Russia’s Sberbank plans release of its own crypto token, the ‘Sbercoin’

With a new law coming into effect in Russian, the country’s largest bank is planning a new blockchain platform for trading, as well as a native token. According to a Monday report from Russian business news outlet RBC, Sberbank is planning to jump into crypto come 2021 when a new law “On Digital Financial Assets,” or DFA, is set to come into effect.  The news came from Herman Gref, the CEO and chairman of Sberbank. With over 96 million clients, the state-owned bank is the largest bank in Russia. There…

Coinbase Announces ETH 2.0 Staking Rewards, Launch in Early 2021

Key Takeaways The ETH 2.0 upgrade will eventually halt ETH mining in favor of Proof of Stake consensus through staking and validating. Coinbase announced on Nov. 30 that it would support ETH 2.0 staking. Coinbase customers will be able to convert ETH to ETH 2 and earn staking rewards among other features. Share this article Coinbase’s announcement that it will support ETH 2.0 staking rewards is a big step in adopting Ethereum’s network upgrade. Pundits claim that Proof of Stake (PoS) is a more energy-efficient and sustainable method of validating…

This Bitcoin mining company’s stock is in free fall following Q3 loss

The stock of one of China’s “big 3” mining firms is in free fall Monday after reporting another quarterly loss, underscoring the operating challenges imposed by COVID-19. Canaan Creative, which manufactures mining rigs, released its third-quarter financial results Monday. The company posted a net loss of $12.7 million, or 54 cents per share, on revenues of $24 million. Although quarterly revenues grew 5%, the company’s net losses more than quadrupled. Quanfu Hong, Canaan’s chief financial officer, poured cold water on the negative earnings release by claiming that demand for mining…

Bitcoin Decimates Bears With Quick Recovery Above $19,800

Key Takeaways Bitcoin’s surge over the weekend records a CME gap of $1,300.  Futures are options traders react by buying aggressively after the surprise move.  Share this article Bitcoin crossed the $19,800 benchmark Monday morning, catching many derivatives traders off-guard.  $BTC: New Bitcoin ATH on a few exchanges K̵r̵a̵k̵e̵n̵ ̵-̵ ̵$̵1̵9̵,̵6̵6̵0̵̵B̵i̵t̵s̵t̵a̵m̵p̵ ̵-̵ ̵$̵1̵9̵,̵6̵6̵6̵̵B̵i̵n̵a̵n̵c̵e̵ ̵-̵ ̵$̵1̵9̵,̵7̵9̵8̵ Up next:Coinbase – $19,891Bitfinex – $19,981Gemini – $19,999Bitmex – $20,093 — Josh Rager 📈 (@Josh_Rager) November 30, 2020 Bitcoin Bears Caught in a Swift Rise  The leading crypto recovered lost ground above $19,500 lost on…

Gold and Bitcoin eye inflation-adjusted all-time highs… but it’s taken gold 40 years

Gold bug and Bitcoin (BTC) skeptic Peter Schiff was just 17 years old when the yellow metal set its true all-time price high. Meanwhile, Bitcoin, a much younger asset, sits close to its inflation-adjusted all-time high, or ATH, after just three years of downward pressure. Adjusted for inflation, gold reached a price of $678 U.S. dollars in 1980, according to a breakdown from Visual Capitalist. Accounting for inflation, based on calculations from Officialdata .org, $678 in 1980 held the same buying power as approximately $2,142 in 2020. The precious metal…

Tyler Winklevoss tells CNBC that ‘Cash is trash’

Not one to mince words, Tyler Winklevoss reportedly told the business network CNBC that “Cash is trash.” In his view, it’s only a matter of time before investors dump the dollar and other fiat currencies for BTC: “At some point, it is hard to look at those data points and say that Bitcoin isn’t an incredible store of value.” His twin brother Cameron Winklevoss also said that Bitcoin (BTC) “just needs to be better than gold” to see its value rise to remarkable levels. The twins, who run the United States-based…

‘Classic top setup’? Bitcoin price flash crashes on Kraken after all-time high

Bitcoin (BTC) reached a new all-time high on various exchanges on Nov. 30, but one record, in particular, hit the headlines for a different reason. Data from cryptocurrency exchange Kraken shows BTC/USD hit its highest ever price on its order book — then diving to $16,600 in seconds. Kraken BTC price dumps $3,000 The reason for the crash, which will have liquidated a large number of positions and caused considerable pain for many a speculator, was likely what is known as a “stop-loss run.” Stop-loss runs involve large-volume traders who…

Bitcoin Breaks New All-Time Highs Targeting $23,000

Key Takeaways Bitcoin surged to $19,860, smashing previous all-time highs by a few dollars. The recent upswing seems to be fuelled by increasing demand among institutional investors. A 4-hour candlestick close above or below $19,500 will determine where BTC is headed next. Share this article Bitcoin rose to a new all-time high for the first time since mid-December 2017. While speculation mounts about further gains on the horizon, multiple on-chain metrics point to a steep decline. Breaking New All-Time Highs Bitcoin managed to recover all the losses incurred after the…

Justice Department extradites alleged BTC mining ponzi operator from Panama

Per a Monday announcement, the U.S. Department of Justice and the Southern District of New York have extradited a leader of alleged ponzi scheme AirBit Club from Panama.  Gutemberg Dos Santos is one of six operators of AirBit Club indicted, and the last to come into the U.S. to face trial before the SDNY. Dos Santos is a dual citizen of Brazil and the U.S. Authorities initially apprehended five of the six back in August, with a sixth avoiding authorities until October.  The DoJ alleges that AirBit Club sold “memberships” that…

Can DeFi indices finally make crypto-based passive investing worthwhile?

Index investing in the stock market has become extremely popular thanks to the proliferation of exchange-traded funds, or ETFs, which often track popular market indices like the S&P 500 or the Nasdaq-100. Investing in the entire market can be a simple but effective strategy. Instead of spending energy and time in trying to beat it — often unsuccessfully — investors are guaranteed average returns, which in the past 10 years have been more than respectable both in stocks and in crypto. The rise of decentralized finance in the summer of…