Trump or Biden? Bitcoin wins regardless of US election — Barry Silbert

Whether it is a Democratic sweep led by Joe Biden or a Donald Trump reelection, Bitcoin (BTC) would likely thrive. Industry executives, including DCG and Grayscale CEO Barry Silbert, say both a Trump or a Biden win would buoy BTC. The optimistic stance of industry execs despite the glaring election risk comes after Grayscale’s Bitcoin study. Trump wins = brrr Biden wins = brrr Either way, bitcoin wins — Barry Silbert (@BarrySilbert) October 28, 2020 Grayscale, a major cryptocurrency investment firm with $7.6 billion in net assets under management, released…

Bitcoin Needs One Last Dip Before It Hits $16,000: Analyst

Bitcoin bulls with a long-term outlook should hold onto their upside positions even as the cryptocurrency plunges lower. It is because the BTC/USD exchange could still resume its uptrend towards $16,000, a level it last touched in January 2018, says an independent analyst who operates under a pseudonymous identity. He nevertheless warned that the pair could still trend lower in the short-term. Bitcoin uptrend continues further into 2020. Source: BTCUSD on TradingView.com Bitcoin uptrend continues further into 2020. Source: BTCUSD on TradingView.com In retrospect, BTC/USD rebounded by almost 41.28 percent…

Fidelity Investments’ crypto arm expands custody to Asia

Fidelity Investments — one of the largest asset managers in the world — continues to expand its global reach in the cryptocurrency industry through its dedicated crypto subsidiary. According to an Oct. 29 Bloomberg report, Fidelity Investments’s crypto branch Fidelity Digital Asset Services has partnered with a Singaporean startup Stack Funds to expand its custody services in Asia. Within the partnership, Stack Funds will provide access to Fidelity’s custody services to its clients in a bid to meet increasing demand from high-profile investors and family offices in the region. Stack…

Binance exchange partner Simplex rolls out Tether to euro offramp

Simplex, a major crypto-to-fiat payments provider, is adding another fiat offramp to enable its partner exchanges like Binance and Huob to sell major stablecoin Tether (USDT) to the euro. According to an Oct. 29 announcement, Simplex has rolled out new Tether (USDT) offramps across its partner network including major exchanges like Binance, OKEx and Huobi. A Simplex representative told Cointelegraph that the latest development marks the first time when the sell option is enabled for Tether on Simplex, stating: “USDT has been available to purchase through our partner network for…

Bitcoin Hash Rate Drops as Chinese Miners Hunt for Cheaper Power

Key Takeaways The Bitcoin network experienced a sharp decline in its hash rate. Many miners located in the southwestern provinces of China turned off their equipment to deal with rising electricity prices as winter approaches. Miners are moving their equipment to other regions in China where electricity remains cheap. Share this article While the Bitcoin hash rate rose throughout 2020, recently it witnessed a sharp decrease. According to reports, the decline in hash rate is due to Chinese miners pausing their operations. Chinese Bitcoin Miners Pack Their Bags Miners have…

The curious case of Harvest Finance, Oct. 21-28

We were graced with one more typical “degen yield farm” popping in and out of relevance this week. Harvest Finance collected as much as $1 billion in total value locked before an “economic exploit” sent it tumbling down. Its value locked measure now hovering around $300 million and prospects for a recovery looking bleak. The exploit has once again reignited debates among DeFi community members as to whether these types of flash loan-based arbitrage attacks are actually hacks. Harvest features yield farming vaults similar to Yearn’s. They issue tokenized vault…

Winklevoss’ Gemini exchange to count crypto taxes in real time

American cryptocurrency exchange Gemini is partnering with tax compliance firm TaxBit to help its customers treport their crypto taxes with TaxBit’s Tax Center Suite solution. Tyler Winklevoss, CEO of Gemini exchange, said that TaxBit’s software will help reduce the “pain point of crypto tax,” enabling users to track the real-time tax impact on their crypto trades on Gemini. According to the announcement, the tool will also allow customers to potentially increase their tax refund and lower their tax liability, providing trade alerts when tax-saving opportunities are available. TaxBit’s Tax Center…

Visa powers one more crypto card amid ongoing antitrust charges

As technology titans in the United States capture a larger part of their industries and beyond, regulators and governments have become increasingly concerned about their extensive power and influence.  Indeed, Facebook, Twitter and Google’s parent company Alphabet all appeared before a Congressional antitrust hearing in July.  The primary concern of the government is that these companies use their authority to stifle competition and manipulate users to maintain their leading position in the marketplace. The latest in a series of ongoing antitrust charges and investigations on corporate giants is the one…

Crypto Exchange FTX Launches Tesla, Amazon Stock Trading

Key Takeaways FTX launches tokenized equities, enabling crypto traders to get their hands on stocks like Netflix and Facebook. A significant part of FTX’s audience comes from China, while US citizens won’t have access to the platform. Share this article One of the leading crypto exchanges by trading volume, FTX, has partnered with European financial companies CM Equity AG and Digital Assets AG to enable tokenized equity trading. The platform’s users will have access to top stocks, including Apple, Amazon, and Tesla, along with the popular indices, such as the…

Will they or won’t they? Central banks eye each other’s digital currency moves

Canada doesn’t want any “surprises” regarding central bank digital currencies. In a recent interview with Reuters, Bank of Canada Governor Tiff Macklem doubled down on the country’s contingency-plan approach to CBDCs, stressing that he sees no urgent need to issue one right now.  For Macklem, inter-state competition and coordination remains the key question when it comes to CBDC issuance. He told reporters: “If another country has one and we don’t, that could certainly create some problems. So we want to make sure we’re ready. Currencies move across borders, and so we…