has increased. Currently, according to statistics stemming from the web portal Coin Dance, 73% or 731 blocks out of 1,000 were mined using BCHN. A great majority of prominent miners are signaling BCHN in their coinbase message parameters after finding a BCH block. Statistics from the web portal Coin Dance on Sunday, October 25, 2020. The Bitcoin Cash blocks historical summary on the Coin Dance web portal shows 24-hour stats at 73.6% at the time of publication. Statistics from the web portal Coin Dance on Sunday, October 25, 2020. Since our newsdesk’s end of September hash watch report, there’s been a couple of announcements from exchanges. On October 23, the popular Korean exchange Bithumb published contingency plans for the fork. According to a loose translation of the statement, if there’s an “airdrop” and a “new chain,” “Bithumb will support it after securing stability.” Furthermore, the trading platform Poloniex has revealed BCH futures markets for the upcoming fork. (Left) BCHN and BCHA futures markets from Coinex. (Right) BCHN and BCHA futures markets from Poloniex. The screenshot of market prices shown was recorded on October 25, 2020, 21 days before the November 15 upgrade. Poloniex has two markets paired against USDT which include the BCHA market for ABC and a BCHN/USDT market for BCHN. Poloniex’s markets for BCHN is priced at $298 per coin while the last trade for BCHA was around $45. Across the other two futures markets for this fork on Coinex and Coinflex, the stats are relatively the same. Bitcoin ABC’s futures are trading for $32 on Coinflex and on Coinex ABC swaps for $33. BCH proponents should be reminded that not all exchanges will support the new chain. For example in 2018, some individuals who left funds on exchanges did not get their bitcoinsv (BSV) or had to wait an awfully long time. It’s a good idea to make sure the exchange will support the upcoming Bitcoin Cash (BCH) fork and if the trading platform does not, customers should move to a noncustodial solution or another exchange that will support a split. Users who have access to their BCH private keys in a noncustodial fashion will be able to split the funds via a tool that manages the splitting process. During the next three weeks, users can monitor the web portal Coin Dance for block data and upgrade information. Further, news.Bitcoin.com will be tracking the latest infrastructure providers such as exchanges and wallet services that reveal contingency plans. Traditionally most crypto service providers reveal contingency plans two weeks before the event or sometimes they rely on older statements from prior forks. What do you think about the upcoming Bitcoin Cash upgrade and the possibility of a chain split? Let us know what you think about this subject in the comments section below. The post Hash Watch: 73% of Bitcoin Cash Blocks Mined With BCHN, Poloniex Launches Fork Futures appeared first on Bitcoin News. View the full article

An investigation by the New York State Department of Financial Services has revealed how the great Twitter hack in July happened. A total of 130 high-profile, celebrity accounts were compromised and many were used to tweet about a bitcoin giveaway scam. How Twitter Was Hacked The New York State Department of Financial Services (NYDFS) released its Twitter investigation report last week. It explains how the massive Twitter hack on July 15 happened, resulting in many high-profile accounts being accessed and used to tweet about a bitcoin giveaway scam. A NYSE-listed technology company with a market cap of $40 billion, Twitter has more than 330 million total monthly active users and over 186 million daily active users, including over 36 million (20%) in the U.S., the NYDFS detailed. The hack began on July 14 when one or more hackers called several Twitter employees, claiming to be calling from the IT department’s help desk about Twitter’s VPN, which a number of employees reported having problems with. “Employees had frequent problems with the VPN connections to the network,” the report details. Twitter’s VPN problem ballooned when the company shifted to remote working in March due to the Covid-19 outbreak, which put a strain on the company’s technology infrastructure, resulting in frequent VPN problems. “The hackers took advantage of these issues and pretended to be calling from Twitter’s IT department about a VPN problem,” the NYDFS stated, elaborating: The hackers’ claims were far more credible – and ultimately successful – because Twitter’s employees were all using VPN connections to work and routinely experiencing VPN problems that required IT’s assistance. The hackers directed the employees to a phishing website that looked identical to the legitimate Twitter VPN website and was hosted by a similarly named domain. “As the employee entered their credentials into the phishing website, the hackers would simultaneously enter the information into the real Twitter website. This false log-in generated an MFA notification requesting that the employees authenticate themselves, which some of the employees did,” the NYDFS explained. “While some employees reported the calls to Twitter’s internal fraud monitoring team, at least one employee believed the hackers’ lies.” The report details that Twitter maintains “internal account management tools” to manage a range of user account issues, which the hackers gained access to. A number of authorized Twitter employees have a username and password to access these internal account management tools. According to the report: Overall, 130 Twitter user accounts were compromised during the Twitter hack. Of those, 45 accounts were used to send tweets. Twitter believes that for up to 36 of the 130 targeted accounts, the hackers also accessed DM inboxes. During its investigation, the NYDFS conducted a survey and learned that 15 cryptocurrency companies blocked transfers to the hackers’ addresses posted on Twitter, and seven did not. Four crypto companies actively blocked their users’ attempts to send BTC to the hackers’ bitcoin addresses. In particular, the NYDFS found: Coinbase blocked approximately 5,670 transfers, valued at approximately $1,294,000. Square blocked 358 transfers, valued at approximately $51,000. Gemini blocked two transfers, valued at approximately $1,800. Bitstamp blocked one transfer, valued at approximately $250. What do you think about this Twitter hack? Let us know in the comments section below. The post How Hackers Exploited Twitter’s VPN Problems, Obtained God Mode and Took Over Accounts appeared first on Bitcoin News. View the full article

U.S. presidential candidate Kanye West professed his respect for bitcoiners during a podcast interview with Joe Rogan. He says bitcoiners “really have a perspective on what the true liberation of America and humanity will be.” Kanye West and Bitcoin Kanye West is one of the world’s best-selling musicians, having sold over 140 million records worldwide. He announced in July that he is running for President of the United States this year. In a podcast interview with Joe Rogan, published on Saturday, West confirmed that he is still in the running. “There’s a possibility that I could [win]. It’s actually technically possible for me to win now which would be the best option for America,” he told Rogan. West said that he is on the ballot in 12 states and voters in 17 other states can write him in. “I could possibly win now,” he claimed, emphasizing that he will “definitely” win in the next presidential election in 2024. When asked about bitcoin, West described, “Jack Dorsey decentralized Twitter two months before it really hit because he was talking to the Bitcoin guys,” adding: And these are guys that really have a perspective on what the true liberation of America and humanity will be. “Specifically these guys … a lot of tech guys were able to use the new … information highways and create the next frontier of our existence,” he continued. Furthermore, West revealed that some people have suggested for him to run for the governor of California. “If it’s in God’s plan that part of my path is to be the governor then that’s fine but my calling is to be the leader of the free world,” he affirmed. Do you want Kanye West to be the U.S. president? Let us know in the comments section below. The post Kanye West: Bitcoiners Know the True Liberation of America and Humanity appeared first on Bitcoin News. View the full article

JP Morgan says bitcoin’s 2020 surge is set to continue as the digital cryptocurrency competes better against gold as an alternative currency. In a note, the financial institution says that with millennials set to become a more important market participant in the coming years, their preference for bitcoin to gold sets up the crypto for future success. The financial institution’s assessment comes as the digital currency continues to see increasing adoption by institutional investors and an embrace by corporations like payments giant Paypal. According to a report, JP Morgan estimates the “physical gold market is worth $2.6 trillion, which includes assets held within gold ETFs.” The financial giant deduces that for bitcoin to catch up with gold market value, “the cryptocurrency would have to surge 10x from current levels.” At the time of writing, the bitcoin market capitalization was at $242.2 billion while the value of one BTC was just above $13,000. Meanwhile, JP Morgan, whose CEO Jamie Dimon once labeled bitcoin a fraud, acknowledges in the note that “cryptocurrencies derive value not only because they serve as stores of wealth but also due to their utility as means of payment.” The financial giant adds that as “more economic agents accept cryptocurrencies as a means of payment in the future, the higher their utility and value.” Although JP Morgan believes that new millennials will be key to bitcoin’s future success, the increasing adoption of bitcoin by large corporations suggests the cryptocurrency might close the gap with gold much faster. Bitcoin has surged by almost 15% from the time Square announced its bitcoin purchase on Oct. 8. Immediately after Paypal’s cryptocurrency announcement, the digital currency breached the $13,000 mark. However, with more corporations expected to follow in the footsteps of Square and Paypal by acquiring and holding large quantities of bitcoin, the resulting shrinking supply will continue to push the price upwards. What do you think of JP Morgan’s latest bitcoin assessment? Tell us what you think in the comments section below. The post JP Morgan Sees Millennials’ Bitcoin Preference Over Gold as Foundation for Its Long Term Success appeared first on Bitcoin News. View the full article

The U.S. Federal Reserve Board and Fincen are seeking feedback on their proposal to lower the threshold at which financial institutions must collect and retain information on funds transfers. In their joint notice on the rule change proposal, the two U.S. agencies want a new threshold for international transactions to be set at $250 down from the current $3,000. The rule for domestic transactions remains unchanged. Agencies Want Cryptocurrencies Defined as Money In a press statement, the two agencies are also seeking comments on the proposition to broaden the definition of money to include cryptocurrency-related transactions. Current rules only apply to funds transfer involving banks. The document explains: The agencies are also proposing to clarify the meaning of money as used in these same rules to ensure that the rules apply to domestic and cross-border transactions involving convertible virtual currency (CVC). While the agencies are acknowledging that cryptocurrencies lack legal tender status, in the rule change proposal they want these digital currencies treated as money since the so-called CVCs already act as “a medium of exchange that either has an equivalent value as currency or acts as a substitute for currency.” According to the agencies, the proposed rule “make(s) it explicitly clear that both payment orders and transmittal orders include any instruction by the sender to transmit CVC or any digital asset having the legal tender status to a recipient.” This means, if passed, the proposed rule would “supersede the present definition of money for purposes of the Recordkeeping and Travel Rules.” Low Dollar Transactions Used to Evade Authorities Meanwhile, in their justification for lowering the threshold to $250, the two agencies explain how they have observed an increase in volumes of transactions involving lower values and how this might threaten US national security. “The Agencies have considered Suspicious Activity Reports (SARs) filed by money transmitters, which indicate that a substantial volume of potentially illicit funds transfers and transmittals of funds occur below the $3,000 threshold,” said the agencies. Specifically, the Fincen, which analyzed data derived from approximately 2,000 SARs filed by money transmitters between 2016 and 2019, says it observed a disproportionate number of small value transactions relative to larger value ones. The agency says “from the approximately 1.29 million underlying transmittals of funds,” about 99 percent of these “began or ended outside the United States” with about 17,000 involving domestic only transactions. Breaking down the data further, Fincen says: The mean and median dollar-value of transmittals of funds mentioned in those SARs were approximately $509 and $255, respectively. Approximately 71 percent of those 1.29 million transmittals (more than 916,000) were at or below $500, totalling more than $179 million. Approximately 57 percent of those transmittals (more than 728,000) were at or below $300, totalling more than $103 million. The two agencies cite the 2015 National Terrorism Finance Risk Assessment when concluding that terrorist financiers and facilitators are using “low-dollar transactions” to achieve their aims. Meanwhile, the agencies say the written comments on this proposed rule may be submitted on or before the 30th day after the date of publication in the Federal Register. What are your thoughts about the rule change proposal? Share your thoughts in the comments section below. The post US Government Agencies Propose Changes to Funds Transfer Rules-Seek to Broaden Definition of Money to Include Cryptocurrencies appeared first on Bitcoin News. View the full article

The privacy-centric web browser Brave has partnered with Bitcoin.com in order to give users access to cryptocurrencies like bitcoin cash from directly inside their browser. The newly added Bitcoin.com widget has been added to the latest Brave software and is now available to users in various countries. The latest version of the privacy-oriented Brave browser now has a Bitcoin.com widget that allows people to purchase cryptocurrencies like bitcoin cash (BCH). The widget is available to users in select regions such as the EU, UK, Australia, New Zealand, Canada, and Russia. Bitcoin.com’s founder Roger Ver tweeted about the recent partnership on October 21. “Bitcoin.com has partnered with Brave to allow users to buy Bitcoin Cash directly inside their privacy-centric browser,” Ver stated. According to recent statistics, the privacy-centric Browser has roughly 19.6 million monthly users and around 6.6 million active on a daily basis. Brave’s Bitcoin.com widget follows a number of other popular exchange widgets hosted on the browser. The new widget announcement was extremely popular on the Reddit forum r/btc, as a great number of BCH fans were pleased with the added accessibility. “This is great news,” explained one BCH proponent. “Been using Brave for almost a year now. I think I’ve made about $50 and have tipped a lot of journalists with it.” “A lot of people love BCH, and the Bitcoin.com service,” Jonathan Sampson, Senior Developer Relations at Brave said on Twitter. “We want these people to be safe, and secure when they’re using Brave. For this reason, a widget helps to protect their transactions,” he added. Bitcoin cash (BCH) transactions are lightning-fast and fees are always negligible. According to data on Saturday, Oct. 24, 2020, the next block fee for BCH is $0.0014 and the current median fee is $0.0012. In comparison, bitcoin’s (BTC) next block fee is $4.64 and the current median fee is $2.35. What do you think about Bitcoin.com’s integration with the privacy-centric Brave browser? Let us know what you think about this subject in the comments section below. The post Privacy-Focused Brave Users Can Now Purchase Bitcoin Cash Through Bitcoin.com appeared first on Bitcoin News. View the full article

A senior strategist with Bloomberg Intelligence says that he does not see what’s going to stop bitcoin from appreciating. He explains that as bitcoin matures, it will trade more like gold than stocks. The strategist also shares his view on how the November presidential election could affect the price of bitcoin. Bitcoin Will Keep on Appreciating Bloomberg Intelligence’s senior commodity strategist Mike McGlone told Kitco News on Thursday that he does not see what will stop bitcoin from appreciating in value. Discussing the stock market outlook, the gold market, and cryptocurrencies, he was quoted as saying: The key thing about bitcoin is that I don’t see what’s going to stop it from doing what it has been doing for most of its life, and that’s appreciating. McGlone pointed out that bitcoin’s price “has a history of adding zeros,” going from $100 to $1,000 and then $10,000. He noted that the price of the cryptocurrency has been consolidating for the past three years. The strategist believes that as bitcoin matures, it will trade more like gold, which is a store of value, and less like stocks, which are risky assets. He noted that bitcoin and gold have a close correlation with each other this year, which he believes will hold. He further said that the same macroeconomic forces pushing gold higher are also likely to drive the price of bitcoin. McGlone explained that signs of maturity for bitcoin include more adoption, lower volatility, and trading patterns that are more similar to that of gold. “Bitcoin is following gold, gold’s made new highs, but its macroeconomic environment I think is quite significant: unprecedented debt to GDP, quantitative easing, negative rates, it makes things like gold and bitcoin look attractive,” he detailed. The Bloomberg strategist reiterated that “Higher prices actually increase demand” but there is no increase in the supply of bitcoin. While cautioning that bitcoin can expect resistance at the $14,000 price level in the short term, McGlone believes that if Joe Biden wins the November presidential election, “A Blue Wave would provide further tailwinds to the price.” Do you think anything will stop bitcoin? Let us know in the comments section below. The post ‘I Don’t See What’s Going to Stop Bitcoin From Appreciating,’ Says Commodity Analyst appeared first on Bitcoin News. View the full article

American billionaire hedge fund manager Paul Tudor Jones has recently become more bullish on bitcoin. He declared the cryptocurrency the best hedge against inflation and compares investing in bitcoin now to investing in early tech stocks, like Apple and Google. “I think we are in the first inning of bitcoin and it’s got a long way to go,” he said. Paul Tudor Jones Increasingly Bullish on Bitcoin Paul Tudor Jones explained why he is more bullish on bitcoin now in an interview with CNBC Squawk Box on Thursday. Jones founded Tudor Investment Corp., an asset management firm headquartered in Stamford, Connecticut. He became famous after predicting and profiting from the 1987 stock market crash. The billionaire investor caught the attention of the crypto community back in May when he revealed on the show that he had invested about 2% of his assets in bitcoin. Now, four months later, bitcoin’s price has rallied more than 46% and there has been a string of bullish news, such as the recent announcement by Paypal to support cryptocurrencies, including bitcoin, on its platform. Jones was asked if these developments have changed his BTC investment decisions, particularly whether he was buying more BTC or selling some. He clarified by reiterating his reason for liking bitcoin and recommending to his clients early this year. “Back in March and April, it became really apparent, given the monetary policy that was being pursued by the Fed, the incredible quantitative easing they were doing and other central banks were doing, that we were in an unprecedented time,” he explained. Noting additional problems brought about by the Covid-19 pandemic, he said, “one had to begin to think about how you defend yourself against inflation.” The Federal Reserve has also announced a major policy shift to push up inflation. The founder of Tudor Investment Corp. continued to explain that he recommended bitcoin as an inflation trade, like gold, copper, the S&P GSCI commodity index, and being long the yield curve. He added: I came to the conclusion that bitcoin was going to be the best of inflation trades, the defensive trades that you would take. He then outlined why bitcoin is better than other assets for hedging against inflation. Examining the overall market caps and characteristics of all inflation trades, he said that bitcoin has “a very small coterie of people investing in it, it was portable, it was liquid, had a variety of characteristics that made it a great inflation hedge.” While Jones pointed out that “The one thing it [bitcoin] didn’t have is it didn’t have integrity and long-term staying power,” he emphasized that “every day that goes by, of course, it gains on that. It gains on credibility and integrity.” The billionaire hedge fund manager admitted that he did not appreciate what bitcoin had when he said he invested about 2% in the cryptocurrency back in May. “I didn’t appreciate and now I know what it must feel like to be a tech investor, remember, I don’t really trade individual stocks,” he conceded. Affirming that he is “just a macro trader,” Jones asserted: Bitcoin has a lot of the characteristics of being an early investor in a tech company … like investing with Steve Jobs and Apple, or investing in Google early. Jones further revealed: “I’ve got a small single-digit investment in bitcoin. That’s it. I am not a bitcoin flag bearer.” After recommending bitcoin and revealing his holdings in May, Paul Tudor Jones said he got “besieged by God knows how many different people on bitcoin.” Admitting that he did not know it at the time, he said: “But what I learned was, and what I was so surprised by is that bitcoin has this enormous contingent of really, really smart and sophisticated people who believe in it.” He explained that bitcoin has supporters, crowd-sourced from all over the world, who are “dedicated to seeing bitcoin succeed in it becoming a commonplace store of value, and transactional to boot, at a very basic level.” Proclaiming that he “never had an inflation hedge where you have a kicker that you also have great intellectual capital behind it,” he said it “makes me even more constructive on” bitcoin. Jones concluded: I like bitcoin even more now than I did then. I think we are in the first inning of bitcoin and it’s got a long way to go. What do you think about Paul Tudor Jones’ bitcoin advice? Let us know in the comments section below. The post Billionaire Paul Tudor Jones Sees Massive Upside in Bitcoin, Like Investing in Apple or Google Early appeared first on Bitcoin News. View the full article

PRESS RELEASE. SharkTRON decentralized platform has set the goal of maximizing the DeFi TRON potential. The main task is to create a complete platform autonomy with a gradual transition to self-management by community members. SharkTRON is an autonomous full-cycle ecosystem. Platform members use TRX tokens to mine SHARK (SRX) tokens. These tokens can be used for activities within the platform or exchanged for JustSwap. At the moment a number of services are already fully operational in the SharkTRON ecosystem performing various functions assigned to them. So, thanks to SharkDice the development team is exploring the possibilities of decentralized platforms in the field of gambling. Community members use their SRX and TRX to place bets and receive bonus TTH tokens which can also be used within the platform. Shark DeFi aims to model behavioral factors within a decentralized community. The experience gained by the developers will allow implementing the most successful ideas for the development of the platform. One of the important stages on the way to creating a full-fledged stand-alone platform is the launch of the SharkExchange service. The service will be launched in the near future and will allow to buy, sell and exchange SRX, TTH and SWD tokens with a minimum commission. After all the tokens are mined they can be purchased on exchanges or on the SharkExchange service only. The platform is constantly improving, new services and features for users are adding. Liquidity and token rates are already showing stable growth, showing high marks and laying the foundation for further effective work. Supporting Link http://sharkdefi.com/ This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post SharkTron – DeFi Project That Implies Complete Autonomy appeared first on Bitcoin News. View the full article

The Chicago Mercantile Exchange (CME) has become the second-largest derivatives market for bitcoin futures in terms of open interest. The popular exchange has seen an influx of demand since the recent Paypal announcement and the Bitmex debacle as well. Data shows that the Bitcoin Mercantile Exchange (Bitmex) open interest for bitcoin futures has taken a dive since it was charged with illegally operating in the United States. CME Group’s rise in open interest began on Oct. 10, as Skew.com reported that the exchange added “nearly 1,500 contracts on the October expiry.” Since launching in 2017, it’s taken three years for CME Group to catch up with the other bitcoin derivatives markets. CME is now the second-largest bitcoin futures market leader behind Okex in terms of open interest. Skew.com’s statistics show that CME Group accounts for close to $800 million worth of bitcoin futures contracts this week. The near $800 million represents over 15.9% of the aggregate open interest amongst 12 derivatives exchanges. In terms of open interest, exchanges that follow Okex and CME include; Binance, Bitmex, Bybit, Huobi, FTX, Deribit, Bitfinex, Kraken, Bakkt, and Coinflex respectively. Bitcoin proponents and luminaries believe CME’s open interest stems from banks and institutions beginning to support cryptocurrencies. Chamath Palihapitiya, the CEO of Social Capital said: “After Paypal’s news, every major bank is having a meeting about how to support bitcoin. It’s no longer optional.” In terms of aggregate bitcoin futures volumes, CME Group is still behind eight other derivatives exchanges. The top three bitcoin futures trading platforms by volume this week include Binance, Huobi, and Okex. The increased open interest toward CME Group’s bitcoin futures derivatives contracts coincides with bitcoin’s (BTC) 14.21% price rise during the last seven days. On Saturday, Skew.com tweeted about CME’s Commitment of Traders (COT) report. “Latest CME bitcoin futures COT report – leveraged funds net record short and institutional net record long,” Skew tweeted. “With market rallying, basis trades are increasingly attractive for hedge funds, currently yielding 10%+” What do you think about CME Group’s bitcoin futures open interest outpacing Bitmex this week? Let us know what you think in the comments section below. The post CME’s Bitcoin Futures Rise Suggests Institutional Investors Are Starting to Swarm Toward Crypto appeared first on Bitcoin News. View the full article

China’s central bank, the People’s Bank of China (PBOC), has drafted a law to legalize the digital yuan and outlaw digital currencies issued by anyone else competing with it. Meanwhile, the central bank has been cracking down on gambling sites that use the stablecoin tether. China Drafts Law to Recognize Digital Yuan The People’s Bank of China published a draft law on Friday that gives legal status to its central bank digital currency (CBDC), the digital yuan. The central bank has also begun a public consultation on the draft law; comments can be submitted through Nov. 23. “The legal currency of the People’s Republic of China is Renminbi [RMB],” the draft law states, adding: RMB includes physical form and digital form … No unit or individual may produce or sell tokens, coupons and digital tokens to replace RMB in circulation in the market. The wording of the law seems to target yuan-pegged stablecoins but the prohibition could also include other digital currencies the PBOC views as threatening to the RMB. China has been heavily testing the digital yuan. A public test was recently launched in Shenzhen where the authorities gave away 200 yuan (about $30) to 50,000 residents to spend at 3,389 stores. China Cracks Down on Gambling Sites In a Wechat post published Friday, the central bank outlined its efforts cracking down on cross-border gambling sites that enable Chinese citizens to transfer money abroad, bypassing China’s capital controls. According to the post, the People’s Bank of China recently assisted local police in Huizhou city with cracking down on cross-border online gambling sites that allegedly use tether (USDT) to launder money. Three gambling sites, handling almost 120 million yuan, were shut down and 77 suspects were arrested. What do you think about China stifling competitors to the digital yuan? Let us know in the comments section below. The post China Drafts Law to Legalize Digital Yuan, Outlawing Competitors appeared first on Bitcoin News. View the full article

PRESS RELEASE. With the current market crashing and jobs either disappearing or not paying enough, everyone is forced to lower their expenses or work multiple jobs just to keep up. Those times are now over with ETHx2.io. ETHx2.io helps all the investors earn 200% of what they are investing without working. All that you have to do is invest your ETH and watch as your profits start rising. Is it safe? There are multiple websites out there doing scams in the name of profits. To assure all of its investors, ETHx2.io has published the complete transparency on its website. They have not only made their smart contract public, but they also have their registration of being a real firm on their website. The certificate can be cross checked on the registrars website as well to be sure whether they are legit. Anyone can do their own research on their platform before investing. Investments: There are different options through which you can invest on ETHx2.io. The more you invest, the more you will earn as profit. The different profiting schemes that they follow are: Personal hold bonus Once you have invested into the ETHx2.io, you are always going to have an option to withdraw your profit and your investment. You can let the investment stay until it has completed the whole 200% circle but most people keep withdrawing their profits. The personal hold bonus is applied to people who don’t withdraw their bonus for 24 hours. It increases their profit by 0.1% and it is directly added to their earnt profit. It does not only help you make more money but also very easily. The interest rate will keep increasing every day and the longer you will wait to withdraw your funds, the earlier you will complete the whole 200% cycle. Contract total amount bonus: The total amount bonus is the bonus you get every time the platform crosses 500 ETH. For example, the platform currently holds 500 ETH, you will be receiving 0.1% extra profit every day (conditions applied). 1% every 24 hours: This is the most basic way to make money. All you have to do is just keep your money in the wallet on ETHx2.io and a 1% profit will be added to it automatically. You will be able to see real time increment in your profits all the time and by the end of 24 hours, your investment will have an increment of 1%. All of these factors help you reach your 200% quicker so you can keep making money. Affiliate programs: Different affiliate programs have been launched to help you keep making money without investing much yourself. Every time you invite someone to join the ETHx2.io using your affiliation URL, you will get 5% on their total amount of deposit. This is the first affiliation. Every time the other person invites someone else to join the ETHx2.io using their URL, their URL will be directly linked to yours and you will earn 3% off the total deposit of the person who just joined as well. This is known as the second affiliation. The second person will receive their 5% as well on their total amount of deposit while the end person will have no decrements from their profit. The last affiliation type is the third affiliation. Third affiliation is when your friend of friend invites someone else using their link to join the platform. Their link is directly linked to your friends’ link which is linked to your link. It sounds a little complicated but it is really not. You will be making 2% on their total deposited amount while the people involved in first and second affiliation will still be getting their share. Is there a way to get money easier than this? You already know the answer to this. Steps involved: There are three easy steps involved in earning your money. First, making the investment. Just connect your ETHx2.io wallet to your any other exchange wallet which uses ETH currency and invest in the market. The second step involves keeping a check of your wallet. You will be able to see all the earnings that you are having throughout the day and you can withdraw them at any time. The last step is withdrawing the money. It is just a one click process and you will receive all your profit in your connected wallet right away. Happy earning! Contact: There are multiple ways to contact ETHx2.io. With their official contacts to telegram support, admin email and their social networks and telegram groups, you can always be in touch with them. Visit their website for more information: ethx2.io Press Contact Email Address angadeline6@gmail.com Supporting Link http://ethx2.io/ This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post You Can Now Earn 200% on Your Investments With ETHx2.io appeared first on Bitcoin News. View the full article

The entry of Paypal into the cryptocurrency industry continues to expose the divide between traditional crypto space players who are less enthusiastic and non-crypto players who endorse the move. Non-crypto players like the analysts at Morgan Stanely are agreement with the notion that the payments giant’s move will lead to greater adoption cryptocurrencies. Nevertheless, the analysts believe such a move will not lead an immediate improvement of the company’s bottom line. In a note, the analysts explain that the move “should expand crypto acceptance online, which to date has stalled at 1% of the top 500 internet retailers.” Still, there is speculation that Paypal’s embrace of crypto is motivated more with the desire to keep up with rival Square than helping bring crypto to the masses. Violation of Cryptocurrency Principles Meanwhile, critics of Paypal’s crypto entry like Satoshilabs, a manufacturer of crypto hardware wallets, are less sanguine about the payments giants’ about-turn on bitcoin. Noting that at one point, a former top executive at Paypal once called bitcoin a scam, Satoshilabs says the “service will be entirely custodial, meaning users will not have the key to their own coins.” It is such conditions of service that seem to go against the ideals of bitcoin, which are decentralization and elimination of third parties. According to Satoshilabs, less reliance on third parties is especially important now when “exchanges are losing user funds, often leaving them (customers) with no recourse.” While Satoshilabs rails against the restrictions that Paypal will impose on the movement of coins, the crypto hardware maker does concede that the payments giant’s regulated entity status will likely attract new users. Not Your Keys, Not Your Coins Also echoing the Satoshilabs team’s sentiments is Brad Garlinghouse, the CEO at Ripple whose XRP token is not part of the list of coins Paypal customers can buy. Writing on Twitter, Garlinghouse questions Paypal’s move which he says is: 2 steps forward, 1 step back…Great to see a payment pioneer leaning in, BUT disappointing some fundamental tenets/benefits of crypto are spurned. I suspect PayPal is concerned about the (wait for it…) regulatory uncertainty, impacting its roll-out on a number of levels. Garlinghouse and others seem to be taking issue with the payments giant’s clarification to customers that “you own the cryptocurrency you buy on PayPal but will not be provided with a private key.” According to Satoshilabs, that statement shows that Paypal’s purported embrace of digital currencies instead “undermines key principles of cryptocurrency.” Still, others like Virgin Galactic chairman Chamath Palihapitiya see positives from Paypal’s move. Paypal’s Determination Meanwhile, in a move that reaffirms its new commitment to cryptocurrencies, Paypal is reportedly on the verge of acquiring Bitgo, a cryptocurrency custodial services firm. Reports quote unnamed sources saying “PayPal has been in talks with BitGo and may conclude a deal within a few weeks.” However, if negotiations fail, and the payments giant will reportedly seek new targets to purchase. Alongside the initial announcement, the latest reports appear to be helping to propel the price the Paypal stock upwards. The stock went up 5% on October 21 after the announcement. Are crypto users better off without access to private keys? Tell us what you think in the comments section below. The post Paypal’s Crypto Embrace: Morgan Stanley Says Move Boon for Mass Adoption, Critics Say Payment Giant Violates Crypto Principles appeared first on Bitcoin News. View the full article

Crypto-asset broker Voyager Digital Ltd is buying LGO Markets, a French cryptocurrency exchange focused on corporate investors. The two firms will merge under one brand, Voyager, and their two separate native tokens, VGX and LGO, will also merge. The deal grants Voyager, a Canadian Securities Exchange-listed (CSE) firm, access to the European retail market through LGO’s Virtual Asset Service Provider licence held with the French financial regulator, industry media reports. LGO will cease to concentrate on institutional investors on Oct. 31, as it simultaneously assumes the Voyager brand. To complete the acquisition, Voyager will issue one million shares, whose value will, in part, determine the ultimate deal price. The other part will depend on the value of the merged in-house crypto token, which, according to reports, will feature “decentralized finance functions such as community governance and staking at an initial interest rate of 7%.” The deal is still subject to regulatory approval. Shares of Voyager fell 2.3% to 0.56 Canadian dollars ($0.43) in CSE trading Friday. The stock is down more than 16% since the news of the acquisition broke out on Oct. 21. Voyager has a market value of $36.5 million. Voyager chief executive officer, Hugo Renaudin, was quoted as saying: European clients will be able to access the Voyager app using the LGO regulatory setup in Europe, and both LGO and VGX tokens will be merged into a new token. He added that the “new token will have more utility”, to the benefit of token holders in the U.S., Europe and elsewhere. LGO touts itself as a “leading” crypto exchange for institutions, which provides “customizable services, best in class technology, and deep liquidity.” The platform caters to businesses “looking to buy/sell or lend/borrow digital assets.” What do you think about the merger of Voyager and LGO? Let us know in the comments section below. The post Voyager Digital Buys European Crypto Exchange Focused on Institutional Investors appeared first on Bitcoin News. View the full article

A great number of cryptocurrency businesses are preparing for the upcoming Financial Action Task Force (FATF) rules toward cryptocurrencies, specifically the Travel Rule. This month 25 Virtual Asset Service Providers (VASPs) published a paper that outlines how American-based VASPs aim to comply with the FATF Travel Rule. Digital currency companies, otherwise known as Virtual Asset Service Providers (VASPs) in the eyes of global regulators are concerned about regulation and compliance this year. In fact, in the recent report written by the Digital Currency Group (DCG), the survey’s findings indicate over 150 crypto executives said regulation is the top concern. Currently, a great number of crypto firms are drawing up plans in order to comply with the Travel Rule. The ‘Travel Rule’ is a descriptive label for the Bank Secrecy Act (BSA) rule [31 CFR 103.33(g)]. Basically, the rule mandates that all companies that deal with finances have to pass on transmission data like KYC/AML to the next financial institution. “The funds’ transfer rules are designed to help law enforcement agencies detect, investigate and prosecute money laundering and other financial crimes by preserving an information trail about persons sending and receiving funds through funds transfer systems,” financial regulators explain. A page from the United States Travel Rule Working Group (USTRWG) white paper called the “Travel Rule Solution.” Back in June 2019, FATF had published the “Interpretive Note to Recommendation 15,” which mandates that VASPs have to comply with the regulator’s Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) guidance. The recommendation from FATF concerning digital currency businesses also clarified that VASPs also must comply with the Travel Rule. More recently, the Financial Action Task Force (FATF) published its FATF Plenary on June 30, 2020. The documents show that cryptocurrency businesses would get a 12-month extension in order to become compliant with the Travel Rule. The rule will apply to VASPs when clients transfer funds exceeding $3k, and the VASPs will be required to share KYC/AML information about the service’s clientele. FATF’s Travel Rule has sparked the creation of the United States Travel Rule Working Group (USTRWG) which recently published a paper called the “Travel Rule Solution” version one. The USTRWG paper notes that the working group acknowledges that the regulatory landscape is constantly changing and still evolving globally. The group’s paper dated “October 2020” gives great detail into how these specific U.S. VASPs plan to comply with the Travel Rule. “The ultimate objective of the USTRWG is to solve the industry’s three key components to Travel Rule compliance applied to the virtual currency industry: (1) governance, (2) reliable counterparty identification, and (3) secure data transmission,” the USTRWG paper reveals. “The USTRWG solution addresses these functions by proposing: (1) a governance structure to facilitate the formation of a trusted VASP network, (2) a centralized “bulletin board” mechanism to enable identification of transaction counterparties, and (3) an encrypted, point-to-point communication channel to securely transmit required Travel Rule information between VASPs,” the paper’s authors add. Of course, the USTRWG understands that the solution and phased approach will develop differently in a myriad of global jurisdictions. The USTRWG paper further states: The solution aims to address the governance, technology, and security needs presented by Travel Rule compliance. The solution initially addresses the U.S. Travel Rule requirements and will evolve over time through a phased approach to enable compliance across different jurisdictions. USTRWG’s attempt to comply isn’t set in stone and it is uncertain if regulators would approve such coordination. With the 12-month extension, VASPs are expecting the FATF’s Travel Rule to go into effect by June 2021. USTRWG’s paper says that the working group is very “committed to effectively implementing the Travel Rule solution.” Moreover, the working group details that future USTRWG publications will explain how things are going and evolving within the VASP community. “Ultimately, the vision and objective of the USTRWG and the proposed solution is to build a VASP network to standardize the VASP discovery/identification process and transmission of Travel Rule data across multiple regulatory regimes in a compliant and secure manner,” the paper’s authors add. What do you think about the upcoming Travel Rule and the recently formed USTRWG? Let us know what you think about this subject in the comments section below. The post Prepping for Next Year’s Travel Rule: 25 US Crypto Service Providers Publish Compliance Solutions Paper appeared first on Bitcoin News. View the full article

The CEO of Arbistar the Spanish investment company, Santiago Fuentes, has been arrested and arraigned on charges of fraud, belonging to a criminal organization and money laundering. Fuentes, who has been in hiding since September, was arrested at one of his properties in the south of Tenerife. The Arbistar Pyramid Scheme Fuentes’ arrest stems from lawsuits filed by Arbistar clients who allege pyramid fraud after the bitcoin trading company abruptly froze accounts leaving 32,000 families affected. During a hearing, the Investigating Court Number 3 of Arona (Tenerife) described operations of Fuentes’ Arbistar as a “potential pyramid scheme.” The court released the CEO “on provisional liberty without bail” but ordered the withdrawal of his passport. In addition, Fuentes must report to the Arona Courts every 15 days. Meanwhile, despite the widespread Spanish media speculation that $1 billion is missing, Judge Javier García Ramila cautions that “at this moment it is premature to estimate the amount of possible fraud, given that the exact number of customers who contracted the product offered is unknown.” The Spanish court clarifies that it is only proceeding with the case against Fuentes based on 21 complaints that have been filed at “Police stations and Civil Guard barracks in Tenerife, La Palma, Málaga, Huelva, Granada Mallorca, and Lugo.” The total value of missing funds from the 21 reported cases is approximately $367,000. In the meantime, describing the operations of Fuentes’ organization, court documents say: Arbistar offered its clients computer tools (“bots”) that automatically executed buy and sell orders in the cryptocurrency brokerage markets thus guaranteeing them a revaluation of their savings of between 8% and 15%. However, the documents say that the bitcoin investment company’s offer is on the condition that “during a reasonable grace period of two months customers would not be able to cash out their money.” Consequently, in conclusions based on their findings, investigators say “it has been possible to attest that the aforementioned product could really be a pyramid scam.” Investigators add that “instead of executing the investment committed in the various virtual markets and rewarding the old clients with profits obtained” Arbistar appears to have been funding profit payouts with deposits brought in by new customers. Possible Money Laundering Uncovered Investigators also say they unearthed possible money laundering activity involving Venus Capital Trade SL, a shell company that reportedly received $1.32 million from Arbistar. Meanwhile, Judge Ramila, who refuses to impose more punitive restrictions on Fuentes, says he now “needs to scrutinize countless documents and electronic devices and work with banks to trace diverted customers funds.” Nevertheless, the judge says he is open to “more burdensome measures” being imposed against Fuentes. Fuentes faces up to 16 years in prison if found guilty. What are thoughts about Fuentes’ release on provisional liberty without bail? Share your thoughts in the comments section below. The post Mastermind of Alleged Billion Dollar Spanish Pyramid Scheme Arrested, Faces 16 Year Prison Sentence appeared first on Bitcoin News. View the full article

Grayscale Investments said Thursday that it added $300 million in net assets under management (AUM) in just the last 24 hours. The firm now has a record $7.3 billion in total AUM, according to a tweet by Barry Silbert, chief executive officer of the Digital Currency Group, Grayscale’s parent company. The biggest daily increases were reported in the litecoin trust, whose value rose 8% to $34.3 million. The bitcoin trust remains Grayscale’s biggest portfolio, inching 4% to $6 billion. The ETH and BCH trusts rose 4.9% and 4.6% respectively. Others gained between 2% and 6%. Grayscale profited from surging institutional interest in bitcoin. Paypal’s unexpected dive into crypto this week appears to have lit the markets up. The announcement pushed the price of bitcoin above $13,000 on Wednesday, a 2020 high – and so with it Grayscale’s trusts’ valuations. The $300 million Grayscale added represents a significant increase over the $1.05 billion in investments that it amassed over a whole 90-day period during the third quarter of 2020. As corporate interest in bitcoin continues to increase, institutional-investor focused entities like Grayscale are also expected to continue to experience immense growth. What do you think about Grayscale adding $300 million in a day? Share your views in the comments section below. The post Grayscale Adds $300 Million in Cryptocurrency Assets Under Management in Just 24 Hours appeared first on Bitcoin News. View the full article

PRESS RELEASE. Yearnify Finance is a community-centered DeFi-project, modeled to take the successful features of Yearn Finance (YFI), and improve upon them, we aim to bring the true value of yield farming finance accessible to all users, we offer the most secure and simple way to earn reliable yields on your assets. Yearnify Finance is a powerful DeFi Platform focusing on staking, farming, borrowing and mortgage. Our platform is powerful enough from a scalability, interoperability, developability and governance perspective to help make the vision of Web3 a reality that aims to get more value for an investment, What is Yearnify Finance Mission? We’re building a transparent, secured, user-friendly, and simple yield farming platform, that would provide opportunity for the YFY holders to get benefits from several platforms provided by Yearnify Finance. Yearnify Finance staking platform enables investors to earn a yield on YFY token, depositing, and selecting the amount you want to stake, you will get an APR of 29%, and it can be unlocked anytime and you will get FYFY Token reward also. Lending – YFY will provide you with the highest yield in the market today, Upto 29% APR for supported coins (DAI, USDC, USDT, TUSD, BUSD, PAX) STAKING – Stake YFY and Earn 29% APR, YFY can be unlocked anytime without any lock period or other obstacles on your way. Yield Farming – It is simply based on a farmer who plants and harvests all his crops. The more you farm, the more the harvest, the more the invest the more the profit. With YFY you will be able to enjoy Yield Farming to its fullest. Yearnify Exchange – Exchange between your assets without sending anything to anyone or without any fear of loss. Dapps – Yearnify is also developing their own Dapp running on the Ethereum Network, allowing users to use it from any of their favorite wallet (Trust wallet, MEW, Metamask etc.) to search and use their Decentralized Ecosystem. Token Sale: The fact that makes Yearnify unique is its Limited token supply. Talking about limited supply, only 29,000 YFY minted will be distributed to the community through our Airdrops and Pre-sale. Yearnify finance has also made some big announcements such as getting their YFY Token listed on exchanges like Uniswap, Kucoin and Hotbit before the end of the year with an initial listing price of 3200$ per YFY Token. Presale link : https://yearnify.com/index.php/pre-sale-yfy-token/ Presale steps: Go to the YFY presale link, then connect Your Metamask , Get your ETH ready, add amount you want to buy and press buy YFY , if you do not have metamask , simply follow instructions here https://telegra.ph/YEARNIFY-FINANCE-PRE-SALE-IS-LIVE-10-18 Yearnify Finance Tokenomics : Token Type : ERC-20 Token symbol : YFY Token Name : Yearnify Finance Contract : 0xb9ae6fe574982e891666a5b1c2b33e79eb5dabb5 Total Supply : 29,000 YFY Circulating Supply : 12,000 YFY Initial Uniswap Liquidity : 9,000 YFY YFY for Pre-sale : 8,000 YFY Team Tokens : 500 YFY Marketing & Development : 2,000 YFY Airdrops : 8,000 YFY Yearnify Finance Community : Website : https://yearnify.com Telegram Group– https://t.me/yearnify Telegram channel – https://t.me/yearnifynews Official twitter : https://twitter.com/yearnify Email : support@yearnify.com This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post Yearnify Finance (YFY) Next Generation Decentralized Finance Project, Token Pre-sale is Now Live appeared first on Bitcoin News. View the full article

Public officials in Russia will now be required to declare all the crypto assets they hold as income. The measures are with effect from Jan. 1, 2021, local media reported. Russia’s prosecutor general Igor Krasnov declared: “Starting next year, civil servants will be required to declare [virtual] currencies on an equal basis with other assets.” Krasnov said this on Oct. 20 while speaking at a corruption meeting involving 15 other prosecutor generals from the Shanghai Cooperation Organization (SCO) member states and elsewhere. The SCO is an eight-member political, economic and security alliance founded in 2001 by the likes of China, Russia, Kazakhstan, and Tajikistan. It also includes several affiliate states such as Iran, Belarus, Cambodia and Afghanistan. According to the Russia Today report, Krasnov’s explanation also “means [that] officials will have to indicate the cryptocurrency in their income declarations, allowing the state to keep track of all civil servants’ earnings.” Until now, public officials were not required to declare their digital assets. A 2018 advisory from the Russian labor ministry had appeared to exonerate them from doing so. But amid concerns of crypto being used to oil corruption, the office of the prosecutor general revealed it had seized over $440 million undisclosed cash assets from public officials over the past three years, industry media reports. The new requirement for public servants follows the signing by Russian president Vladimir Putin of a new law that legalizes bitcoin, in its generic sense, but prohibits the crypto from becoming legal tender, which can be used to pay for goods and services. That law – the Digital Financial Assets Act – is expected to come into force on Jan. 1, 2021. It is the law that provides for the declaration of crypto holdings by all public officials. What do you think about public officials declaring their crypto holdings in Russia? Let us know in the comments section below. The post Russian Public Officials Must Now Declare Their Crypto Holdings as Income appeared first on Bitcoin News. View the full article

The price of bitcoin touched new highs in 2020 and a number of supporters are optimistic that the crypto asset’s value will drive higher. In addition to this year’s bitcoin price high, around eight different countries have seen bitcoin touch all-time highs (ATH) in their local currency. The bitcoin ATHs in these countries show how rampant inflation has ravaged these currencies a great deal during the last year. 2020 has been a hard year as far as the global economy is concerned, and the nation state’s responses to the coronavirus made things a lot worse. Cryptocurrency markets dropped significantly in mid-March following the ‘Black Thursday’ market rout, but have come back in a big way since then. For instance, the price of bitcoin (BTC) has climbed more than 261% since the value dropped to $3,600 on March 12, 2020. BTC touched a 2020 high on October 21, reaching $13,184 per coin on Wednesday evening. BTC is seeing all-time price highs in Brazil, Turkey, Argentina, Sudan, Angola, Venezuela, Pakistan, and Zambia. However, in eight countries where inflation is rampant, the price of BTC has surpassed the local currency’s previous ATHs. Bitcoin proponent Alistair Milne discussed the subject on Twitter when he tweeted: Countries where bitcoin has hit a new ATH in their local currency; Brazil – pop. 209 million, Turkey – pop. 82m, Argentina – pop. 44.5m, Sudan – pop. 41m, Angola – pop. 30m, Venezuela – pop. 29m, Zambia – pop. 17m. Soon: Russia, Colombia… then all other fiat currencies. Looking at the exchange rates for all of these countries on October 22 shows that each one has seen BTC touching new price highs. News.bitcoin.com reviewed a few of the same countries back in May 2019 and at the time, places like Argentina, Venezuela, South Sudan, and Turkey all saw all-time BTC price highs. In that report, it cost 52,507 Turkish liras to purchase a single bitcoin in the country. In USD terms, Bitcoin (BTC) was trading for $8,800 on global spot markets on May 28, 2019. Today, on October 22, 2020, is a different story, as the price of one bitcoin is 103,775 Turkish lira. These bitcoin price increases can be seen across the board in all eight countries mentioned above. Earlier this month, the cryptocurrency columnist Jason Deane also wrote a comprehensive editorial on these countries touching all-time price highs. Deane discovered that all of these countries were clocking new record highs as far as BTC’s price was concerned. Deane’s research had him studying for hours and wondering how long it would be until stronger currencies start to following suit. The author’s report concluded by saying: One thing is for sure, the new all-time high that prompted the research for this article will certainly not be the last for the Turkish lira, Argentine peso, Pakistani rupee, and many others. But how long will it be before we see the same thing with a currency that may be closer to our hearts, especially if we, say, started printing it at unsustainable rates to deal with a global pandemic? How long indeed. The new price highs in Brazil, Turkey, Argentina, South Sudan, Angola, Venezuela, Pakistan, and Zambia clearly indicate bitcoin and cryptocurrencies mean something entirely different to users in countries suffering severe economic hardships. At press time the price of bitcoin (BTC) is hovering just below the USD$13k zone and the price needs to jump above $13,796 per coin to outpace 2019’s ATH on June 26. What do you think about the eight countries that are seeing all-time highs in their local currency? Let us know what you think in the comments section below. The post 8 Countries Stricken With Rampant Inflation See Bitcoin Prices Touch All-Time Highs appeared first on Bitcoin News. View the full article

Asian cryptocurrency exchange Okex says peer to peer trading is now open but the freeze on withdrawals remains in effect. In an update, Okex CEO Jay Hao reveals that buying cryptocurrency via the fiat gateway is now active as well but he fails to give a timeframe for the resumption of withdrawals. In an earlier tweet, the CEO reassures customers that their funds are safe and that withdrawals will commence as soon as possible. On Oct. 15, Okex announced the suspension of withdrawals of cryptocurrency after an unnamed private key holder was taken into custody by law enforcement. However, since the suspension of cashouts, reports have emerged alleging large BTC withdrawals just before the announcement of the freeze. The Okex CEO has, however, issued statements dismissing such reports. Still, anxious Okex customers are expressing dissatisfaction with the exchange’s failure to disclose details about the progress of the ongoing investigation. On Twitter, users are venting their anger as they question the wisdom of the latest announcement that peer to peer trading is now open. One user named Maciek_sk queries the rationale of asking clients to continue trading when there is no option to cash out. In his reply to Hao’s tweet, the user explains: There is no point in being active on the stock market from which you cannot withdraw your funds. It makes no sense. I am afraid it will lead to withdrawal from this platform. Similarly, another user not only asks the same question but he also takes issue with the exchange’s management of private keys. He asks: What’s the point of trading when we can’t even withdraw? and how the heck can one person result in Okex suspending withdrawals? “Are you guys sh****g us or what? If you can’t even guarantee the security of funds and continued service why even bother running an exchange?” the user continued. Meanwhile, in a surprising move, Justin Sun’s Tron Foundation announced it will be enabling TRX holders with funds frozen on the exchange to cash out their tokens via a specially designated account. It is not clear what prompted the move by the Tron Foundation although a statement on the organization’s Medium page says they “have decided to shoulder their major responsibility in the industry and give users access to the unlimited 1:1 withdrawal of TRX on Okex. This decision will take effect as soon as it is announced.” According to the Tron Foundation, this campaign “intends to help TRX holders protect their assets.” What do you think of Okex’s management of private keys? Tell us what you think in the comments section below. The post P2P Trading Resumes on Okex While Withdrawals Freeze Still in Effect: Tron Foundation Announces Cashout Plan for TRX Holders appeared first on Bitcoin News. View the full article

The price of bitcoin jumped significantly on Wednesday after the payment processor Paypal announced cryptocurrency support. The jump in value has pushed a large number of bitcoin holders into a state of profit, according to Glassnode “percent of UTXOs in profit” statistics. Based on the current data, 98% of all bitcoin UTXOs are in a state of profit touching levels previously recorded three years ago in December 2017. The price of bitcoin (BTC) closed at a high at $13,184 per coin on Wednesday, October 21 following the announcement from Paypal. During the evening trading sessions, the onchain research and analysis firm Glassnode tweeted about the number of bitcoin unspent transaction outputs (UTXOs) in profit. A UTXO refers to the amount of bitcoin someone holds that has not been spent and is simply stored in a bitcoin wallet. “98% of all bitcoin UTXOs are currently in a state of profit,” Glassnode tweeted. “A level not seen since Dec 2017, and typical in previous BTC bull markets.” Since then the price has dropped a hair but the price of bitcoin (BTC) is still up 4.3% over the last seven days. Long term holders have seen a 72.4% increase during the last 12 months, 34.9% during the last 90-days and 22% against the 30-day span. Glassnode’s onchain stats report, details that the subindex measuring investor “sentiment” increased ending the week “at 70 points.” A number of crypto analysts and traders believe that bitcoin’s current price range is a key indicator for moving forward. Moreover, BTC’s dominance level, it’s market cap measured against all 7,000+ crypto assets, has risen to 63.2%. The senior financial analyst at Fxpro, Alex Kuptsikevich, believes bitcoin is testing crucial macro levels. “At current levels, Bitcoin is testing cyclical highs,” Kuptsikevich wrote in a note to investors. “Since the beginning of 2018, it has not been able to gain a foothold at levels above $12,000. It is equally important that at new highs, indicators like the RSI are far from the overbought condition, indicating significant potential for further growth. Closing the week above $12,800 would be the highest level in two and a half years, opening a direct path of growth to the historic highs of $20,000 that we saw three years ago.” Kuptsikevich added: Bitcoin breaking through two round levels of $12k and $13k opens doors for further growth. The current price dynamics led the coin to re-test the peak of July 2019, which at that time was the highest point of the rally. Nowadays, purchases take place against the background of confidence that bitcoin has more and more supporters in the traditional financial world. Eric Demuth, cofounder and CEO of Bitpanda believes that cryptocurrencies, in general, started to “establish themselves as a trusted asset class of the worldwide financial market such as gold and stocks.” Demuth thinks that the Paypal support announced on Wednesday is just the start, as he believes more large players will be joining the crypto party. “2020 has shown that crypto is here to stay,” Demuth explained. “There has been a huge inflow of institutional capital as well as record numbers of new retail customers adopting cryptocurrencies. I am certain we will see more big players like Paypal joining the party in 2021.” What do you think about the high percentage of bitcoin UTXOs in a state of profit? Let us know what you think in the comments section below. The post Price Increase Drives 98% of Bitcoin Holders Into a State of Profit appeared first on Bitcoin News. View the full article