Banks seem prone to cryptophobia despite growing adoption

From refusing to bank crypto trading desks to closing accounts held by platforms, the mainstream financial sector appears to be putting up roadblocks to seamless cryptocurrency commerce. Without banking support, exchanges are often forced to depend on other fiat on-ramps to service the deposit and withdrawal needs of their customers. The apparent discrimination against crypto exchanges also goes beyond the refusal of banking services. In countries such as South Korea, banks have increased the level of scrutiny involved in renewing operating licenses for platforms. The cost of compliance for these…

Is Bitcoin headed for a deeper correction? Watch these levels if $30K breaks

Bitcoin (BTC) has seen a massive surge in the past two months, in particular, as institutions jumped into the new asset class. The latest is Blackrock,  announcing interest in trading in Bitcoin futures while Grayscale continues to scoop up BTC at an accelerating pace.  Total amount of BTC held by Grayscale Bitcoin Trust. Source: CryptoQuant However, after a massive surge, the asset’s price has to come down for some tests of support as investors take profit. This is the beautiful cyclical nature of supply and demand. BTC/USD is currently in a…

Early Ether investor sells all his ETH, plans to buy parents a house

A Redditor named “u/FollowMe22”, 27, says he has finally sold off the last of his Ether (ETH) stash acquired back in 2016. According to the Reddit post, he began buying ETH back in 2016 when the price was slightly above $2, adding: “I put my whole tax return in 2016 and threw a couple hundred at it whenever I could. I didn’t buy a car and biked to work to save money. I remember at the time thinking there was about a 1/3 chance it would 100x, so there was…

Why secure data tokenization should scare the hell out of Big Data

Data is becoming one of society’s most valuable resources. And yet, our existing approaches fail to unleash its massive intrinsic value. Why is this the case? The issue is that our data — who we are, and what is relevant about us — is defined and collected by corporations and governments. Consumers were alarmed to find their ​phones were being tracked by the government​, for example. These organizations, whether private or governmental, seem interested primarily in using your personal identity and your data streams to enhance their power. If you…

Take ‘my’ Bitcoin whitepaper down or face lawsuit

Craig Wright, the Australian computer scientist who claims to be Bitcoin inventor Satoshi Nakamoto, has threatened legal action against the owners of two Bitcoin (BTC) websites whom he accused of stealing his whitepaper and other intellectual property. As announced on Jan. 21, Bitcoin.org along with another website, Bitcoincore.org, had received allegations of copyright infringement from Craig Wright’s lawyers. The counsel reportedly claimed that Wright, as Bitcoin inventor Satoshi Nakamoto, was the legal copyright holder of the Bitcoin whitepaper, that he owned the Bitcoin name and trademark, as well as the two websites listed…

More institutions will warm up to crypto once market cap hits $2T: eToro

A new report from advisory firm Aite Group, that was commissioned by exchange platform eToro, reveals there are still barriers hindering institutional adoption of crypto. Based on interviews with 25 institutional market participants, the report states the crypto market could reach a $2 trillion market capitalization if more institutional players were to get on board amid more favorable conditions. These firms would be more likely to adopt crypto if there was less regulatory uncertainty, a developed market infrastructure, and less risk surrounding security. “2020 was the year when many institutional…

Why did Bitcoin fall below $33K? Coinbase whales might have the answer

Bitcoin (BTC) slid under $33,000 for the first time in over a week on Jan. 21 as selling pressure gathered to drive price action lower. Coinbase Premium abruptly drops Data from Cointelegraph Markets and TradingView showed BTC/USD continuing its downtrend on Thursday, dropping 7.% on the day and failing to bounce off $33,000 support. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView The latest move, which brings Bitcoin down over 13% versus its highs from Tuesday, came amid increased selling at Coinbase Pro, the professional trading arm of United States cryptocurrency exchange…

Former Ripple advisor set to become Comptroller of the Currency: WSJ

According to the Wall Street Journal, a former member of Ripple’s board of advisors directors is likely to become the next Comptroller of the Currency. The report cites insiders “familiar with the matter” who expect President Biden to nominate former Treasury Department official, Michael Barr, to the top post overseeing national banks. The position as Comptroller of the Currency serves as the administrator of the federal banking system, and is the chief officer of the Office of the Comptroller of the Currency (OCC). The WSJ described it as one of…

Eth2 notches up 66K validators as devs reveal progress for 2021

Seven weeks after the launch of Ethereum 2.0’s beacon chain and 2.25 million ETH has been deposited into the ETH2 contract address, signaling growing confidence in the long-awaited rollout of ETH2.  More than 66,360 beacon chain validators have been created as part of Ethereum’s transition from Proof of Work to Proof of Stake. Data provided by smart contract experts at Dune Analytics suggests that more ETH is now being staked by individual contributors than single addresses with large balances, which had dominated flows to the Eth2 contract throughout December and…

Some institutional investors taking profit as Bitcoin retraces

A new report from crypto fund provider CoinShares has indicated that some institutional investors have been realizing profits during BTC’s recent consolidation. CoinShares’ weekly digital asset flows report identifies $85 million in outflows from institutional crypto products this past week, asserting the data suggests “some investors are continuing to take profits after [BTC’s] strong price appreciation.” The report noted the rising (trade-weighted) U.S. dollar, stating the USD index “is typically inversely correlated to Bitcoin prices,” and could explain why some investors are taking profits at the current levels. The firm…