Wyoming State Regulators Approve Avanti, America’s 2nd Bitcoin Bank

Key Takeaways Avanti’s cryptocurrency bank was unanimously approved by state regulators this week with an 8-0 vote. The bank is also planning to launch a stablecoin called AVIT. Though Avanti aims to fill a niche in the banking industry, many other companies also offer comparable services. Share this article Avanti says that it has gained approval for its Wyoming-based cryptocurrency bank, as revealed in a new press release. Bank Approved Unanimously Avanti was first announced in February. Now, the bank has gained approval from the Wyoming State Banking Board, which…

Gold drops to 7oz per BTC as Peter Schiff calls Bitcoin ‘biggest bubble’

Bitcoin (BTC) hit seven ounces of gold for the first time in over a year this week as the precious metal comes off all-time highs. Data from CoinGecko showed BTC/XAU returning to the pivotal 7 ounce mark on Oct. 25, continuing to edge up to press-time levels of 7.02 ounces. Gold hits one-year lows in BTC Despite Bitcoin losing ground after challenging $14,000, the gains against gold remained on Thursday, as the traditional safe haven felt the pressure of Coronavirus tensions and U.S. election uncertainty. The last time that BTC/XAU…

Cred officially confirms suspension of fund inflows and outflows

Cred, a United States-based cryptocurrency lending service, has officially announced the temporary suspension of operations due to an ongoing investigation. On Oct. 29, Cred executives tweeted that the company is now cooperating with law enforcement authorities to investigate a “recent fraudulent incident.” As part of the ongoing investigation, Cred suspended “all inflows and outflows of funds.” The company expects to provide an update regarding the issue within the next two weeks. Unfortunately, we are unable to comment further at this time but we will undertake to provide an update within the next…

Tesla meets crypto as FTX launches fractionalized stock trading

Major cryptocurrency derivatives exchange FTX has launched trading in “fractional stocks offerings” — tokenized products representing the shares of global firms. The products were launched on Oct. 29 in partnership with German-licensed investment Firm CM-Equity and tokenization firm Digital Assets AG. More than one dozen equity and crypto pairings are available for trade on FTX, including fractionalized Tesla (TSLA), Apple (APPL), and Amazon (AMZN) derivatives. Fractionalized ownership lets the derivatives be broken down into smaller sizes than whole units, allowing retail traders to speculate on expensive stocks like Tesla’s with…

Circle CEO Jeremy Allaire seems to already be using PayPal to buy Bitcoin

There has been significant excitement in the industry since PayPal last week announced its intention to enter the cryptocurrency market. The rollout of its new crypto services — enabling both crypto payments and direct, in-app purchases of crypto — has been officially set for early 2021. Yet on Oct. 28, the co-founder and CEO of crypto payments firm Circle, Jeremy Allaire, claimed to have used the PayPal app to buy $100 worth of Bitcoin (BTC), tweeting a screenshot of the apparent transaction. Bought $100 in BTC on @PayPal ! Great…

‘Price follows hash rate’ — Bitcoin fundamentals drop may delay $14K

Bitcoin (BTC) could see further downward price pressure this week as network difficulty is set to drop the most in five months. Data from data resource BTC.com estimates that difficulty will drop by 8.3% at the next automatic readjustment in four days’ time. Difficulty set to repeat June readjustment The mining difficulty is an essential measure of the competition among miners in finding block subsidies, and by extension, the overall health of the mining sector. Automatic readjustments meanwhile fulfill an even more important function, allowing Bitcoin to sustain itself regardless…

Cardano (ADA) is Primed For a Rally And Only 1 Thing is Holding it Back

Cardano’s price is holding the $0.0950 support level and recovering higher. However, ADA must surpass $0.1020 and $0.1040 to start a fresh rally in the near term. ADA traded as high as $0.1129 before declining below the $0.1050 support against the US dollar. The price is holding the $0.0950 support, but it is well below the 100 simple moving average (4-hours). There is a key bearish trend line forming with resistance near $0.1020 on the 4-hours chart of the ADA/USD pair (data source from Bitfinex). The pair is likely to…

Australia’s first crypto-friendly IPO will accept Tether

Australia’s crypto-friendly capital raising platform Stax has announced its client West Coast Aquaculture Group (WCA) will be conducting the country’s first initial public offering that accepts virtual currency as payment. Investors participating in WCA’s offering can purchase equity in the company using Tether (USDT) or Australian dollars. USDT was chosen over Bitcoin (BTC) and Ethereum (ETH) due to its price stability. Speaking to Cointelegraph, Stax CEO Kenny Lee emphasized that stablecoins offer the benefits of cryptocurrency without the volatility of other digital assets: “The acceptance of USDT in an IPO…

Bitcoin Key Indicators Suggest Risk of Extended Downside Correction

Bitcoin price is down over $500 from the $13,850 swing high against the US Dollar. BTC is showing bearish signs and it could even decline below the $13,000 support. Bitcoin failed to stay above the $13,500 support and declined below $13,200. The price is currently consolidating near $13,200 and the 100 hourly simple moving average. There is a key contracting triangle forming with support near $13,220 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to resume its decline below $13,200 and $13,100…

DeFi needs more fixed-rate lending protocols: Messari researcher

DeFi lending protocols have attracted billions of dollars in liquidity provision by offering huge returns, however the sector badly needs more fixed rate lending options according to one researcher. A number of protocols, including Yield Protocol, UMA Protocol, and Mainframe are already venturing into fixed rate lending and borrowing markets for crypto collateral. According to Messari researcher Jack Purdy fixed rates provide certainty for lenders and borrowers looking to accurately forecast their costs and returns on capital. Referring to yield curves, which plot interest rates against varying maturity dates, he…