Trending Bitcoin News and Market Sentiment, Weekly Edition October 30th, 2020: Crypto Swings But Bitcoin Above $13,000, More States Adopt Crypto, Blockchain

• Bitcoin and crypto markets faced a volatile week but Bitcoin manages to stay above USD 13,000
• Iran and Cambodia make the news as more governments adopt crypto and blockchain

What a week it has been for Bitcoin! After surfing to new highs in price for 2020, Bitcoin almost broke the USD 14,000 resistance but faced at least two sell-off dips that took it temporarily below USD 13,000, before recovering by the weekend’s close to stay alive above USD 13,000.

The rest of crypto has not fared as well, with Ethereum failing to hold levels above USD 400 and continuing most of Friday struggling to stay afloat past USD 390. Nevertheless, even amid Defi slowdown and Bitcoin network reaching its highest level of congestion since 2017, the mood remains buoyant that crypto markets could hold on and prepare for a fresh rally in the closing months of the year.

On the latter fundamentals, the Bitcoin network is currently experiencing high levels of transaction congestion, with the mean fee per transaction right now reaching about USD 11 (just under 0.009 BTC) according to data analytics firm Glassnode. This is an almost five-fold increase over the past two weeks, accompanying a price jump from USD 11,100 to USD 13,900 or thereabouts.

London broker Bequant told CoinDesk:

“Bitcoin mempool is back in focus in the wake of rising transaction volumes, causing congestion in the network and consequently driving fees higher.”

Basically, this just means that because the transaction queue has become so long, people are paying more to miners so that their transactions are prioritized before others, leading to a fee war that forces people to outbid each other in an attempt to get selected to enter the next block found — which is how Bitcoin transactions are confirmed.

Bitcoiners will be quite pleased, however, as the last time this happened was in 2017 when Bitcoin hit its current all-time high close to USD 20,000 and historically, price rallies do lead to network congestion. Miners dropping out of the network are currently to blame, as hashrate has slid over the same period. Over the last week, the 7-day moving average of Bitcoin’s hashrate has lost about 20% of its hashrate or 26 exahashes per second (EH/s) to 120 EH/s.

All the same, more good news all around for crypto and blockchain as the Iranian central bank makes amendments to national law to allow for Bitcoin, as the cash-strapped Central Bank of Iran looks to alternative currencies to help imports.

The Iran Daily, citing The Islamic Republic News Agency (IRNA), reports that the national cabinet has amended recent legislation on digital assets that now makes it legal for cryptocurrency to be used as a payment for import funding. This doesn’t mean a free for all, as it only means that Bitcoin must still be legally mined and can only be exchanged to fund external imports but it has allowed for Bitcoin miners to directly supply the central bank an authorized limit of Bitcoin, based on how much subsidized electricity the miner uses alongside further guidelines supplied by the Iranian Ministry of Energy.

Bitcoin mining is legal as of 2019 but it is heavily regulated in Iran due to the cheap cost of subsidized energy but the same report suggests that Bitcoin could help Iran circumvent sanctions that restrict the country’s access to the US dollar.

In Southeast Asia, Cambodia has also announced the Bakong, which will be its national blockchain-based platform for digital money transactions. According to local media Dap-News, it is “a payment and money transfer service through banks or microfinance institutions” that an initiative of the National Bank of Cambodia has established under a collaboration with several other national entities.

Cambodian financier PRASAC first invested in Bakong last year in October, before the central bank set a launch as a closed circuit enterprise. The report quoted PRASAC executive vice president Sony Say:

“Bakong is a new and modern payment tool that allows customers to make interbank transactions and bill payments easily, quickly, securely and free of charge.”

Mass adoption full steam ahead, it would seem!

 

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1xBit Launches New Live Halloween Casino Tournament ‘Witching Hour’

30th October 2020, Limassol, Cyprus – Can you hear it? Is that a wolf howling? A witch’s laughter? Oh, it’s an omen that brings fright, fun, and a new terrific tournament, Witching Hour! As the Halloween season approaches, the well-known crypto casino 1xBit brings users a top gambling game to fit the spirit of the season and make Halloween fantasies become a reality.

Be Careful, Dark Forces Are Round the Corner

The witching hour is the time of night when unnatural forces become most powerful, and our world is filled with spirits… Spirits of Gambling! This year’s Halloween will not just be as usual with the new live casino tournament, which is designed for this time when the fans of gambling can do so during the coming Halloween.

This is a game particularly suited for those who are fascinated by Halloween and the creepy and scary feeling that comes with it. Do you want to spend Halloween alone at home without going out and still have the full Halloween experience? This tournament brings all of the above into reality with the creepy feelings of the Witching Hour.

Young, adorable witches wait for the players at the tables from Ezugi, and playing any table game from this provider can bring generous prizes – the winner of the tournament will get 500 mBTC. 

The event starts on October 30, 2020, at 00:00 GMT and will await players with the best rewards and thrilling emotions, so they can enjoy the fun of the season. 

This includes variable amounts of BTC for different places, as follows:

• 1 place – 500 mBTC;
• 2 place – 250 mBTC;
• 3 place – 100 mBTC;
• 4 place – 50 mBTC;
• 5-6 places – 20 mBTC;
• 7-10 places – 15 mBTC.

There are several benefits of taking part in tournaments on 1xBit, the leading crypto casino. First, you get a welcome bonus of up to 7 BTC if you are signing up on the website for the first time. The crypto wallet on your account will support over 25 cryptocurrencies, so you have many options to work with. What’s more? The casino is completely anonymous, which means your identity is not revealed to anyone.

There are over 100 game providers with more than 5,000 slots on 1xBit so that you can play many more games if you wish to get as many rewards as possible with live dealers also available. These are in addition to several other benefits and incentives, which the platform provides for players, such as easy and free withdrawal of rewards.

The Witching Hour is Upon Us 

The Witching Hour live casino tournament is perfect for online gamblers looking to get into the spirit of Halloween, take advantage of a generous 100% welcome bonus, and be in the running for some huge crypto prizes. 

 

For more information about 1xBit, please visit – https://1xbit.com/

Check out the official 1xBit blog for the latest articles – https://1xbit.com/blog/

 

Media Contact Details

Contact name: Anastasia Semenova

Email: marketing@1x-bit.com

1xBit is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.

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The First Crypto Currency Auto Finance Company in the U.S.

Available now with Crypto Cars Online

Dallas/Fort Worth, Texas— October 26, 2020 — Crypto Cars Online announced immediate availability of purchasing vehicles with crypto currency, after partnering with top rated auto dealers in the Dallas Fort Worth area.

“Our system is simple when you buy a car with Crypto Currency,” said Spokesman Roger Lee, Managing Partner of dr2marketing and head of media relations for Crypto Cars Online.

How It Works

Purchase your vehicle online with multiple crypto currency options including, Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and USD Coin. Crypto Cars Online recently ...

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1xBit Launches New Live Halloween Casino Tournament, Witching Hour

Bitcoin Press Release: Leading crypto casino 1xBit have launched a new Live Halloween Tournament called Witching Hour, where can join in the festive fun to win big BTC prizes. New players joining the site can also take advantage of the 100% deposit bonus. 

28th October 2020, Limassol, Cyprus – Can you hear it? Is that a wolf howling? A witch’s laughter? Oh, it’s an omen that brings fright, fun, and a new terrific tournament, Witching Hour! As the Halloween season approaches, the well-known crypto casino 1xBit brings users a top gambling game to fit the spirit of the season and make Halloween fantasies become a reality.

Be Careful, Dark Forces Are Round the Corner

The witching hour is the time of night when unnatural forces become most powerful, and our world is filled with spirits… Spirits of Gambling! This year’s Halloween will not just be as usual with the new live casino tournament, which is designed for this time when the fans of gambling can do so during the coming Halloween.

This is a game particularly suited for those who are fascinated by Halloween and the creepy and scary feeling that comes with it. Do you want to spend Halloween alone at home without going out and still have the full Halloween experience? This tournament brings all of the above into reality with the creepy feelings of the Witching Hour.

Young, adorable witches wait for the players at the tables from Ezugi, and playing any table game from this provider can bring generous prizes – the winner of the tournament will get 500 mBTC. 

The event starts on October 30, 2020, at 00:00 GMT and will await players with the best rewards and thrilling emotions, so they can enjoy the fun of the season. 

This includes variable amounts of BTC for different places, as follows:

• 1 place – 500 mBTC;
• 2 place – 250 mBTC;
• 3 place – 100 mBTC;
• 4 place – 50 mBTC;
• 5-6 places – 20 mBTC;
• 7-10 places – 15 mBTC.

There are several benefits of taking part in tournaments on 1xBit, the leading crypto casino. First, you get a welcome bonus of up to 7 BTC if you are signing up on the website for the first time. The crypto wallet on your account will support over 25 cryptocurrencies, so you have many options to work with. What’s more? The casino is completely anonymous, which means your identity is not revealed to anyone.

There are over 100 game providers with more than 5,000 slots on 1xBit so that you can play many more games if you wish to get as many rewards as possible with live dealers also available. These are in addition to several other benefits and incentives, which the platform provides for players, such as easy and free withdrawal of rewards.

The Witching Hour is Upon Us 

The Witching Hour live casino tournament is perfect for online gamblers looking to get into the spirit of Halloween, take advantage of a generous 100% welcome bonus, and be in the running for some huge crypto prizes. 

For more information about 1xBit, please visit – https://1xbit.com/

Check out the official 1xBit blog for the latest articles – https://1xbit.com/blog/

 

Media Contact Details

Contact name: Anastasia Semenova

Email: marketing@1x-bit.com

1xBit is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.

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Trending Bitcoin News and Market Sentiment, Weekly Edition, 24th October 2020: Bitcoin Extends Rally Above 2020 Highs as PayPal Becomes Latest Crypto Embracer, Bahamas CBDC

• Bitcoin records a new high above USD 13,000 for the year, stirring hopes of a bullish end to the year
• PayPal finally allows buying of Bitcoin within its platform, fueling an extended rally for crypto
• Bahamas launches the first CBDC

What a week it has been! After last week’s stimulus talks and MicroStrategy investment into Bitcoin, yet another old name in money has stepped forward to proclaim its love for Bitcoin in the shape of payment processor PayPal.

For weeks, Bitcoin traders and investors have been so enamored with increasing Bitcoin fundamentals, with adoption in terms of wallet numbers ever on the rise, and hash rate continuing to creep up with all time highs, even as price seemed to be in a sideways motion.

But Monday seemed to have really stirred a beast, with Bitcoin smashin the USD 12,000 levels and not relenting until it stepped up towards and past USD 13,000 on Wednesday. The rest of crypto were not immediately on board, with the likes of ETH actually losing ground on Monday, but by Wednesday had shaken off inhibitions and powered past USD 400 where it hasn’t looked back, and neither has much of the rest of crypto.

Political economists will point to the seemingly unshakeable feeling in the US, where, just weeks away from the next Presidential elections, the Democrats seem to be gaining in power — leading to a lot of sentiment that believes more economic relief is coming in the form fiscal stimulus (read that as money printers go ‘brrr’).

Stock markets in the early week actually did drop off some numbers but Bitcoin moving in the opposite direction also seemed to lend some hope to Bitcon purists that the digital asset had indeed decoupled from traditional markets.

Perhaps what really moved the markets though, was the announcement that UK public listed fintech company Mode had announced a Bitcoin investment — 10% of their total cash, apparently. Their own stocks jumped 9% on the news, but American payment company PayPal took over and hogged the limelight with their own announcement, making good on earlier rumors that it would support trading of crypto on its own platform.

The PayPal announcement was like a shot of adrenaline, pumping Bitcoin prices by 10% in a single day. The prospect of millions of existing users already on PayPal for years all over the world, who will now be able to buy Bitcoin, Ethereum, Litecoin and Bitcoin Cash next year, strangely enough, pushed Bitcoin’s market capitalization to exceed that of PayPal itself!

The bullish news led to Galaxy Digital CEO and multi-millionaire Mike Novogratz gushing all over the news on CNBC Squawk Box. He stated:

“I think that’s, in some ways, the shot heard around the world on Wall Street,” Novogratz said in an Oct. 23 interview about PayPal’s recent news. “PayPal has 346 million accounts,” he said, adding: “They’re the 30th biggest bank in the U.S. in deposits and all of a sudden every financial institution says, ‘Wait a minute, what am I doing?'”

@sanddollar_BS is available nationwide. Contact us at 302-9880 or 357-4881 for more detailed information.#sandDollarOnTheMove #sandDollar #digitalBDollar #cbdc pic.twitter.com/CKjc4BLVQ2

— Central Bank Bahamas (@CentralbankBS1) October 20, 2020

Meanwhile, the talks surround central bank digital currencies (CBDC) has not abated but one small jurisdiction, the Bahamas, has gone on ahead and pushed out its own CBDC. Dubbed the ‘Sand Dollar’, the Central Bank of Bahamas announced that the new currency is now available nationwide. Bearing the motto “inclusive, convenient, secure”, the new project seems to begin with an initial rollout phase that will involve players from the private sector — banks and credit unions preparing for personal and enterprise wallets supporting the Sand Dollar for compliance procedured.

These wallets are said to be mobile-first, and are secured by multi-factor authentication on a smartphone. Well, we wish Bahamas good luck, and at least hope the Sand Dollar won’t go the unfortunate way of Venezuela’s Petro.

 

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Bitcoin Casino LuckyB.it Offers Winnings up to 15 BTC and a $1000 Instant Deposit Bonus

Bitcoin Press Release: Bitcoin community-driven betting platform LuckBit have announced some of the best promotions available today. This includes a 100% instant deposit bonus of up to $1,000, a 15BTC max winand a transparent, tiered affiliate program. 

22nd October, 2020, Curacao – Founded in 2013 as a Bitcoin Community project, LuckyBit is known for its original in-house developed games, transparent nature and huge payouts. The community based LuckyBit casino is now offering everyone the chance to claim an instant deposit bonus of up to $1,000 for a first deposit, and win a 15 BTC prize from a single bet. 

In addition to these industry-leading payouts; LuckyBit is willing to share up to 50% of the site’s entire gaming revenue with the sites affiliate program allowing players to earn passive income with their well planned, transparent and tiered program.

Win Up To 15BTC And A 100% Instant Deposit Bonus

LuckyBit players can win a massive 15 BTC prize from a single bet. The odds of hitting a 15BTC jackpot are not high, so LuckyBit have decided to double everyone’s chance at winning, with a 100% instant deposit bonus, up to $1,000 USD. To try and cater for whales and minnows alike, LuckyBit has a 3-tiered deposit bonus structure, so everyone can benefit from the promotion.   

Tier 1: Players depositing up to $1,000 will get an additional $1,000 bonus instantly in their account. To withdraw the bonus or winnings players will need to wager the bonus amount (deposit+bonus) 55x within 15 days, after which time the bonus will expire.

Tier 2: The second tier enables players depositing up to $500 to double their deposit, and only have to wager their (deposit+bonus) 45x within 15 days from their second deposit.

Tier 3: Players depositing up to $250 will also double their deposits, and can withdraw their funds by simply wagering the total (deposit + bonus) 35x within 15 days.

Earn Passive Income as a LuckyBit Affiliate 

A huge 50% of it’s gaming revenue can be allocated for the renowned LuckyBit affiliate programme. This generous company standard stays true to LuckyBit’s provably fair business model, while offering its users a transparent, competitively tiered revenue share model. 

The affiliate program takes into consideration the total of all bets made, less payouts, bonuses and fees to come to a calculation of the ‘net gaming revenue’. The total revenue is then divided using a 5-tiered share model, with new affiliates guaranteed a minimum 35% share of revenue for the first three months of their membership. 

Tier 1 ( 0-1 BTC Revenue) – 25% Share

Tier 2 (1-3BTC Revenue) – 30% Share

Tier 3 (3-10BTC Revenue) – 35% Share

Tier 4 (10BTC – 25BTC Revenue) – 40% Share

Tier 5 (25+ BTC) – 50% Share

Players simply have to share their referral link with new players. These players then sign-up using that link, deposit money (get that sweet 100% bonus) and start betting for the chance to win up to 15 BTC. 

No Negative Carryover (NNCO)

Players at LuckyBit are protected by something called NCCO. This means that negative revenue results for LuckyBit, (like players winning large sums of BTC) will not affect affiliate players chances for payouts next month. In this event, Instead of losing BTC players balance would just be reset to 0. 

The LuckyBit affiliate programme gives everyone the chance to create risk-free passive income in BTC, in addition to the many generous promotions, the 15BTC prize and transparent, unique gaming experience that they are known across the industry. 

 

Win up to 15 BTC on LuckBit Plinko –  https://luckyb.it

Join the Affiliate programme – https://affiliate.luckyb.it/

BitcoinTalk Thread – https://bitcointalk.org/index.php?topic=5211259.640

Follow LuckyBit on Twitter – https://www.twitter.com/luckybitgames

Follow LuckyBit on Facebook – https://www.facebook.com/luckybitgames/

LuckyBit on Instagram – https://www.instagram.com/luckybitgames/

 

Media Contact Details

Contact name: Martin Prinosil

Email: martin@luckybit-entertainment.com

LuckyB.it is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.

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Trending Bitcoin News and Market Sentiment, Weekly Edition, 17th October, 2020: $1.7T Global Economy Boost from Blockchain, Nigeria National Adoption, 100 Italian Banks on Blockchain

• PwC estimates that the blockchain industry will provide a USD 1.7 trillion boost by 2030
• Nigeria preps move for national blockchain adoption
• 100 Italian banks are already on blockchain

As Bitcoin and Ether shrug off the early week malaise, and take new aims at making new records after breaking 2-month highs, we see plenty of positive news for the overall blockchain industry that will make proponents smile, and Bitcoin critics wonder if they’re taking 2020 the wrong way.

First, we see a new report from a Big Four auditor, PricewaterhouseCoopers (PwC), who says that blockchain derived economic gains will boost the global economy over the next decade to the tune of USD 1.7 trillion, with the Asian continent enjoying the most economic benefit.

In fact, by 2025, economists at the famed auditing firm believe that a tipping point could be observed by mainstream adoption as blockchain apps contribute to over 1% of the world’s total GDP. China, followed by India and Japan, are also seen as the drivers of mass adoption, with the world’s second largest economy standing to gain a net benefit of USD 440 billion, in front of the US with USd 407 billion.

Europe will generally see the same benefits as Japan and India, with Germany, France and the United Kingdom each set to gain about USD 50 billion.

Product tracking and tracing is where the big bucks are, with just shy of USD 1 trillion set to be generated by that sector alone. Financial services and payments make up USD 433 billion, identity security and credentials make USD 224 billion, contracts and dispute resolution will generate USD 73 billion, while customer engagement and reward programs contribute the remainder of USD 54 billion.

Identify and credential management will benefit three sectors the most with some USD 574 billion more of value generated in public administration, education and health care. According to global blockchain leader at PwC Steve Davies, the global pandemic has, in fact, accelerated adoption:

“Serious activity around blockchain is cutting through every industry across the globe right now.”

While the big economies have been named, developing ones are also looking to prep themselves for blockchain adoption. Nigeria, for example, is reportedly on the bring of putting forth a “Digital Nigeria” plan that will see a nationwide adoption of blockchain and crypto.

A draft of the strategy framework was published by Technology Times, which names the nation’s Federatl Ministry of Communications and Digital Economy as a partner with the National Information Technology Development Agency (NITDA) in this national blockchain adoption endeavor. A blockchain engineer who helped work on the draft has apparently confirmed this ‘National Blockchain Adoption Strategy’ which is an extension of current President Muhammadu Buhari’s vision of the diversification of the Nigerian economy. It is a stark contrast to the existing laws in Nigeria, which has banned the use of digital assets as money.

The political situation in Nigeria is on a knife’s edge right now, with protests ongoing against police brutality, with many calling for the dissolution of a special anti-robbery squad dubbed SARS. Buhari has been criticized for renaming SARS, instead of disbanding it, and protesting groups have been said to use Bitcoin to raise funds in an attempt to circumvent bans on these activities.

Meanwhile, banks, normally seen as the traditional foes of Bitcoin, seem to be getting on with the blockchain program, at least in Italy. There, 42 new Italian banks have joined the national banking blockchain network Spunta, bringing the total to 100 banks now using R3’s Corda solution for blockchain banking.

The Italian Banking Association (ABI) said early this week that this marked a key milestone in the Spunta group of banks who sought to increase interbank data transfer and settlement speeds in March 2020. The move had seen 55 banks joining in just two months, and now Spunta has already processed 204 million transactions, on track to surpass 350 financial transactions by the end of 2020.

Currently, interbank reconciliation is a pain as they all have to agree with each other on exactly how much every bank owes others. The process normally takes weeks to complete as the data is actually still stored on very old systems that takes literally days to spit out. But with a blockchain-based verified interbank transfer log such as that used by Spunta not dissimilar to that of Bitcoin, the same processing task can be completed within a day.

Blockchain or Bitcoin, it’s going to be one big exciting ride.

 

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The TAO: A New Framework to Power the Web

The internet has evolved significantly since its inception, spawning the creation of global protocols, frameworks, and new classifications of developers. This has resulted in centralization difficulties, unnecessary complexities, and diminished quality standards loaded with vulnerabilities. The Nexus Tritium, Amine, and Obsidian (TAO) Framework will uproot these historic flaws by recomposing digital relationships. This article provides an overview of the TAO Framework, recent Application Programming Interface (API) improvements, and associated benefits.

As a new era emerges, many platforms are driving excessive emphasis on blockchain. It is often described as an exclusive magical technology, motivated primarily by value ...

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Trending Bitcoin News and Market Sentiment, Weekly Edition October 10th, 2020: Bitcoin Brushes Past $11,000 as Twitter CEO’s $50M Bitcoin Buy Follows Positive Comments on Blockchain

• Bitcoin pushes past USD 11,000 on the back of comments made by Jack Dorsey about decentralizing Twitter
• Dorsey’s Square also purchased USD 50 million of Bitcoin, the latest of corporate Bitcoin buys.

After a slump in the early week, Bitcoin now trades into the weekend having finally broken past USD 11,000 again.

Bitcoin markets took a slight dip earlier in the week when Donald Trump made an announcement that said he would delay further stimulus measures for the United States until after the November elections, dampening spirits and leading to stock markets sell offs, that then translated into a dumping on crypto assets, as Ethereum took a dive down to below USD 330 and Bitcoin tested support levels below USD 10,500.

However, Twitter and Square CEO Jack Dorsey brought back the entire crypto market into a rally yesterday when he made a USD 50 million investment into Bitcoin, as futures demands also took a big uptake.

Dorsey is a known Bitcoiner of course, so his move will not have come as a surprise to many, given that his own Square app is one of the most popular way for Americans to get into crypto and Bitcoin. However, the certainty with which he plumped USD 50 million down will surely have raised a lot of hopes and expectations from short and medium term speculators that there is more yet to come, and that even big money had hardly lost their interest in cryptocurrency.

Further, it was only last week where Dorsey was at the Oslo Freedom Forum 2020 when he insisted that Bitcoin and blockchain will help to shape the future of Twitter through a decentralized internet standard. He said:

“A lot of our value in the past was around content hosting. So we would host the tweets, the images, and videos… Blockchain and bitcoin point to a future, and point to a world, where content exists forever, where it’s permanent, where it doesn’t go away, where it exists forever on every single node that’s connected to it.”

He has already put together a team that will hire an initial five members to work as BlueSky, building such a protocol to get Twitter to transition to a decentralized platform.

Commentators viewing this “trusted system in a distrusted environment” will remember that it was only three months ago when a massive hack occurred on Twitter’s platform, in which hackers managed to hijack dozens of high-profile accounts in an effort to scam followers. Dorsey admitted:

“I fundamentally believe that security is something that can never be perfected. It’s a constant race. It’s a constant push to be ten steps ahead of hackers.”

Most of the internet is already on his side, and his Twitter accounts are filled with hundreds of responses, the majority of which are positive. It appears that he will have many who will support his revolutionary conceptualization of open and decentralized social media — but whether or not this will seek to fully transform Twitter as a mere content hoster to that of open access proponent remains to be seen.

Who's going to be the 3rd public company to hold #bitcoin in treasury?

— CZ Binance (@cz_binance) October 8, 2020

But sentiment is certainly on the rise after Dorsey’s big move on Bitcoin. Binance CEO Changpeng Zhao himself now put a teasing question out asking “Who’s going to be the 3rd public company to hold #bitcoin in treasury?”

Public comments have thrown out all kinds of names from Tesla to Berkshire Hathaway (belonging to anti-Bitcoiner Warren Buffett) but he followed on later than assuming Dorsey had to also get buy in from his board, suggested that the Twitter CEO would have had to educate them first.

Quantum Economics founder Mati Greenspan wrote to his subscribers yesterday: “It’s a bit surreal to see gigantic corporate entities now going knee-deep in bitcoin.” 

Apparently, a spreadsheet has now emerged online at BitcoinTreasuries that looks like it will help to track purchases of Bitcoin by corporations. MicroStrategy is top dog right now with over 38,000 Bitcoins worth some USD 425 million but Cypherpunk Holdings seems to be not far behind in fifth place with 263 Bitcoins worth USD 2.7 million.

Will this trigger a wave of corporate Bitcoin purchases? Time will certainly tell.

 

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Trending Bitcoin News and Market Sentiment, Weekly Edition, 2nd October, 2020: US Regulators Win String of Victories, Bitcoin’s Longest Stay Above $10,000

• Bitcoin prices take a slight hit after a string of SEC and US regulatory body victories against crypto this week, but losses are limited
• Bitcoin records its longest streak staying above USD 10,000 as the psychological support level holds

Bitcoin took a slight shudder today to drop some percentage points, trading as low as USD 10,300 on Friday before settling higher around USD 10,500 by North American waking time today, and most analysts will blame a series of perceived victories against crypto companies by US regulators.

It all started off when the US Securities and Exchange Commission (SEC) found itself on the winning side against tech company Kik when a US court ruled in favor of the regulator’s motion for summary judgment in its now three-year legal dispute against Kik and its USD 100 million initial coin offering (ICO).

The opinion by US Judge Hellerstein noted that “[t]he US Securities and Exchange Commission (“SEC” or “Plaintiff’) filed this action against Kik Interactive Inc. (“Kik” or “Defendant”), and alleges that Kik’s unregistered offering of digital tokens was in violation of Section 5 of the Securities Act. The parties cross-moved for summary judgment. He went on to say:

“As detailed further herein, I hold that undisputed facts show Kik offered and sold securities without a registration statement or exemption from registration, in violation of Section 5. Therefore, the SEC’s motion for summary judgment is granted, and Kik’s motion for summary judgment is denied.”

Both parties to the dispute had in July submitted their arguments to the court for their respective motions for summary judgment during a virtual court hearing. The SEC had actually sued Kik in July 2019, alleging that the crypto firm “sold the tokens to U.S. investors without registering their offer and sale as required by the US securities laws”, a claim that Kik fought back.

Now the ruling has been made, both parties are now to submit a joint proposal for “judgment for injunctive and monetary relief” by 20 October 2020. Failing that, they are asked to “note their differences in a single document, supported by separate statements in a single letter, to be submitted by the same date”.

And yesterday, the world’s largest Bitcoin derivatives platform, BitMex, was also charged by the Federal authorities for allegedly failing to prevent money laundering and offering American customers illicit derivative trading services for crypto.

CEO Arthur Hayes, along with Ben Delo, and Samuel Reed, plus its first employee Gregory Dwyer, were charged with violating the Bank Secrecy Act and conspiracy to violate the act by “willfully failing to establish, implement, and maintain an adequate anti-money laundering (“AML”) program”. According to the statement by the United States Office of Southern District of New York, they have arrested Reed while Hayes, Delo and Dwyer remain at large. Each charge carries a maximum penalty of five years in prison.

Hayes, a resident of Hong Kong but born in the US, was an equities and derivatives trader for Citi and Deutsche Bank prior to operating BitMex in 2014. Acting Manhattan US Attorney Audrey Strauss said:

“…these defendants flouted that obligation and undertook to operate a purportedly ‘off-shore’ crypto exchange while willfully failing to implement and maintain even basic anti-money laundering policies.”

FBI Assistant Director William F Sweeney Jr added:

“One defendant went as far as to brag the company incorporated in a jurisdiction outside the US because bribing regulators in that jurisdiction cost just ‘a coconut’.”

Not all is bad news, though, as Bitcoin has not actually lost a lot after both items of news. In fact, it is currently at a record-setting longest streak in terms of days spent above the psychological price barrier of USD 10,000.

As of today, Bitcoin has now spent 68 consecutive days closing above USD 10,000 when using data aggregated by Messari. This does not actually mean it never fell below that price, as it appeared to have done briefly for 2 days in September, but it has always managed to claw back gains and close above USD 10,000.

The record was actually broken on Sunday, beating the old record of 62 consecutive days that ran from 1 December 2017 during the all-time high reign of Bitcoin. Many traders will see this recent development as a sign of strength, and the ability of Bitcoin to stay in a range between USD 10,000 and USD 12,500 over these two months will only instill more confidence in the narrative that Bitcoin will lose its volatility factor soon.

 

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The post Trending Bitcoin News and Market Sentiment, Weekly Edition, 2nd October, 2020: US Regulators Win String of Victories, Bitcoin’s Longest Stay Above $10,000 appeared first on BitcoinNews.com.

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