Bitcoin News Roundup for Feb. 18, 2021

With the both of the top two cryptocurrencies setting new record high prices plus a look at what dogecoin says about our world, CoinDesk’s Market Daily is back with the latest news roundup. Add Markets Daily to your Alexa Flash Briefing here. This episode is sponsored by Nexo.io. The $8.7 trillion-asset BlackRock is “dabbling” in cryptocurrencies – becoming the norm as bitcoin and ether rally to all-time high prices. Dogecoin’s rise reflects the power of collective belief and a longing for a more ideal form of crypto. Source link

Who ISN’T Dabbling as Bitcoin Passes $52K, Ether Tops $1,900

Price Point Bitcoin was lower after surging on Wednesday to a new all-time high price above $52,000, while ether topped $1,900 for the first time, pushing toward the psychologically crucial $2,000 mark.  “My sense is the technology has evolved and the regulations have evolved to the point where a number of people  find it should be part of the portfolio, so that’s what’s driving the price up,” Rick Rieder, head of global allocation for the $8.7 trillion money manager BlackRock, told CNBC. “We’ve started to dabble a bit.” In traditional…

Joakim Book: No, Bitcoin Is Nothing Like the South Sea Bubble

Every asset that moves fast attracts the B-word.  But what the last few decades of research in finance has taught us is that it’s not so easy to spot financial bubbles, at least not until after they collapse. The very fact that we don’t have “successful” bubbles tells us that our definition of bubbles is backward-looking, excluding once-lofty assets that actually made it.  Joakim Book is a research fellow at the American Institute for Economic Research and a writer on all things money and financial history. He holds degrees in…

Switzerland’s ‘Crypto Valley’ Has Started Accepting Bitcoin, Ether for Tax Payments

The Swiss canton of Zug has started accepting tax payments in cryptocurrency. In a previous announcement in 2020, the Swiss authorities said that, from February, citizens and companies based in Zug will be able to pay up to 100,000 CHF (around $111,300) of their taxes in either bitcoin or ether. No partial payments in cryptocurrency will be accepted. Zug has been dubbed “Crypto Valley” over the many industry companies drawn to the jurisdiction over its friendly blockchain and crypto regulation.  “As the home of the Crypto Valley, it is important…

Chinese Retailer Goes From Bubble Tea to Crypto Mining in Unlikely Pivot

A retailer of specialty teas and baked goods based in Hunan, China is expanding its business into cryptocurrency mining. According to a press release on Thursday, Urban Tea Inc. has hired two new executives ahead of its strategic expansion into its new cryptocurrency venture. Fengdan Zhou has been hired as the company’s new chief operating officer (COO), while Yunfei Song has signed on as an independent director. Zhou, who will lead the company’s implementation of its “blockchain and bitcoin business plan,” brings a wealth of experience in building and managing…

US Lawmakers to Question China’s Role in GameStop Pump

U.S. lawmakers are set to question a trader named Keith Gill and the chief executives of Reddit and Robinhood about their roles in the GameStop frenzy at a congressional hearing later this week. But some have another concern: whether China is involved.  Several Republican lawmakers on the House Financial Services Committee plan to examine Reddit’s ties to Chinese tech conglomerate Tencent and Robinhood rival Moomoo, according to a Politico report. Moomoo is a wholly owned subsidiary of Futu Holdings, which is also backed by Tencent.  These Republicans are reportedly concerned…

SecretSwap Is the Secret Network’s Answer to DeFi Privacy

The Secret Network, a protocol focused on privacy for decentralized finance (DeFi), has launched SecretSwap, a front-running resistant and cross-chain decentralized exchange. It is now live on the Secret Network mainnet.  SecretSwap uses the SNIP-20 secret token standard and Secret Ethereum bridge. “SecretSwap is the first front-running resistant, cross-chain [automated market maker]. Its architecture (being based on Secret Network) gives SecretSwap usability advantages, protects users from malicious bot activity, increases the availability of assets and keeps fees much lower than on Ethereum,” said Tor Bair,  the Secret Foundation’s executive director…

Ajit Tripathi: How to Bring Off-Chain Assets to DeFi

The recent GameStop short squeeze has brought decentralized finance (DeFi) into mainstream public consciousness. Well-known crypto influencers such as Caitlin Long have espoused decentralized exchanges as an alternative to traditional clearing and settlement infrastructure. Others, including me, have suggested that decentralized credit markets can reduce systemic risk by enhancing financial market transparency.  Ajit Tripathi, a CoinDesk columnist, is the Head of Institutional Business at Aave. Previously, he served as a fintech partner at ConsenSys and was a co-founder of PwC’s U.K. Blockchain Practice. In this article we examine some of…