bring crypto to the masses? Experts answer

The importance of clear regulatory frameworks cannot be overstated, with patchy and insufficient legislation offering a major barrier to enterprises looking to digital assets and distributed ledger technology. It is clear now that a number of jurisdictions in the European Union and Southeast Asia are leading the regulatory race, with clear taxonomies for digital assets in place — while the United States continues to play catch up.

In August 2020, the German ministry of finance published a draft bill on electronic securities. This bill enables the issuance of digital bearer bonds on a DLT infrastructure without the requirement of a paper-based certificate and introduces the definition and regulated financial service of a decentralized securities register. The law is expected to be passed as early as in the second quarter of 2021, representing another significant step toward a comprehensive framework for digital assets in the country.

Switzerland has established itself as a crypto-friendly state, offering clear guidance on digital assets from an early stage in the life cycle of the technology. In September, Swiss parliamentarians voted to pass a wide-ranging set of financial and corporate law reforms around DLT technology. These laws, which are likely to come into effect early next year, will further open the doors to the adoption of digital assets in the country, as they update legislation regarding the trading of digital securities, the segregation of crypto-based assets in the event of bankruptcy, and create a new authorization category for “DLT trading facilities” (crypto exchanges).

Related: A guide to setting up a crypto business in Switzerland

This trend is not going unnoticed by the U.S. banks that currently dominate global markets. Once U.S. regulators align and provide their banking sector with clear guidance, the market is also likely to see explosive growth in the United States. U.S. regulators have taken the first steps toward such clarity this year with Congress introducing the Crypto-Currency Act of 2020 in March, which provided some legal certainty in terms of defining types of digital assets and which regulatory body would be responsible for supervision.

Related: The US SEC amendments and SAFT process

In terms of digital asset custody, a major step forward took place in July, with the Office of the Comptroller of the Currency issuing a letter that authorized any regulated financial institution to provide cryptocurrency custody services, once appropriate risk management processes and controls were in place.

If this lack of drive for constructive regulation and concrete guidance at the federal level remains, it will be interesting to see if individual states make moves toward legislating for digital assets at a local level. For example, the move by San Francisco-based crypto exchange Kraken to transition into the regulated space by acquiring a banking license in the state of Wyoming represents an interesting precursor of what may come next if federal authorities do not make regulatory strides and quickly.

While the signs are increasingly clear that U.S. regulators are waking up to the danger of getting left behind in the race for digital asset supremacy, it is becoming clearer and clearer that such a battle may already be lost, at least for this year.

Article source

grandaddy that’s currently setting new all-time-highs every week . 

Attention to the Bitcoin SV token has largely been sidelined in favour of its more famous progenitors and tokens like Ethereum and XRP, but BSV today trades at a price of over $230. That’s still some way off its all-time high of $441, set on January 14, 2020. 

In the altcoin race, all eyes are currently on Ethereum, which has increased by 60% in the last week as it hounds its former  all-time high of $1,432, set in January 2018.

Altseason is here, with 10% gains being made by EOS and Tron today. Dogecoin is also up by 7%, a continuation of gains that saw it jump 70% last Monday following co-signs by Tesla CEO and richest man in the world Elon Musk.

Bitcoin SV’s fork from Bitcoin Cash was the result of a software ‘civil war’ between two engineering camps. The SV camp emerged, spearheaded by Chris Wright, an Australian computer scientist who claims that he created Bitcoin. This claim is heavily disputed. The ‘SV’ stands for ‘Satoshi’s Vision.’

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

way possible. At the time of writing, Loeffler was projected to have lost her seat to Democrat Raphael Warnock in the Georgia Senate race. Ebenezer Baptist Church’s senior pastor will flip the seat in question, a seat previously occupied by Loeffler after she was appointed temporarily to take over after Senator Isakson’s early retirement.

This is big news, especially since this is going to have national implications going forward. However, let’s not go there. After all, President Trump might just be going there as we speak. Instead, let’s focus on what this might mean for blockchain and the crypto-market going forward.

Now, when Kelly Loeffler was appointed back in January 2020, it was hailed as a significant appointment. Given Loeffler’s work with the Intercontinental Exchange and Bakkt, 2019’s most-awaited digital asset trading platform, many were right to expect a crypto-friendly Senator who would side with businesses, especially big tech.

However, within months of her appointment, Loeffler was accused of profiteering off the COVID-19 pandemic after violating the STOCK Act. A net worth that made her the richest Senator in the United States did little to assuage any facts. What then? Well, crypto-regulations and crypto-policies took a backseat, a development especially jarring since she sat on the U.S Senate Committee on Agriculture, a committee that actually oversees the CFTC.

The Commodity Futures Trading Commission enjoys a significant degree of regulatory oversight when it comes to cryptocurrencies. While “innovation-friendly” Chairmen like Heath Tarbert have continued to say the right things about crypto, real progress and regulatory clarity is still missing, something Loeffler could have helped with.

On the contrary, some have argued that the former Bakkt CEO, to curry favor with President Trump, has rallied against big tech, and by extension, the industry she made her name in. It should also be noted here that President Trump and his appointees have regularly come out against Bitcoin and cryptocurrencies over the past year.

In fact, a recent FT article expanded on how former colleagues were “horrified” at the Trumpian rhetoric in her campaign. “I don’t know who this person is,” one unnamed colleague was quoted as saying. Well, not a Senator anymore is probably the right answer.

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Jibin is a news editor at AMBCrypto. With over three years of experience as a political writer, he primarily focuses on the political impact of crypto developments. A graduate in Law and International Relations, his writing is by and large focused on cryptocurrencies from the political and financial perspective. A Liverpool FC fan. YNWA

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way possible. At the time of writing, Loeffler was projected to have lost her seat to Democrat Raphael Warnock in the Georgia Senate race. Ebenezer Baptist Church’s senior pastor will flip the seat in question, a seat previously occupied by Loeffler after she was appointed temporarily to take over after Senator Isakson’s early retirement.

This is big news, especially since this is going to have national implications going forward. However, let’s not go there. After all, President Trump might just be going there as we speak. Instead, let’s focus on what this might mean for blockchain and the crypto-market going forward.

Now, when Kelly Loeffler was appointed back in January 2020, it was hailed as a significant appointment. Given Loeffler’s work with the Intercontinental Exchange and Bakkt, 2019’s most-awaited digital asset trading platform, many were right to expect a crypto-friendly Senator who would side with businesses, especially big tech.

However, within months of her appointment, Loeffler was accused of profiteering off the COVID-19 pandemic after violating the STOCK Act. A net worth that made her the richest Senator in the United States did little to assuage any facts. What then? Well, crypto-regulations and crypto-policies took a backseat, a development especially jarring since she sat on the U.S Senate Committee on Agriculture, a committee that actually oversees the CFTC.

The Commodity Futures Trading Commission enjoys a significant degree of regulatory oversight when it comes to cryptocurrencies. While “innovation-friendly” Chairmen like Heath Tarbert have continued to say the right things about crypto, real progress and regulatory clarity is still missing, something Loeffler could have helped with.

On the contrary, some have argued that the former Bakkt CEO, to curry favor with President Trump, has rallied against big tech, and by extension, the industry she made her name in. It should also be noted here that President Trump and his appointees have regularly come out against Bitcoin and cryptocurrencies over the past year.

In fact, a recent FT article expanded on how former colleagues were “horrified” at the Trumpian rhetoric in her campaign. “I don’t know who this person is,” one unnamed colleague was quoted as saying. Well, not a Senator anymore is probably the right answer.

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Image Credit: Refer to Source Author: Refer to Source Jibin George

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China to Nordic countries, namely Sweden and Norway, which he describes as “one of the biggest developments” within the nascent industry: Those western countries are perceived as safer and more stable as opposed to communist China that currently reigns supreme in the global hashrate arms-race, Salter says:               

Bitcoin has long been criticized by its detractors as a “Chinese coin.” As reported by U.Today, ex-Ripple Chris Larsen wrote an op-ed, alleging, without evidence, that the country’s authoritarian government could ultimately “block or reverse” transactions on its blockchain:   

With climate change being a hot-button political issue, power-hungry Bitcoin raises some concerns about its carbon footprint. In October, the New York Department of Financial Services (NYDFS) urged crypto firms to take into account related risks. Given that countries like Norway mainly rely on green energy, the ongoing shift will dramatically reduce the amount of CO2 emissions linked to Bitcoin mining.

dollar for every meter in the famous race. And Marathon Patent Group Inc (NASDAQ: MARA) is undoubtedly benefiting from this ride. 

The Las Vegas-based firm is the holding company of Uniloc, and its price is deeply correlated with Bitcoin. The company recently purchased additional 70,000 Bitmain S19 miners, more than tripling its capacity to extract BTC out of virtual mines. It came after the acquisition of some 10,000 Bitmain S19 Pro Artminers. 

The big BTC bet is proving lucrative as the cryptocurrency is breaking records on a daily basis. BTC/USD surged above $30,000 in the long New Year's weekend and has extended its rally also during the first working week of 2021. Marathon followed with a rally of 250% just in the early days of the year. Zooming out to the latest 12 months, MARA's increases are in the thousands of percentage points. 

The current rally is heavily dependent on Bitcoin's price, and any downside correction in the digital coin could trigger a slide in NASDAQ: MARA. To sustain the rally, BTC/USD would probably need to move even higher, potentially to the $50,000 level. That would garner further media interest and perhaps more buying. 

The "shovel-maker" in this industry may take advantage of the current rally to diversify away to other cryptocurrencies or other projects altogether. 

Bitcoin Price Forecast 2021: BTC reaching new horizons, aiming for $100,000

over the past week, falling 4.62% to $1,857. The asset previously had been surging in unison with Bitcoin, which is up over 40% from $28,000 lows last week.

In a Tweet on Friday, Charlie Morris, founder and CIO at ByteTree Asset Management, said that the pullback in gold might be attributable to investors moving to Bitcoin:

Likewise, earlier in the week, CNBC’s Mad Money host Jim Cramer said that the outflows from gold ETFs are “all going to crypto.” Tracking inflows and outflows from Grayscale’s Bitcoin investment trust and gold ETFs back this assertion, as Grayscale has eclipsed gold: 

The moves could be a sign of Bitcoin’s rising status as a legitimate asset class. Gold and Bitcoin have long been linked as both are seen as a way to protect wealth against inflation and macroeconomic uncertainty, but if the price movements over the last week are any indication, however, Bitcoin may be winning the narrative race. 

In an interview with Bloomberg, Coinshares chief revenue officer Frank Spiteri said that the narrative surrounding Bitcoin as an inflation hedge is gaining legs “in the face of a highly unconventional monetary policy environment.”

“It seems like we’re in the middle of a simultaneous awakening among institutions to Bitcoin as an uncorrelated store of value assets,” he said.

The observations from experts come after a unique flippening earlier this week: as of Friday, a single Bitcoin is worth more than a 20-ounce gold bar.

Still, for all the bearish price action and Bitcoin’s ascendancy, certain high-profile gold bugs refuse to budge on their positions. In a Tweet yesterday longtime Bitcoin skeptic and gold investor Peter Schiff claimed that once investors “understand” the inflation risk, they’ll return to bullion:

Ripple Labs was sued earlier this week by Tetragon Financial Group, the investment firm that spearheaded its Series-C funding round, on the grounds that the U.S. Securities and Exchange Commission now views XRP as a security.

Both Polkadot (DOT) and ADA have already managed to surpass XRP, according to Messari, which has only counted the cryptocurrency's liquid market cap.

If Cardano indeed manages to flip XRP on CoinMarketCap, this would be the first time since July 2014 that XRP would no longer be among the five biggest cryptocurrencies. Back then, dead coins such as Nxt (NXR) and Peercoin (PPC) sat above it, while Omni (OMNI) and Blackcoin (BLK) — two other dinosaur cryptocurrencies you've probably never heard of — were in the top 10. After weeks of back and forth, Litecoin has now raced ahead of XRP, with its market cap now coming close to $10.8 billion.

Cardano is certainly far from being the only altcoin making insane moves right now.

At one point, Stellar (XLM), XRP's largest rival created by Ripple co-founder Jed McCaleb, was up over 120 percent at some point today. Chainlink (LINK), EOS (EOS) and NEM (XEM) have also recorded double-digit gains. Meanwhile, Bitcoin has pared some of its earlier gains, currently trading at about $34,400.

trading in the green, and the king coin is priced at $34,508.88.

Bitcoin also made it heavily in the mainstream media in 2021 after the coin managed to break $20k.

MarketWatch just dropped a new article on the popular coin, highlighting that it’s time to invest.

The online publication notes that “We believe that bitcoin has matured and now is the right time to invest in this widely popular currency.”

They continue and note: “Here’s why: Today, there is significantly more demand for bitcoin than there is supply. About 900 new bitcoin are mined daily, and three market participants alone — PayPal, Square, and Grayscale Bitcoin Trust — purchase considerably more than 900 bitcoin a day because of high investor demand.”

MarketWatch also noted that if this dynamic continues, much higher prices lie ahead for the dominant crypto.

Anyway, we suggest that you check out the original article that they posted.

In other news, there are all kinds of bullish predictions about the price of Bitcoin these days.

Raoul Pal drops one himself, and it’s more than bullish, as you’ll see for yourselves.

The Macroeconomics guru revealed what he believes about Bitcoin and says that the king coin will be racing towards $1 million by 2026.

In a new interview, he said that the laws of supply and demand are working in Bitcoin’s favor – this will create a feedback loop that will end up attracting a massive number of institutional investors.

“Basically, supply is restricted, algorithmically restricted. So, it can never be changed, so you will always know what the supply is. So, then the question is, what is the demand?” he said.

that both Coinbase and Coinbase Pro were having trouble, with the company trending on Twitter as users lamented not being able to participate in the price spike.

Bitcoin’s big gains drove the net worth of the cryptocurrency market above $1 trillion on Wednesday, the bulk of that value being the $700 billion in Bitcoin circulating.

Smaller currencies like Ether, the tokens associated with the popular Etherium network, lagged well behind. 

Users on Twitter were quick to speak up, decrying the inability to take part in the frenzy. Many noted that it wasn’t the first time Coinbase’s infrastructure had collapsed during price races. The phrase “Coinbase” shot up the platform’s trending list.

While many bemoaned their prospective riches, others took the opportunity to make light of Coinbase’s servers.

It’s been a good week for cryptocurrency, with Bitcoin smashing price predictions and the Department of the Treasury giving U.S. banks the go-ahead to wade into the Stablecoin ecosystem.

price — including Bitcoin, Bitcoin Cash, Ethereum and the app’s native, Crypto.com coin (today trading at $0.067). 

Regulatory push

Crypto.com’s push comes as the company rapidly grows: it is racing to spread cryptocurrency adoption worldwide — just last month, it announced that it had surpassed five million worldwide users, three months after it reached the three million mark. The platform says it wants to reach 100 million users within five years. 

The one-stop, crypto-shop has a wallet, a credit card (with cashback offers), an interest-yielding savings account, an automated quant trading service and a loans product. 

But in order to get retail investors on board, it is pushing for KYC compliance. 

Know your customer — or KYC — is a way for financial institutions to verify their users. A KYC check involves identifying the identity of the client when opening an account and periodically over time.

It has become bigger in crypto recently as regulation becomes the norm — and major exchanges are hopping on board to please regulators. 

According to a 2020 report by blockchain analysis firm, CipherTrace, 56% of virtual asset service providers still lack strong know your customer (KYC) practices. 

In order for companies like Crypto.com (which operates in over 50 countries) to get people involved in cryptocurrencies, knowing their customers is a must. 

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

the attention of early internet entrepreneur Kim Dotcom, who claims there’s a Bitcoin fork that’s more undervalued than BTC itself and has the “biggest upside potential” in crypto. But what the fork exactly is he talking about?

Megaupload founder and early internet entrepreneur Kim Dotcom has long been a proponent of Bitcoin and cryptocurrencies. Years ago, long before record fiat money printing became the theme of 2020, he warned of the eventual crash of the dollar and proposed cryptocurrencies and gold as a way to protect against what is to come.

He said as far back as August 2018 that an economic crash was coming “100%” and he was right. Come 2020, the economy did crash and the dollar is on the ropes.

Related Reading | Analyst: Post Bitcoin, Traditional Finance Will Flock To DeFi, Not Ethereum

Bitcoin and other cryptocurrencies are flying. Gold and Bitcoin both set new records in the year and could be a sign that Kim Dotcom’s predictions are regularly accurate.

But could the hard fork Bitcoin Cash really have the “biggest upside potential” in crypto and even be more undervalued than BTC itself?

Kim Dotcom took to Twitter today to give his followers another piece of financial advice: Consider Bitcoin Cash and not just traditional BTC.

BTC maximalists were quick to attack the controversial Megaupload founder for his views.

“It’s quite simple. The winners in the crypto race will be the currencies that people use for their daily transactions. That is where BCH shines,” he responded in the same Twitter thread.

He also claims that he arrived at that decision because he’s building “new tech” that he is “confident will be used by hundreds of millions of users.” And the only way to provide the best user “experience” is to choose BCH over BTC.

Related Reading | Bitcoin Dominance Doji: Why 2021 Could Spell Doom For Altcoins

Admittedly, there’s some truth to his point. The reason for the BCH fork in the first place was to improve upon the OG cryptocurrency’s transaction speed, fees, and scale.

It is hard to believe that there’s more upside potential for BCH as a result when dozens of altcoins do the same job even faster, and Bitcoin Cash is so far behind BTC. But then again, Kim Dotcom has been correct about so many things related to crypto, why would he be wrong now?

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